July 16, 2024

Growing Demand For Electric Vehicles Anticipated To Boost The Growth Of High Speed Engine Market

The global High Speed Engine Market is estimated to be valued at Us$ 19.83 Bn or billion in 2023 and is expected to exhibit a CAGR Of 7.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A high-speed engine is an internal combustion engine which has a higher power and rpm range compared to normal engines. These engines are used in many applications such as marine transportation, power generation, and electric vehicles. High-speed engines provide high power output at a compact size and lightweight. These engines are more fuel-efficient than normal engines due to less heat loss and parasitic losses.

Market key trends:

The demand for electric vehicles is increasing rapidly across the globe mainly due to stringent emission norms and tax benefits provided by governments. Major automakers are heavily investing in electric vehicle development. As electric vehicles require high power and torque at variable speeds, the demand for lightweight and compact high speed engines is increasing from electric vehicle manufacturers. Moreover, the growing marine transportation and power generation industry is also fueling the growth of the high speed engine market. Technologies advancement in material science to develop lightweight materials for engine components is another key trend driving the market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the high capital requirement and the need for technical expertise required to set up a high speed engine manufacturing plant.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players providing high speed engines globally. Buyers can negotiate on prices easily.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few component suppliers and switching costs are also moderate.

Threat of new substitutes: The threat of new substitutes is low as high speed engines have widespread application and there are limited potential substitutes.

Competitive rivalry: The competitive rivalry is high due to the presence of major global players competing on the basis of product quality, pricing and product innovation.

Key Takeaways

The Global High Speed Engine Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand for reliable power supply from ships and aircrafts.

Regional analysis

Asia Pacific region dominates the global high speed engine market owing to increasing maritime trade and demand for high speed naval vessels especially in China and India. North America and Europe are also sizable markets driven by presence of key aviation and marine OEMs and operators in the region.

Key players

Key players operating in the high speed engine market are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, and Ansaldo Energia. GE and Rolls-Royce are the global leaders in the market.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it