Global Stirling Engine Market Size To Grow At A CAGR Of 7.30% In The Forecast Period Of 2023-2028
Stirling Engine Market Report and Forecast 2023-2028
The ‘Stirling Engine Global Market Share, Price, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global stirling engine market, assessing the market on the basis of its segments like configuration, application, end use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Stirling Engine Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.30%
Stirling engines are being extensively utilised in as an auxiliary power unit in hybrid vehicles. Hence, the increasing demand for hybrid electric cars and trains is driving the demand for stirling engines. Meanwhile, the energy generated by the stirling engine is also used in solar power generation plants. In this regard, the increasing application of solar power for heating and cooling and providing electricity across various end use sectors is propelling the stirling engine market growth.
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The rapid shift from traditional internal combustion engines towards stirling engines is another crucial driving factor of the market. This can be attributed to the lower noise pollution and greater efficiency offered by stirling engines. These engines are also used in residential and commercial complexes as refrigerating engines or heat pumps. In this regard, the robust investments towards the development of standardised apartments, malls, and hotels, among others, is further escalating the growth of the stirling engine market.
Over the forecast period, the anticipated increase in electricity demand across various industrial sectors, owing to the rapid digitalisation and industrialisation in the emerging economies, is expected to propel the demand for stirling engines. Furthermore, the market is anticipated to be aided by the increasing application of stirling engines in cryogenic cooling systems in the forecast period.
Stirling Engine Industry Definition and Major Segments
A stirling engine is defined as an external combustion engine which converts thermal energy into kinetic energy. The kinetic energy generated by stirling engines is used as a major source of energy in various industrial and commercial sectors which is heightening the stirling engine market growth. Stirling engines are quiet and can re-use the same gas repeatedly, which is a major advantage of these engines.
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Based on configuration, the market is segmented into:
On the basis of application, the market is divided into:
• Heating and Cooling
• Solar Power Generation
• Marine Engines
By end use, the market is segmented into:
On the basis of region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Stirling Engine Market Trends
The key trends in the global stirling engine market include the technological advancements in the marine sector which are escalating the demand for marine engines. Stirling engines are likely to witness a heightened demand from the marine sector to increase the efficiency of trading via sea routes. In addition, stirling engines are also crucial to power underwater systems.
Advanced research and development activities and rapid innovations by the stirling engine manufacturers to introduce advanced versions of stirling engines with improvised energy efficiency are crucial trends in the stirling engine market. In addition, the favourable policies of various governments aimed towards encouraging energy efficient power generation are further offering lucrative opportunities to the market. Further, a strong shift from conventional methods of electricity generation towards solar power generation, because of the increasing emphasis on renewable sources of energy, is likely to fuel the demand for stirling engines in the forecast period.
In regional terms, Asia Pacific accounts for a healthy share of the market, which is being driven by the rapid industrial and commercial development across the emerging economies such as India and China. Moreover, the regulations of governments in the region, supporting energy efficient methods of power generation are expected to provide impetus to the market in the forecast period.
Key Market Players
The major players in the stirling engine market report are:
• Global Cooling, Inc.
• Swedish Stirling AB
• Microgen Engine Corporation (MEC)
• Shanghai MicroPowers Ltd
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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