all report title image

HIGH SPEED ENGINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

High Speed Engine Market, By Engine Type (Gas Turbine, Steam Turbine, Hydraulic Turbine, Reciprocating Engine, and Others), By End-use Industry (Power Generation, Marine, Oil & Gas, Process Industry, Aviation, Metal Manufacturing, and Others), By Power Rating (500 kW – 1 MW, 1 MW – 10 MW, 10 MW – 50 MW, 50 MW – 100 MW, 100 MW – 200 MW, Above 200 MW), By Speed (1,000 rpm – 5,000 rpm, 5,000 rpm – 10,000 rpm, 10,000 rpm – 15,000 rpm, and Above 15,000 rpm), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

The high speed engine Market size was valued at US$ 19.83 Bn in 2023 and is expected to reach US$ 32.26 Bn by 2030, growing at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. High speed engines are advanced turbomachinery systems with power ratings above 500 kW and operating speeds above 1,000 rpm. These find extensive applications across aviation, marine, oil & gas, power generation and various industrial sectors. The key drivers fueling the market growth include rising power demand, growth in gas exploration activities and increasing focus on distributed power generation.

The high speed engine market is segmented into engine type, end-use industry, power rating, speed, and region. By engine type, the gas turbine segment accounted for the largest share of over 40% in 2022. Gas turbines are lightweight and compact power systems, finding widespread adoption for power generation and in the aviation and marine sectors. Increasing use of gas turbines for combined cycle power plants and growing LNG trade worldwide is driving growth of this segment.

High Speed Engine Market- Regional Insights

  • North America: North America is a powerhouse in the high speed engine market, consistently driving innovation and technological advancements. The region is dominated by a robust industrial landscape and a strong emphasis on research and development. Major players in the North American market lead the way in developing high-performance engines that cater to a diverse range of applications, from aerospace to marine and power generation. The dominance in North America is marked by a commitment to push the boundaries of speed, efficiency, and environmental sustainability. Stricter emission standards have led to the development of high-speed engines that not only meet regulatory requirements but also set new benchmarks for performance and reliability.
  • Europe: Europe high speed engine market is characterized by a meticulous blend of precision engineering and efficiency. Many players in the region leverage a rich manufacturing heritage and engineering expertise to produce high speed engines that excel in performance and durability. The European market is dominated by a focus on meeting stringent environmental standards while ensuring optimal power output. The emphasis on precision is reflected in the aerospace and automotive sectors, where high-speed engines play a crucial role. European manufacturers lead in developing cutting-edge technologies, including advanced fuel injection systems and materials, contributing to the overall dominance of the region in the global high speed engine market.
  • Asia Pacific:  Asia Pacific region has emerged as a dynamic and rapidly growing player in the high speed engine market. The region is characterized by a strategic focus on cost-effective solutions without compromising on performance. With a booming manufacturing sector and a surge in infrastructure projects, the demand for high speed engines in Asia Pacific is increasing.

Figure 1. Global High Speed Engine Market Share (%), By Region, 2023

HIGH SPEED ENGINE MARKET

To learn more about this report, Request sample copy

Analyst Viewpoint:

Global high speed engine market is expected to experience steady growth in the coming years. One of the key drivers for the market is increasing demand for fuel efficiency across various end-use industries such as marine, aviation, and oil & gas. Customers are increasingly looking for engines that provide higher power output while consuming lesser fuel.

Another major driver is the need for reduced emissions. Various countries and international agencies have stipulated stringent regulations regarding emission levels from engines. This is pushing OEMs to invest more in developing high speed engines with advanced technologies to comply with emission norms.

However, high research and development costs involved in designing and manufacturing high speed engines poses a challenge for market players. Developing an engine capable of withstanding high revolutions per minute requires extensive testing before commercial production. The market is also facing restraints due to availability of alternative fuel-efficient solutions.

The Asia Pacific region currently dominates the global high speed engine market and is expected to continue its lead. This can be attributed to growing manufacturing and industrial activities in China and India. Many international players are also setting up manufacturing bases in the region to cater to the rising local demand for high speed engine. North America is projected to witness steady growth owing to presence of several aircraft engine and marine engine OEMs in the U.S. and Canada. Overall, the high speed engine market provides opportunities for companies to expand into emerging economies and niche application areas.

