HIGH SPEED ENGINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

High Speed Engine Market Size and Trends

The high speed engine Market size was valued at US$ 19.83 Bn in 2023 and is expected to reach US$ 32.26 Bn by 2030, growing at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. High speed engines are advanced turbomachinery systems with power ratings above 500 kW and operating speeds above 1,000 rpm. These find extensive applications across aviation, marine, oil & gas, power generation and various industrial sectors. The key drivers fueling the market growth include rising power demand, growth in gas exploration activities and increasing focus on distributed power generation.

High Speed Engine Market- Trends

• Development of turbine systems for hydrogen: The rapid development of high-hydrogen and 100% hydrogen fueled turbines is an important trend. Leading companies like Siemens Energy, GE and Mitsubishi Power are extensively working on designing turbine systems capable of combusting hydrogen blended fuels and pure hydrogen. This is driven by increasing global focus on hydrogen economy. In 2021, Mitsubishi Power achieved a hydrogen blending ratio of 30% in gas turbines. The ability to leverage green hydrogen will be a key trend.
• Rising deployment of aero-derivative gas turbines: The growing utilization of aero-derivative gas turbines designed from aircraft engines is a major trend. These provide benefits like light weight, smaller size, lower emissions and flexible operation. These systems find wide applications in power generation, mechanical drives and oil & gas industry. Key companies in this space include GE, Siemens, Kawasaki Heavy Industries, etc.
• Advancements in turbine coatings: Continual improvements in thermal barrier coatings (TBCs) and environment-resistant coatings used in high speed engines to enhance durability, efficiency and performance is a key trend. For instance, Chromalloy’s Engineered Coatings help to prevent oxidation and corrosion in turbine components. Meanwhile, developments in TBCs focus on properties like high-temperature stability. Such coating advancements will push the operational boundaries of turbine systems.
• Growing repair, maintenance and retrofitting: The rising repair, maintenance, refurbishment and upgrading activities pertaining to industrial gas turbines is a noticeable trend. Owners are focused on enhancing the efficiency, output and lifespan of aging assets. For instance, Ansaldo Energia provides upgrade solutions to improve GT performance by 6% to 10%. Major players have service infrastructure to offer spare parts, repairs and modernization along with new turbine sales.