The transport industry is changing and slowly gearing up towards a transition that could have repercussions on the global external combustion engine market with research reports indicating below 5% CAGR over the next 7 years.
According to reports the external combustion engine market accounted for USD 566.87 Million in 2020 and this will increase – expected – to USD 787.82 Million by 2028 registering a growth of 4.2% CAGR from 2021 to 2028.
In an external combustion engine, thermal energy is produced by burning fuel externally; which further releases energy which is used to heat water and convert water into steam. During this process high pressure steam generated due to the heating of the water which further moves a piston inside the cylinder. At this point, the kinetic energy of the moving piston is converted into mechanical energy.
Now a days, Steam engine and Stirling engine are two types of external combustion engines which are widely used. The Stirling engine is widely in the yachts and submarines where no external valves are required, whereas Stirling engines are highly efficient, as compared to steam engines. Also, as compared to the noise and emission generated by internal combustion engines, External combustion engines produces less noise and emission.
Of all the regions, Asia pacific is likely to register the greatest and fastest growth in external combustion engine market. The growth of external combustion engine market in this region is attributed to the presence of the major presence of thermal power plants across the region. Also, the major developed countries including china, japan have nuclear power plant which is likely to upsurge the demand for external combustion engines across these countries, further propelling the growth of external combustion engine market in this region in near future over the forecast period.
The External Combustion Engine Market is segmented as follows:
- Steam Engine
- Stirling Engine
- Steam Power Plant
- Nuclear Power Plant