At 5.0% CAGR, Europe High-Speed Engine Market is Projected to be Worth US$ 8,171.52 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe high-speed engine market was valued at US$ 5,546.01 million in 2022 and is expected to reach US$ 8,171.52 million by 2030, registering a CAGR of 5.0% from 2022 to 2030. Rise in marine transportation and upsurge in demand for energy are among the critical factors attributed to drive the Europe high-speed engine market growth.

The rising population and growing urbanization are a few factors boosting the consumption of energy worldwide. According to the data published by ExxonMobil in 2024, the global demand for energy reached approximately 580 quadrillion British thermal units (Btu) in 2021. Further, the demand for energy is also growing in the industrial sector. According to the data published by ExxonMobil in 2024, the global demand for energy reached approximately 580 quadrillion British thermal units (Btu) in 2021. Also, as per the International Energy Agency, in 2022, the industrial sector's energy consumption accounted for 37% of the total energy consumption, compared to 34% in 2002. For instance, the industrial sector was the third highest energy consumption sector in 2022, accounting for 25.1% in the European Union. Due to the high demand from the industrial and commercial sectors, the adoption of high-speed engines increased. Also, manufacturers are focused on supplying a strong product portfolio. For instance, in January 2024, Yanmar developed 4 stroke engines for the power generation application. Thus, the upsurge in demand for energy fuels the global market for high-speed engines.

On the contrary, high cost of maintenance and rise in electrification of fleet hampers the growth of Europe high-speed engine market.

Based on speed, the Europe high-speed engine market is segmented into 1000-1500, 1500-1800, and above 1800. The 1500-1800 segment held 56.0% share of Europe high-speed engine market share in 2022, amassing US$ 3,107.17 million. It is projected to garner US$ 4,564.41 million by 2030 to register 4.9% CAGR during 2022–2030.

In terms of power output, the Europe 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 62.3% share of Europe high-speed engine market in 2022, amassing US$ 3,455.58 million. It is anticipated to garner US$ 5,045.76 million by 2030 to expand at 4.8% CAGR during 2022–2030.

By end user, the Europe high-speed engine market is divided into marine, power generation, railway, and oil and gas. The marine segment held 70.1% share of Europe high-speed engine market in 2022, amassing US$ 3,889.86 million. It is projected to garner US$ 5,711.32 million by 2030 to expand at 4.9% CAGR from 2022 to 2030.

Based on country, the Europe high-speed engine market is categorized into Germany, Italy, France, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 23.1% share of Europe high-speed engine market in 2022. It was assessed at US$ 1,283.12 million in 2022 and is likely to hit US$ 1,879.45 million by 2030, registering a CAGR of 4.9% during 2022–2030.

Key players operating in the Europe 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.
• In October-2023, Technology group Wärtsilä will supply its recently introduced Wärtsilä 25DF dual-fuel (LNG) engine for two new sail-assisted luxury cruise ships. The vessels are being built at the Chantiers de l’Atlantique (CdA) shipyard in France for Orient Express Silenseas, part of French hospitality group.
• In February-2023, Cummins Inc. announced it will launch the next engine in the fuel-agnostic series, the X10, in Europe in 2026. This engine, named as part of the X engine family, is uniquely positioned to replace both the L9 and the X12 with the versatility to serve both medium and heavy-duty applications.

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