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High-Speed Engine Market 2021 Analysis and Projected huge Growth by 2026

Author: Siddhant Dongare
by Siddhant Dongare
Posted: May 15, 2021
speed engine

The global High-Speed Engine Market is projected to reach USD 27.1 billion by 2026 from an estimated USD 21.1 billion in 2021, at a CAGR of 5.1% during the forecast period. Rising demand for reliable and uninterrupted power, growth in international marine freight transport, and growth in maritime tourism are the major drivers of the High-Speed Engine Markets. Increased demand for backup power solutions are expected to be the major factor driving the growth of high-speed engines market during forecast period.

Power Generation segment is expected to capture the major share of the High-Speed Engine Market

Power Generation segment by end user is expected to be the largest segment during forecast period. The power generation segment is projected to lead the High-Speed Engine Market during the forecast period. High-speed engines are commonly used for backup power solutions. To provide standby or continuous power supply to critical loads, the end users rely on high-speed diesel or gas engines. High-priority loads such as hospitals, data centers, and industries require a continuous uninterrupted source of power supply. Increased demand for continuous and reliable power to meet the growing energy demand is the major factor for the largest market share of the power generation segment.

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Asia Pacific is expected to be largest high-speed engine market

Rising demand for high-speed engines in China, and India are expected to drive the High-Speed Engine Market in Asia Pacific. Increasing electricity demand and industrialization projects in countries such as China, India, and Japan are the main reasons spurring the growth of the high-speed engine market in the region. According to Asia Pacific Economic Cooperation Forum’s Energy Demand and Supply Outlook, energy demand in APAC is expected to grow by 21% to reach 6,562 Mtoe in 2050 due to the population growth in Southeast Asia. Thriving manufacturing sector in this region is expected to creaste demand for backup power solutions thereby contributing to demand for high-speed engines.

The leading players in the High-Speed Engine Market include Caterpillar (US), Cummins (US), Rolls Royce Holdings (UK), Volvo Penta (Sweden), and MAN SE (Germany).

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About the Author

Currently working as a Senior Research Associate with hands on experience in Market Research, Business Research, Consumer Research and Process Research

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Author: Siddhant Dongare

Siddhant Dongare

Member since: Feb 06, 2019
Published articles: 86

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