During the forecast period, the external combustion engine market is anticipated to register a CAGR of 3.9%. The market is anticipated to reach a value of US$ 604.3 million in 2022 and US$ 889.0 million by 2032.
As it is compressed by the combustion of an external fuel through the heat exchanger or an engine wall, the demand for external combustion engines is increasing. However, the external combustion engine market share is likely to increase due to the engine’s weight, bulk, and size in terms of structural design. Aside from these characteristics, external combustion engine has low noise and emission levels, which raises demand for them.
However, Stirling engines and steam engines are the two most common types of external combustion engines. Due to their superior efficiency to steam engines, Stirling engines stand out as one of the most popular among these and are likely to see increased use.
The big capacity segment dominated the global external combustion engine market in terms of revenue shares in 2021, and this trend is anticipated to continue throughout the forecast period.
They can also operate quietly during the forecast period and can use any type of heat source. Many different applications, including thermal power plants, nuclear power plants, ships, trains, and pumps, use external combustion systems. A completely new single-piston combustion engine is currently being developed by ECT.
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.
Competitive Landscape:
Skilful Players in the External Combustion Engine Market
Due to the presence of so many major players during the forecast period, the market is fragmented. Through their various marketing strategies, the players are essential in generating the most revenue.
They are employing methodologies to spur market expansion and win the lion’s share. Mergers, acquisitions, partnerships, product launches, and other strategies are examples of marketing tactics.
Recent Developments in External Combustion Engine
Recent advancements in real-time control, fuel injection, sensors, and other technologies have brought the potential external combustion engine to a high level. Manufacturers are implementing cutting-edge technology to improve performance in the automotive sector. External combustion engines with high efficiency are now available thanks to recent technologies.
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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