In a trajectory characterized by unwavering growth, the global external combustion engine market is projected to experience a Compound Annual Growth Rate (CAGR) of 3.9% throughout the forecast period, reaching an estimated value of approximately US$ 604.3 million in 2022 and ascending to a substantial valuation of US$ 889.0 million by the year 2032.
The heightened demand for external combustion engines is rooted in their distinctive operational principle. These engines set themselves apart by compressing an external fuel through a heat exchanger or engine wall, facilitating combustion. This unique approach to power generation positions them as particularly well-suited for specific applications, differentiating them from internal combustion engines.
The ascent in the external combustion engine market is indicative of the industry’s persistent commitment to innovation and the adoption of environmentally sustainable power generation solutions.
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Advancing and Constraint Factors in the External Combustion System Market:
Drivers:
Due to its flexibility in arrangement and ability to use any source of heat, the market for external combustion systems is anticipated to grow over the course of the forecast period. Fuel is burned by the engine outside of the power cylinder, which is anticipated to play a significant role during the forecast period.
Additionally, external combustion engines use heat from sources like solar, geothermal, biomass, or municipal waste. These elements support the market’s expansion during the anticipated period. Additionally, flexibility in an arrangement is possible to further support the external combustion engine over the forecast period due to external combustion.
Aside from that, the market is being driven by the various advantages of external combustion systems, such as continuous external combustion, which lowers emissions and eliminates the exhaust of high-pressure combustion products.
Restraints:
It is expected that the long startup times of external combustion engines will restrain the market’s growth over the forecast period. Furthermore, risk factors like the boiler bursting due to too much steam pressure have compelled the end users to endorse alternative machinery.
During the forecast period, this action is anticipated to restrain the market’s expansion for external combustion engines. Over the course of the forecast period, it is also anticipated that the external combustion engine’s high investment costs and poor efficiency will restrain market expansion.
Analysis of Asia Pacific External Combustion Engine Market:
During the forecast period, the Asia Pacific region will primarily dominate the market for external combustion engines. Due to the region’s rapid industrialization and expanding number of power plants, nations like China, India, and Japan are experiencing rapid economic growth.
Additionally, over the course of the forecast period, the marine industry in the APAC region experienced significant growth, which significantly boosted the market for external combustion engines. Over the course of the forecast period, the APAC region’s external combustion engine market is anticipated to experience strong growth.
Condition of North American & Europe Regions in the External Combustion Engine:
Due to the region’s growing need for external combustion engines for a variety of applications, including pumps, ships, power plants,., North America is a significant market for these engines. Out of all the regions, North America will hold 18% of the market during the forecast period.
On the other hand, the external combustion engine market is also expanding steadily in the Europe region, gaining 22% of the market during the forecast period. The region’s market is being driven by expanding industrialization and major thermal plant construction. Due to the increasing use of external combustion engines in recent years and the UK’s position as a leading nation, the market is growing quickly.
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Key Players Profiled in Report:
- Stirling Thermal Motors Inc.
- Deere & Company
- Sterling Power Systems
- Aisin Seiki Co. Ltd.
- Genoastirling S.r.lw
- Microgen Engine Corporation
- Sunpower Inc.
- Saab AB
- Reliable Steam Engine Co.
Key Segments
By Product Type:
- Steam Engine
- Stirling Engine
By Application:
- Pump
- Ship
- Thermal Power Plant
- Train
- Nuclear Power Plant
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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