The global high-speed engine market is projected to reach USD 29.9 billion by 2028 from an estimated USD 23.6 billion in 2022, at a CAGR of 4.0% 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 is another factor that is expected to boost the growth of the high-speed engines market during forecast period.
Acquisitions, product launches, investments, and expansions are among the key growth strategies adopted by leading companies such as Caterpillar (US), Cummins (US), Rolls Royce Holdings (UK), Volvo Penta (Sweden), and MAN Energy Solutions (Germany) to boost their position in the high-speed engine market. The companies in the high-speed engine market focuses majorly on partnerships, agreements, acquisitions, and product launches to grab a strong foothold in the market.
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Caterpillar is a US based manufacturer of diesel–electric locomotives, diesel and natural gas engines, industrial gas turbines, and construction and mining equipment. The company is a global leader in engine and construction machinery manufacturing and its five business segments are — Resource Industries, Construction Industries, Energy and Transportation, Financial Products, and all Other. High-speed engines and related services are offered by the company under its Energy and Transportation segment. Products like gas turbines and related services, marine propulsion systems , diesel-electric locomotives, and other rail-related products and services are also offered under the company’s Energy and Transportation segment. The energy & transportation products are manufactured from plants in China, India, Australia, Singapore, Brazil, the Czech Republic, Germany, Italy, Mexico, Sweden, the UK, and the US. The company has a business presence in more than 190 countries globally with primary locations in approximately 25 countries.
Cummins - a leading multinational US-based corporation - designs, manufactures, distributes, and services natural gas and diesel engines, and engine-related component products, including turbochargers, after-treatment systems, filtration systems, air handling systems, fuel systems, electric power generation systems, and controls systems. The company conducts its business thorough four of its operating segments, namely, Engine, Distribution, Components, and Power Systems. A wide array of natural gas and diesel engines, including high-speed engines, are produced and marketed by the company under the Cummins brand name under its Engine business segment. The company provides its products to OEMs directly, or indirectly through its extensive network of distributors. It is also investing heavily in developing cleaner technologies and had 564 patents focused on efficiency and carbon-reducing technologies in 2022. The company has a network of more than 9000 locations worldwide, including 7,200 dealer locations, and around 600 company-owned and independent distributor locations, in more than 190 countries and territories.
High-Speed Engine Market by Speed (1000–1500, 1500–1800, Above 1800 rpm), Power Output (0.50–0.56, 0.50–1, 1–2, 2–4, Above 4 MW), End User (Power Generation, Marine, Railway, Mining and Oil & Gas, Construction) & Region - Global Forecast to 2028
Mr. Aashish Mehra
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