Stirling Engines Market Analysis by Global Industry Revenue and Share Forecasts To 2023
The Stirling Engines Market is expected to grow over the CAGR of around 7.5% during the period 2017 to 2023. Stirling engines are engines with applications in submarines and yachts. The low noise levels generated coupled with its high efficiency rate than diesel engines is likely to expand its scope exponentially.
The Stirling engine is a heat engine that operates by cyclic compression and expansion of atmospheric air or other gas as a working fluid at different temperatures, such that there is net conversion of heat energy into mechanical work. More specifically, the Stirling engine is a closed-cycle regenerative heat engine with a permanently gaseous working fluid.
As, the Stirling engine is compatible with alternative and renewable energy sources, it could become significant, in the event of a price hike in conventional fuels, or peak oil and climate change. These factors are also expected to drive the growth of Stirling engines market during the forecast period. the cost of Stirling engines and the lack of market exposure & information of Stirling engines are the factors that may restrain growth of Stirling engines market.
Global Stirling Engine Market Segmentation
The global Stirling engine market is segmented by type, application, and end-user.
By type, it is segmented into alpha, beta, gamma, and others. The alpha type engine can accrue high revenue for the global market till 2023. This can be due to its unique design which has the capacity to function in reasonable operating conditions. It can be used as a mini CHP unit in the residential sector with levels of CO2 and NOx being reduced dramatically.
By application, it is segmented into marine engines, solar power generation, and heating & cooling. The heating & cooling segment is likely to generate significant revenue for the Stirling engine market due to wastage of heat emitted by refrigerators and other appliances.
By end-user, it is segmented into utility, commercial, residential, and others. The utility segment is expected to capitalize on the technology due to its renewable nature.
Top Leaders
Key market players include United Sun Systems International Ltd, Cool Energy, Inc, Microgen Engine Corporation, Genoastirling S.r.l., Sunpower Inc., ADI Thermal Power Corp., ÖkoFEN Forschungs- und Entwicklungs Ges.m.b.H., Qnergy, and others.
Regional Analysis
Geographically, the Stirling engines market encompasses North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The North America region is expected to dominate till 2023, followed by APAC. The inclination of various players in the energy sector to invest in renewable technologies is likely to net in high windfall. Furthermore, the development of micro Stirling engines for heating and cooling in various climes can bode well for the market in the region.
The European region is deemed to be profitable for the global Stirling engines market due to the shift to renewable sources of energy generation. Initiatives and policies encourage sustainable steps in homes and industries can drive the regional market growth. The procurement of cogeneration technologies in residential homes in the region is likely to net the market significant sales.
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