High Speed Engine Market- Drivers

  • Increasing adoption of gas turbines for power generation: The growing adoption of gas turbines for power generation around the world is a key factor driving the growth of the high speed engine market. Gas turbines offer benefits like operational flexibility, high power output, low emissions and ability to use different fuels. These are increasingly being used in combined cycle power plants, owing to their high electrical efficiency of over 60%. For instance, in June 2022, GE, an American multinational company announced that Toshiba Energy Systems & Solutions Corporation had selected its 7HA gas turbines to add over 1.4 GW capacity to the Omuta Power Station in Japan. Such installations will create significant demand for heavy duty gas turbines.
  • Rising exploration activities and investments in oil & gas sector: Increasing investments in the exploration of new oil and gas reserves along with shale gas production are contributing to the growing deployment of high speed engines. Gas turbines are extensively used to power compressors and pumps in upstream, midstream and downstream oil & gas operations. According to the IEA, global oil & gas upstream investment increased by around 10% in 2022, led by increases in North America shale as well as higher spending on offshore projects. This boosts adoption of efficient and flexible turbine systems.
  • Advancements in turbine cooling technologies: The enhancements in turbine blade cooling technologies are leading to improved efficiency and performance of high speed engines. Effective cooling protects turbine components from high temperatures and allows higher firing temperatures. For instance, GE’s Advanced Turbine Cooling system circulates air through internal cooling circuits in turbine blades. Such innovations are enabling high speed engines to operate at higher powers and efficiencies.
  • Growth in marine sector: The steady growth of international seaborne trade and rising vessel construction activities are boosting demand for high power marine turbines. According to UNCTAD estimates, the operation of the world’s merchant fleet is expected to expand at a CAGR of 3.4% over 2021–2026. High speed marine engines are used in marine propulsion systems as these offer benefits like compact size, fuel flexibility and lower emissions. This boosts its adoption in naval vessels, cargo ships and passenger liners.

High Speed Engine Market- Opportunities

  • Integration of renewable fuels: The integration of renewable fuels like green hydrogen and sustainable biofuels in high speed engines presents significant opportunities. With increasing focus on decarbonization across industries, major manufacturers are developing hydrogen-capable turbines that can transition from natural gas to clean hydrogen. In March 2021, MAN Energy Solutions announced the successful testing of hydrogen combustion in its MGT6400 gas turbine. The ability to leverage green fuels will increase sustainability and favorably impact the high speed engine market outlook.
  • Technology enhancements through digitalization: The increasing utilization of industrial internet of things (IIoT), artificial intelligence, 3D printing and other digital technologies is creating opportunities for performance enhancements in high speed engines. Predictive maintenance enabled by AI improves reliability while 3D printed components with complex geometries increase efficiency. Siemens Energy’s HL-class gas turbines leverage digital analytics to optimize efficiency. Ongoing digitalization and automation will enable turbine manufacturers to achieve faster product development and customization.
  • Renewable energy integration: The integration of high speed engines with renewable energy technologies such as wind, solar, hydropower, and others to develop hybrid renewable power systems represents a major opportunity. High speed engines can provide continuous and flexible power generation to complement renewable energy’s intermittent nature. For instance, GE’s Integrated Hydropower-Solar solution combines hydropower plant modernization with solar PV and battery storage. Turbines also find use in distributed power generation with renewables.
  • Deployment of micro turbines: The emerging application of micro turbines with power ratings below 500 kW offers promising growth prospects. Their compact size and scalability make micro turbines suitable for distributed electricity generation. Key players such as Capstone, Toyota and Ansaldo are launching product in this niche segment for use in small-scale CHP plants, remote power systems, and mechanical drives. With energy access still being a challenge in some areas, micro turbine systems will see wider adoption.

