At 4.5% CAGR, Middle East & Africa High-Speed Engine Market is Projected to be Worth US$ 2,884.71 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa high-speed engine market was valued at US$ 2,034.03 million in 2022 and is expected to reach US$ 2,884.71 million by 2030, registering a CAGR of 4.5% from 2022 to 2030. Increasing preferences for alternate fuel-powered engines and upsurge in demand for energy are among the critical factors attributed to drive the Middle East & Africa high-speed engine market growth.

The demand for alternative fuel powered engines is growing globally owing to a rising carbon footprint. As per the data published by the International Energy Agency in March 2024, the carbon emissions in 2023 witnessed a growth of 1.1% in emissions compared to 2022, reaching 35 billion metric tonnes of carbon emissions. To overcome this environmental issue, governments of many countries across the globe are taking initiatives to reduce their carbon emissions. There is an increased focus on the development and adoption of alternative fuel powered engines. The UAE is exploring alternative fuel-powered transportation solutions. In 2023, the UAE cabinet approved a national hydrogen vehicles system as the government wants to focus on the production of more blue and green hydrogen. With the rise in such government initiatives, the need for alternative fuel high-speed engines is also increasing. Hence, many high-speed engine manufacturers started manufacturing alternative fuel-powered engines. For instance, in March 2023, Man Energy Solution received formal approval for the 100% use of biofuel for its MAN 175D high-speed engine. In December 2023, The Department of Energy's Oak Ridge National Laboratory and Caterpillar Inc. signed a research and development agreement (CRADA) to examine using methanol as an alternate fuel source for four-stroke internal combustion marine engines. Thus, owing to the increasing preference for eco-friendly engines, the demand and adoption of alternative fuel-powered engines are projected to grow, which is expected to fuel the high-speed engine market growth in the coming years.

On the contrary, high cost of maintenance and rise in electrification of fleet hampers the growth of Middle East & Africa high-speed engine market.

Based on speed, the Middle East & Africa high-speed engine market is segmented into 1000-1500, 1500-1800, and above 1800. The 1500-1800 segment held 57.0% share of Middle East & Africa high-speed engine market share in 2022, amassing US$ 1,160.13 million. It is projected to garner US$ 1,635.63 million by 2030 to register 4.4% CAGR during 2022-2030.

In terms of power output, the Middle East & Africa high-speed engine market is categorized into less than 2 MW, 2-4 MW, and above 4 MW. The less than 2 MW segment held 63.7% share of Middle East & Africa high-speed engine market in 2022, amassing US$ 1,295.45 million. It is anticipated to garner US$ 1,820.84 million by 2030 to expand at 4.3% CAGR during 2022-2030.

By end user, the Middle East & Africa high-speed engine market is divided into marine, power generation, railway, and oil and gas. The marine segment held 70.7% share of Middle East & Africa high-speed engine market in 2022, amassing US$ 1,438.46 million. It is projected to garner US$ 2,032.85 million by 2030 to expand at 4.4% CAGR from 2022 to 2030.

Based on country, the Middle East & Africa high-speed engine market is categorized into South Africa, Saudi Arabia, the UAE ,and the Rest of Middle East and Africa. Our regional analysis states that Saudi Arabia captured 42.4% share of Middle East & Africa high-speed engine market in 2022. It was assessed at US$ 862.43 million in 2022 and is likely to hit US$ 1,182.73 million by 2030, registering a CAGR of 4.0% during 2022-2030.

Key players operating in the Middle East & Africa high-speed engine market are AB Volvo; Caterpillar Inc.; MAN Energy Solutions SE; Mitsubishi Heavy Industries, Ltd.; Rolls-Royce Holdings Plc; Wartsila Corp; Weichai Heavy Machinery Co., Ltd; YANMAR HOLDINGS Co, Ltd; and Cummins Inc., among others.

- In January-2024, MAN Energy Solutions and Karpowership have signed a contract for the delivery of a total of 48 dual-fuel engines for Karpowership's fleet of power plant ships (Powerships). The engine order consists of MAN 18V51/60DF dual-fuel engines with a mechanical output of 20.7 MW each.



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