Delray Beach, FL, Nov. 25, 2024 (GLOBE NEWSWIRE) — Engines Market size is projected to grow from USD 377.83 billion in 2024 to USD 477.89 billion by 2029, at a CAGR of 4.8%, as per the recent study by MarketsandMarkets™.  The major factors owing to the growth of engines market are rising demand for fuel efficient and low emission engines. Engines are machines used in converting fuels into mechanical energy. This helps in major industries such as automotive, marine, aerospace, and power generation. The engines market has grown significantly due to increased demand for efficient energy solutions across industries. Engines are widely used in transportation vehicles, heavy machinery, ships, and backup power systems, providing a reliable source of power. The durability, scalability and the ability of engines to handle high loads make them essential for small as well as large scale applications.

Browse in-depth TOC on “Engines Market”

150 – Tables
70 – Figures
300 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=44291249        

List of Key Players in Engines Market:

• Caterpillar (US)
• Cummins Inc. (US)
• General Electric Company (US)
• Rolls-Royce Plc (UK)
• Mitsubishi Heavy Industries, Ltd. (Japan)
• Honeywell International Inc. (US)
• AB Volvo (Sweden)
• Scania (Sweden)
• RTX (US)
• General Motors (US)

Drivers, Opportunities and Challenges in Engines Market:

1. Driver: Increasing demand for uninterrupted and reliable power supply
2. Restraint: Fluctuating oil & gas prices
3. Opportunity: Growing adoption of biogas, landfill gas, and natural gas as sustainable fuel alternatives
4. Challenge: Environmental concerns and emission regulations

Key Findings of the Study:

1. Analysis of key drivers influences the growth of the engines market
2. The development of engines are moving towards greater efficiency, sustainability, and power generation
3. Favorable government policies in carbon emission reduction, increasing demand for engines in transportation and industrial sectors, create engines market growth
4. The engines market in Asia Pacific is projected to hold the largest market share by 2029

Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=44291249 

Diesel segment is expected to have significant share in the global engines market

The Diesel engines are growing as the largest segment in the engines market by fuel type. Diesel engines are more efficient compared to gasoline engines. Diesel has 10 to 15% more energy per gallon than gasoline engines and can deliver better fuel economy. According to, The US Department of Energy diesel engines can be 20-30 % more efficient in similar applications to gasoline engines. Diesel fuel has a higher energy density than gasoline and allows vehicles, especially heavy duty trucks, to travel on a single tank of fuel than that of gasoline.

Automotive segment is expected to emerge as the largest segment in global engines market

The transportation activities are expected to make automotive segment the largest end user in engines market. The rise in vehicle production, technological developments, and the demand for fuel efficient vehicles are some of the major drivers in automotive market. According to the International Organization of Motor Vehicle Manufacturers (OICA), worldwide vehicle production was estimated to be at about 85 million units and expected to reach to over 100 million units by 2025. The automotive segment is prominent due to the continuous growth in the demand for engines in new vehicles directly driving this demand.

“US to lead the engines market in North America”

US is experiencing the highest growth rate in the engines market due to several factors. The presence of key players in US such as Caterpillar, Cummins Inc, General Motors along with a large customer base, is among the major factors driving the engines market in US. The market in US is driven by significant demand for both International Combustion Engine vehicles and electric/hybrid vehicles. The Ongoing infrastructure development and investments in transportation, energy, and industrial sectors lead to increased demand for engines, particularly for heavy machinery and generators.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=44291249  

Recent Developments:

• In July 2024, Pratt & Whitney announced that Avolon chose GTF engines to power 80 Airbus A320neo family aircraft. This significant order increases Avolon’s GTF-powered fleet to 158 aircraft, with options for engines for an additional 80 planes. This transaction marks one of the largest deals Pratt & Whitney has made for its GTF engines, showcasing the growing demand for efficient and advanced propulsion systems in the aviation market.
• In September 2023, Caterpillar announced signing a memorandum of understanding with Singapore-headquartered Strategic Marine (S) Pte Ltd. Strategic Marine is internationally renowned for producing quality, high-performance ships for commercial, defense, and security use across the globe.
• In May 2023, Cummins Inc. launched its Marine Diesel Cummins Turbo (MDCT) genset. This robust genset can be fitted with a high or low-powered Cummins engine, giving gensets ratings of 40-80 kWe and 80-110 kWe, respectively.
• In January 2023, Rolls-Royce announced that it had conducted successful tests of a 12-cylinder gas variant of the mtu Series 4000 L64 engine running on 100% hydrogen fuel. The tests, carried out by the Power Systems business unit, showed very good characteristics in terms of efficiency, performance, emissions, and combustion.

Related Reports:

1. Gas Engine Market
2. Diesel Engines Market
3. High-Speed Engine Market

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA : 1-888-600-6441
UK +44-800-368-9399
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/