High Speed Engine Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 19.83 Bn
Historical Data for: 2018 to 2021 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 7.2% 2030 Value Projection: US$ 32.26 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Middle East and Africa:  GCC Countries, Israel,  South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Engine Type: Gas Turbine, Steam Turbine, Hydraulic Turbine, Reciprocating Engine, and Others
  • By End-use Industry: Power Generation, Marine, Oil & Gas, Process Industry, Aviation, Metal Manufacturing, and Others
  • By Power Rating: 500 kW – 1 MW, 1 MW – 10 MW, 10 MW – 50 MW, 50 MW – 100 MW, 100 MW – 200 MW, Above 200 MW
  • By Speed: 1,000 rpm – 5,000 rpm, 5,000 rpm – 10,000 rpm, 10,000 rpm – 15,000 rpm, and Above 15,000 rpm 
Companies covered:

GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, Ansaldo Energia

Growth Drivers:
  • Increasing adoption of gas turbines for power generation
  • Rising exploration activities and investments in oil & gas sector
  • Advancements in turbine cooling technologies
  • Growth in marine sector
Restraints & Challenges:
  • High capital and operating costs
  • Evolving emission regulations
  • Supply chain disruptions

Uncover macros and micros vetted on 75+ parameters: Get instant access to report

High Speed Engine Market- Trends

  • Development of turbine systems for hydrogen: The rapid development of high-hydrogen and 100% hydrogen fueled turbines is an important trend. Leading companies like Siemens Energy, GE and Mitsubishi Power are extensively working on designing turbine systems capable of combusting hydrogen blended fuels and pure hydrogen. This is driven by increasing global focus on hydrogen economy. In 2021, Mitsubishi Power achieved a hydrogen blending ratio of 30% in gas turbines. The ability to leverage green hydrogen will be a key trend.
  • Rising deployment of aero-derivative gas turbines: The growing utilization of aero-derivative gas turbines designed from aircraft engines is a major trend. These provide benefits like light weight, smaller size, lower emissions and flexible operation. These systems find wide applications in power generation, mechanical drives and oil & gas industry. Key companies in this space include GE, Siemens, Kawasaki Heavy Industries, etc.
  • Advancements in turbine coatings: Continual improvements in thermal barrier coatings (TBCs) and environment-resistant coatings used in high speed engines to enhance durability, efficiency and performance is a key trend. For instance, Chromalloy’s Engineered Coatings help to prevent oxidation and corrosion in turbine components. Meanwhile, developments in TBCs focus on properties like high-temperature stability. Such coating advancements will push the operational boundaries of turbine systems.
  • Growing repair, maintenance and retrofitting: The rising repair, maintenance, refurbishment and upgrading activities pertaining to industrial gas turbines is a noticeable trend. Owners are focused on enhancing the efficiency, output and lifespan of aging assets. For instance, Ansaldo Energia provides upgrade solutions to improve GT performance by 6% to 10%. Major players have service infrastructure to offer spare parts, repairs and modernization along with new turbine sales.

High Speed Engine Market- Restraints

  • High capital and operating costs: The high capital expenditure required for procuring high capacity gas turbines coupled with significant operating costs related to maintenance and fuel act as challenges. The huge investment needed for setting up a gas turbine power plant delays new builds. Additionally, skilled personnel are required to perform complex maintenance. These factors related to cost and workforce restrain adoption among smaller end users.
  • Evolving emission regulations: The imposition of strict emission-related regulations on engine exhausts like NOx, SOx, CO2 to improve air quality poses challenges. Manufacturers have to carry out design changes to reduce emissions and test compliance. This increases lead times and affects mass production. Although emission control technologies exist, constantly evolving regulations worldwide increase compliance costs for players.
  • Supply chain disruptions: The COVID-19 pandemic exposed vulnerabilities of global supply chains and logistical barriers are still persisting. With high speed engines being heavy equipment, transportation poses problems. Localized lockdowns and port congestions lead to production delays. The Russia-Ukraine conflict has also constrained raw material supplies. Such supply chain uncertainties restrain production volumes to some extent.

High Speed Engine Market- Recent Developments

New Product Launches:

  • In March 2022, GE announced the launch of its 7HA.03 gas turbine, which delivers 64% efficiency in combined cycle power plants. The new turbine offers improved flexibility, reliability, and lower emissions for power generators.
  • On February 13, 2023, Cummins Inc. disclosed its plans to introduce the X10 engine, the next iteration in its fuel-agnostic series, in North America by 2026. As a member of the X engine family, this engine is strategically designed to serve a dual role, replacing both the L9 and the X12. Its unique versatility makes it suitable for a wide spectrum of applications, encompassing both medium and heavy-duty usage scenarios.

