(MENAFN- GlobeNewsWire - Nasdaq) Delray Beach, FL, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Engines market size is projected to grow from USD 377.83 billion in 2024 to USD 477.89 billion by 2029, at a CAGR of 4.8% , as per the recent study by MarketsandMarketsTM. The major factors owing to the growth of engines market are rising demand for fuel efficient and low emission engines. Engines are machines used in converting fuels into mechanical energy. This helps in major industries such as automotive, marine, aerospace, and power generation. The engines market has grown significantly due to increased demand for efficient energy solutions across industries. Engines are widely used in transportation vehicles, heavy machinery, ships, and backup power systems, providing a reliable source of power. The durability, scalability and the ability of engines to handle high loads make them essential for small as well as large scale applications.
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List of Key Players in Engines Market:
Caterpillar (US) Cummins Inc. (US) General Electric Company (US) Rolls-Royce Plc (UK) Mitsubishi Heavy Industries, Ltd. (Japan) Honeywell International Inc. (US) AB Volvo (Sweden) Scania (Sweden) RTX (US) General Motors (US)
Drivers, Opportunities and Challenges in Engines Market:
Driver: Increasing demand for uninterrupted and reliable power supply
Restraint: Fluctuating oil & gas prices
Opportunity: Growing adoption of biogas, landfill gas, and natural gas as sustainable fuel alternatives
Challenge: Environmental concerns and emission regulations
Key Findings of the Study:
Analysis of key drivers influences the growth of the engines market
The development of engines are moving towards greater efficiency, sustainability, and power generation
Favorable government policies in carbon emission reduction, increasing demand for engines in transportation and industrial sectors, create engines market growth
The engines market in Asia Pacific is projected to hold the largest market share by 2029
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Diesel segment is expected to have significant share in the global engines market
The Diesel engines are growing as the largest segment in the engines market by fuel type. Diesel engines are more efficient compared to gasoline engines. Diesel has 10 to 15% more energy per gallon than gasoline engines and can deliver better fuel economy. According to, The US Department of Energy diesel engines can be 20-30 % more efficient in similar applications to gasoline engines. Diesel fuel has a higher energy density than gasoline and allows vehicles, especially heavy duty trucks, to travel on a single tank of fuel than that of gasoline.
Automotive segment is expected to emerge as the largest segment in global engines market
The transportation activities are expected to make automotive segment the largest end user in engines market. The rise in vehicle production, technological developments, and the demand for fuel efficient vehicles are some of the major drivers in automotive market. According to the International Organization of Motor Vehicle Manufacturers (OICA), worldwide vehicle production was estimated to be at about 85 million units and expected to reach to over 100 million units by 2025. The automotive segment is prominent due to the continuous growth in the demand for engines in new vehicles directly driving this demand.
“ US to lead the engines market in North America”
US is experiencing the highest growth rate in the engines market due to several factors. The presence of key players in US such as Caterpillar, Cummins Inc, General Motors along with a large customer base, is among the major factors driving the engines market in US. The market in US is driven by significant demand for both International Combustion Engine vehicles and electric/hybrid vehicles. The Ongoing infrastructure development and investments in transportation, energy, and industrial sectors lead to increased demand for engines, particularly for heavy machinery and generators .
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Recent Developments:
In July 2024, Pratt & Whitney announced that Avolon chose GTF engines to power 80 Airbus A320neo family aircraft. This significant order increases Avolon's GTF-powered fleet to 158 aircraft, with options for engines for an additional 80 planes. This transaction marks one of the largest deals Pratt & Whitney has made for its GTF engines, showcasing the growing demand for efficient and advanced propulsion systems in the aviation market. In September 2023, Caterpillar announced signing a memorandum of understanding with Singapore-headquartered Strategic Marine (S) Pte Ltd. Strategic Marine is internationally renowned for producing quality, high-performance ships for commercial, defense, and security use across the globe. In May 2023, Cummins Inc. launched its Marine Diesel Cummins Turbo (MDCT) genset. This robust genset can be fitted with a high or low-powered Cummins engine, giving gensets ratings of 40-80 kWe and 80-110 kWe, respectively. In January 2023, Rolls-Royce announced that it had conducted successful tests of a 12-cylinder gas variant of the mtu Series 4000 L64 engine running on 100% hydrogen fuel. The tests, carried out by the Power Systems business unit, showed very good characteristics in terms of efficiency, performance, emissions, and combustion.
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