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.
A few major players with large global presence dominate the high-speed engine market along with a large number of local players. 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).
These players' major strategies include contracts & agreements, product launches, investments & expansions, and mergers & acquisitions. Contracts & agreements and is the most commonly adopted strategy from January 2018 to February 2021.
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Caterpillar is one of the leading manufacturers of diesel and natural gas engines, construction and mining equipment, diesel–electric locomotives, and industrial gas turbines. The company principally conducts business through five segments—Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other. The Energy and Transportation segment includes products and services related to high-speed engines. The segment includes products such as reciprocating engines, marine propulsion systems, gas turbines and turbine-related services, diesel–electric locomotives, and other rail-related products and services. The company also offers products under other brands such as Perkins, FG Wilson, and MWM. Caterpillar conducts business in more than 190 countries with primary locations in around 25 countries. The company manufactures energy & transportation products from manufacturing locations in Australia, Brazil, China, the Czech Republic, Germany, India, Italy, Mexico, Singapore, Sweden, the UK, and the US. Caterpillar’s ability to provide its customers with a wide range of high-speed engines has been beneficial in enhancing its competitive position. It is one of the largest manufacturers and has a long operational history. The company is focused on implementing organic strategies, such as contracts & agreements to increase its share in the high-speed engine market. The company has been introducing new models to satisfy the emission standard requirements of various countries. These new models that meet emission standard requirements in key markets such as North America and Europe are expected to create significant opportunities for market growth.
Cummins is one of the leading companies which designs, manufactures, distributes, and services diesel and natural gas engines and engine-related component products, including filtration systems, after-treatment systems, turbochargers, fuel systems, controls systems, air handling systems, and electric power generation systems. Cummins consists of four operating segments, namely Engine, Distribution, Components, and Power Systems. The Engine segment manufactures and markets a wide spectrum of diesel and natural gas-powered high-speed engines under the Cummins brand name. Cummins provides services to its vast clientele from various industrial verticals, such as construction, agricultural, mining, rail, defense, oil & gas, power generation, material handling, and marine. Cummins provides its products to OEMs, distributors, and other customers worldwide. The company has a network of ~600 company-owned and independent distributor locations and over 7,200 dealer locations in more than 190 countries and territories. Cummins has a strong portfolio of high-speed engines for a wide range of speeds, power outputs, and end users. Cummins is one of the leading players in the high-speed engine space, offering an extensive range of engines. The company is improving its competitive edge by introducing new engine models that meet stringent emission standards. Through new product launches and introducing products to new markets, the company is expecting to improve its market standing. The company, through its investments in plant expansions, is expected to increase production and improve lead times.
High-Speed Engine Market by Speed (1000-1500 rpm, 1500-1800 rpm, and Above 1800 rpm), Power Output (0.5-1 MW, 1-2 MW, 2-4 MW, and Above 4 MW), End User (Power Generation, Marine, Railway, Mining and Oil & Gas, and Others), & Region - Global Forecast to 2026
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