Acquisition and Partnerships:

  • In November 2022, Rolls-Royce collaborated with the Royal Air Force (RAF) and industry partners by supplying the Trent 700 high-speed engine for a pioneering achievement. This involved conducting a 100% sustainable fuel flight, a historic first for a military aircraft of its size and the inaugural occurrence for any aircraft type in the U.K.—an RAF Voyager, the military variant of an Airbus A330.
  • In February 2022, Cummins, an multinational corporation, acquired Jacobs Vehicle Systems (JVS), a subsidiary of Altra Industrial Motion Corp. JVS is a renowned supplier specializing in engine braking, cylinder deactivation, start and stop, and thermal management technologies. This strategic acquisition positioned Cummins to innovate and develop cutting-edge technologies, fostering growth across existing and advanced diesel engine platforms.
  • In January 2022, Caterpillar introduced a series of drop-in engines, unveiling the new Cat C2.8 and C3.6 industrial power units (IPU). These engines boast highly integrated designs, streamlining the engineering and installation processes, saving valuable time. The C2.8 offers ratings up to 55 kW (74 hp) at 2400 rpm, while the C3.6 provides ratings up to 100 kW (134 hp) at 2200 rpm.

Figure 2. Global High Speed Engine Market Share (%), By Engine Type, 2023

HIGH SPEED ENGINE MARKET

To learn more about this report, Request sample copy

Top companies in High Speed Engine Market:

  • GE
  • Siemens
  • Rolls-Royce
  • Kawasaki Heavy Industries
  • MAN Energy Solutions
  • Wartsila
  • Mitsubishi Heavy Industries
  • Harbin Turbine Company
  • Solar Turbines
  • Ansaldo Energia

Definition: High speed engines refer to advanced turbomachinery systems such as gas turbines, steam turbines, hydraulic turbines, and reciprocating engines that operate at high rotational speeds of over 1000 rpm and power ratings above 500 kW. These are used across power generation, oil & gas exploration, aviation, marine, and various industrial applications for mechanical drives. High speed engines offer benefits such as high power density, fuel efficiency, operational flexibility and reduced emissions. Key players in this market manufacture industrial gas turbines, aero-derivative gas turbines, marine turbines and steam turbines used in electricity generation, marine propulsion, gas compression and for powering large pumps and compressors in various facilities.

Few Other Promising Reports in Automotive and Transportation Industry

Marine Propulsion Engine Market

Captive Power Plant Market

Renewable Energy Technologies Market

Steam Turbine Market

Share

About Author

Ameya Thakkar is a seasoned management consultant with 9+ years of experience optimizing operations and driving growth for companies in the automotive and transportation sector. As a senior consultant at CMI, Ameya has led strategic initiatives that have delivered over $50M in cost savings and revenue gains for clients. Ameya specializes in supply chain optimization, process re-engineering, and identification of deep revenue pockets. He has deep expertise in the automotive industry, having worked with major OEMs and suppliers on complex challenges such as supplier analysis, demand analysis, competitive analysis, and Industry 4.0 implementation.

Missing comfort of reading report in your local language? Find your preferred language :

Frequently Asked Questions

The global High Speed Engine Market size was valued at USD 19.83 billion in 2023 and is expected to reach USD 32.26 billion in 2030.

High capital costs, lack of skilled workforce, complex manufacturing, high maintenance costs, and emission regulations are hampering the market growth.

Increasing power demands, growth in gas exploration activities, rising need for peak power generation, growth of aviation sector, and innovations in turbine technologies are driving the market growth.

Gas turbine segment leads the high speed engine market owing to its high efficiency, reliability and wide usage across power generation, oil & gas and aviation sectors.

GE, Siemens, Rolls-Royce, MAN Energy Solutions, Kawasaki Heavy Industries, Wartsila, Ansaldo Energia, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, and Ansaldo Energia.

Asia Pacific is expected to continue its dominance in the global high speed engine market during the forecast period.

The high speed engine market is projected to grow at a CAGR of 7.2% from 2023 to 2030.
Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Select a License Type





Logo

Credibility and Certifications

ESOMAR
DUNS Registered

860519526

Clutch
Credibility and Certification
Credibility and Certification

9001:2015

Credibility and Certification

27001:2022

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo
© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.