Lightweight materials play a pivotal role in reducing weight of vehicles by replacing conventional metal components. Use of advanced composite materials in engine components have significantly enhanced fuel efficiency and emission control in modern automobiles. Materials like carbon fiber, aluminum alloys, and engineered thermoplastics allows downsizing of engines while maintaining high performance levels.
The global High Speed Engine Market is estimated to be valued at US$ 22.85 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Lightweighting has become one of the predominant trends in automotive engine design with OEMs incorporating composite materials that offers high strength to weight ratio for components like intake manifold, valve covers, oil pans, timing cover etc. Automakers are aggressively promoting composite intake manifolds made of carbon fiber or reinforced polymers that provides around 40-50% weight reduction compared to metallic variant. This directly translates to improved mileage along with reduced emissions. Mass adoption of such light weighted engine parts by major automakers will propel the demand for high speed engine in coming years.
Segment Analysis
The global high speed engine market is dominated by the aviation sub-segment. Advancements in aviation technology has increased the demand for advanced high speed engines in aircrafts that requires high speed and efficiency. The aviation sub-segment currently holds around 60% share of the global market owing to increased air passenger traffic and demand for new aircrafts globally. Increased spending on defense and aviation is expected to drive the demand for high speed engines from this sub-segment during the forecast period.
Key Takeaways
The Global High Speed Engine Market Demand is expected to witness high growth over the forecast period from 2024 to 2031. The market is expected to grow at a CAGR of 5.8% during this period and reach a size of US$ 36.85 Mn by 2031.
Regional analysis:
North America currently holds the dominant share of around 35% of the global high speed engine market owing to presence of leading aircraft and engine manufacturing companies such as GE Aviation and Pratt & Whitney in the region. However, Asia Pacific is expected to witness fastest growth during the forecast period due to increasing investments in aviation and defense sectors from China and India. Countries like China, Japan and South Korea are investing heavily in development of advanced aircraft which is expected to drive the demand for high speed engines from the region.
Key players:
Key players operating in the high speed engine market are I-Minerals Inc., Quarzwerke GmbH, Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, Ltd., and Sun Minerals. GE Aviation and Rolls Royce are the leading players with major market share currently. However, Chinese companies like AVIC are rapidly developing capabilities in aircraft engine technology. Increased investments in R&D by Chinese players is expected to make the market more competitive during the forecast period.
Explore more information on this topic, Please visit-
https://www.insightprobing.com/high-speed-engine-market-growth-and-trnds-analysis-share-size-demand-forecast/
Explore more trending article Related this topic:
https://masstamilan.tv/understanding-construction-aggregates/
Comments
0 comment