According to the new research report published by The Insight Partners, titled “Small Internal Combustion Engine (ICE) Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Fuel Type (Gasoline, Diesel, and Gas), Cylinders (1, 2, 3, and 4), Power Output (1–5 kW, 6–10 kW, and 11–20 kW), and End-Use Industry (Power Generation, Manufacturing, Oil and Gas, Transportation, and Others),” the market was valued at US$ 4,450.14 million in 2019 and it is projected to reach US$ 5,280.83 million by 2027. It is expected to grow at a CAGR of 4.5% from 2019 to 2027.
The internal combustion (IC) engine manufacturing industry is continuously evolving with innovations in product offerings to support emission targets. Rising demand for fuel efficient and low pollution emitting engines to reduce the amount of air pollution is propelling the market growth. However, advent of electric motors in transportation, automotive, and other sectors in the global market is hampering the market growth. However, small internal combustion engines still have an opportunity to sustain the growth owing to their improved fuel efficiency. Rising demand for miniaturization of power equipment to optimize space and design is being fulfilled with small internal combustion engines. This new power equipment needs to perform better within similar space or smaller space for which major companies are selecting small IC engines. The natural gas used in small engines combustion technology has a potential to resolve the high emission problems and it would help the manufacturers to meet new regulatory norms. There is an increase in adoption of small internal combustion engines in South America, Africa, and Asia, while North America and Europe would be moving toward electric motors during the forecast period.
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Increasing adoption of small IC engines in agriculture, residential, and construction sectors is supporting the growth of the small internal combustion engine market. The global small internal combustion engine market is segmented based on fuel type, cylinders, power output, end-use industry, and geography. Based on fuel type, the market is segmented into gasoline, diesel, and gas. The gasoline segment is further segmented into compressed natural gas (CNG), liquefied petroleum gas (LPG), and liquefied natural gas (LNG). In terms of cylinders, the market is segmented into 1, 2, 3, and 4. Based on power output, the market is segmented into 1–5 kW, 6–10 kW, and 11–20 kW.
Caterpillar; Cummins Inc.; Fairbanks Morse; INNIO; Kawasaki Heavy Industries, Ltd; Liebherr Group; MITSUBISHI HEAVY INDUSTRIES, LTD.; Rolls-Royce plc; Wärtsilä; and Yanmar Holdings Co., Ltd are among leading players operating in the small internal combustion engine (ICE) market. Several other players are also functioning and contributing significant revenues in the small internal combustion engine (ICE) market.
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