Report : Asia Pacific High-Speed Engine Market Forecast to 2030 - Regional Analysis - by Speed (1,000-1,500 rpm; 1,500-1,800 rpm; and Above 1,800 rpm), Power Output (Less than 2 MW, 2-4 MW, and Above 4 MW), and End User (Marine, Power Generation, Railway, Oil and Gas, and Others)
At 5.3% CAGR, Asia Pacific High-Speed Engine Market is Projected to be Worth US$ 13,062.82 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific high-speed engine market was valued at US$ 8,656.12 million in 2022 and is expected to reach US$ 13,062.82 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Aging commercial fleet and upsurge in demand for energy are among the critical factors attributed to drive the Asia Pacific high-speed engine market growth.
In almost all countries, most of the commercial ship fleet is aged. As per the data published by the United Nations in 2023, the average age of ships globally was 22.2 years, and more than half of the ships are older than 15 years. Further, as per the data provided by the Braemer in 2023, approximately 1.8% and 1.5% of the total ships globally are projected to retire by 2024 and 2025, respectively. As the fleet is aging rapidly, the demand for new ships is projected to increase to replace the aged and retired ships, which is expected to increase the demand for high-speed engines. According to the data published by The Baltic and International Maritime Council (BIMCO) in January 2024, 478 container ships are already scheduled for delivery in 2024 with a combined capacity of 3.0 million TEU. Thus, with the aging of the commercial fleet, the need for replacing the commercial fleet will increase, which is anticipated to create lucrative opportunities for the high-speed engine market growth during the forecast period.
On the contrary, high cost of maintenance and rise in electrification of fleet hampers the growth of Asia Pacific high-speed engine market.
Based on speed, the Asia Pacific high-speed engine market is segmented into 1000-1500, 1500-1800, and above 1800. The 1500-1800 segment held 55.1% share of Asia Pacific high-speed engine market share in 2022, amassing US$ 4,772.48 million. It is projected to garner US$ 7,145.09 million by 2030 to register 5.2% CAGR during 2022-2030.
In terms of power output, the Asia Pacific high-speed engine market is categorized into less than 2 MW, 2-4 MW, and above 4 MW. The less than 2 MW segment held 61.7% share of Asia Pacific high-speed engine market in 2022, amassing US$ 5,342.57 million. It is anticipated to garner US$ 7,983.01 million by 2030 to expand at 5.1% CAGR during 2022-2030.
By end user, the Asia Pacific high-speed engine market is divided into marine, power generation, railway, and oil and gas. The marine segment held 68.3% share of Asia Pacific high-speed engine market in 2022, amassing US$ 5,915.41 million. It is projected to garner US$ 8,884.52 million by 2030 to expand at 5.2% CAGR from 2022 to 2030.
Based on country, the Asia Pacific high-speed engine market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 32.5% share of Asia Pacific high-speed engine market in 2022. It was assessed at US$ 2,811.68 million in 2022 and is likely to hit US$ 4,317.26 million by 2030, registering a CAGR of 5.5% during 2022-2030.
Key players operating in the Asia Pacific high-speed engine market are AB Volvo, Caterpillar Inc.; MAN Energy Solutions SE; Mitsubishi Heavy Industries, Ltd.; Rolls-Royce Holdings Plc; Wartsila Corp; Weichai Heavy Machinery Co., Ltd; Yanmar Holdings Co, Ltd.; and Cummins Inc., among others.
- In January-2024, MAN Energy Solutions and Karpowership have signed a contract for the delivery of a total of 48 dual-fuel engines for Karpowership's fleet of power plant ships (Powerships). The engine order consists of MAN 18V51/60DF dual-fuel engines with a mechanical output of 20.7 MW each.
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