The external combustion engine market is likely to record a CAGR of 3.9% during the forecast period. The market is projected to be valued at USD 604.3 Million in 2022 and is likely to be valued at USD 889.0 Million by 2032.
The demand for an external combustion engine is rising as it is compressed by the combustion of an external fuel through the heat exchanger or an engine wall. However, the engine is heavy, clumsy, and huge concerning structural design and can work well and is likely to propel the external combustion engine market share.
| Report Attribute | Details |
|---|---|
| External Combustion Engine Market Value (2022) | USD 604.3 Million |
| External Combustion Engine Market Anticipated Value (2032) | USD 889.0 Million |
| External Combustion Engine Projected Growth Rate (2032) | 3.9% |
Apart from these features, the external combustion engine is low emission and noise generation, increasing the demand for external combustion engines.
However, external combustion engines are generally available in two types: steam engines and Stirling engines. Among these, Stirling engines are highly preferred due to their high efficiency compared to steam engines, which is likely to increase the adoption of Stirling engines.
In terms of capacity, the big capacity segment led the worldwide external combustion engine market in revenue shares in 2021, and it's expected to do so during the forecast period.
Moreover, they can use any heat source and are also capable of quiet operations during the forecast period. External combustion systems are widely used in applications such as thermal power plants, nuclear plants, ships, trains, and pumps. ECT has commenced the development of a radically new combustion engine, which is a single piston.
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Drivers:
The external combustion system market is expected to gain traction over the forecast period owing to flexibility in arrangement and can use any source to supply heat. The engine burns fuel outside the power cylinder, which is expected to be a major factor during the forecast period.
Moreover, external combustion engines use sources such as municipal waste, geothermal, biomass, or solar to supply heat. These factors give traction toward the growth of the market during the forecast period. Additionally, due to external combustion, flexibility in an arrangement is feasible to further drive the external combustion engine over the forecast period.
That apart, the different benefits of external combustion systems, such as continuous external combustion, which reduces emission and elimination of exhaust of high-pressure combustion products, drive the growth of the market.
Restraints:
External combustion engines generally take a long time to put into action, which is anticipated to hamper the growth of the market over the forecast period. Moreover, risk factors such as the bursting of the boiler due to excess steam pressure have prompted the end users to vouch for alternate equipment.
This move is expected to act as a restraining factor to the growth of the external combustion engine market during the forecast period. Furthermore, high investment costs and low efficiency of the external combustion engine are expected to hinder the growth of the market over the forecast period.
The external combustion engine market is mainly dominated by the Asia Pacific region during the forecast period. The countries such as China, India, and Japan are growing significantly, owing to rapid industrialization and growing power plants across the region.
In addition to this, the significant growth of the marine industry in the Asia Pacific region contributed substantially to the growth of the external combustion engine market over the forecast period. The external combustion engine market is expected to register rich growth in the Asia Pacific region over the forecast period.
North America is a major market for external combustion engines due to the rising demand for external combustion engines in the region for various applications, such as pumps, ships, power plants, etc. North America is securing 18% of the share in the market among all the regions during the forecast period.
On the other hand, the Europe region is also growing the external combustion engine market with steady growth, acquiring 22% of the share over the forecast period. Rising major thermal plants & growing industrialization are driving the market in the region. The United Kingdom is a leading country, which accelerates the market due to the rising adoption of the external combustion engine in recent years.
Skillful Players in the External Combustion Engine Market
The market is fragmented by the number of key players present in the market during the forecast period. The players play a vital role in acquiring maximum revenue through their various marketing strategies.
They are using methodologies to propel market growth & acquire the lion’s share. Some of the marketing tactics are mergers, acquisitions, partnerships, product launches, and others.
Recent Developments in External Combustion Engine
Several recent technologies, such as real-time control, fuel injection system, sensors, and others, are at the advanced level of the potential external combustion engine. Manufacturers are adopting advanced technology to provide better performance in the automobile industry. Recent technologies are providing high-efficiency external combustion engines.
Some of the market participants identified across the value chain of the global external combustion engine market include:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, Product Type, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | 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. |
| Customization | Available Upon Request |
The external combustion engine market is predicted to advance at a CAGR of 3.9% from 2022 to 2032.
The Asia Pacific is anticipated to lead the external combustion engine market during the forecast period.
The external combustion engine market is likely to hold a valuation of USD 889.0 million by 2032.
The power plant sector is the key driver in the external combustion engine market.
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External Combustion Engine Market
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