New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Stirling engines Market Research Report, by Type, End-Use, Region, and Application- Forecast Till 2030”, the global market for Stirling engines is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 7.5%. The reports further anticipate the market to acquire a valuation of around USD 1,410 Million by the end of 2030.
Stirling engines Market Overview:
To explain it more evidently, the Stirling engine refers to a regenerative engine working on the closed cycle process with a gaseous fluid working permanently. The beneficial features of these engines over conventional steam engines include their ability to use any heat source to produce energy, noise-free operation, and higher efficiency. Furthermore, the heat source is produced externally rather than diesel engines developed inside the engine. The global market for Stirling engines has expanded significantly in the last few years. The fact that Stirling engines have a low-temperature differential that is not seen in any of the heat engines is considered the main aspect supporting the development of the market.
Furthermore, these engines are known to produce the heat source outside the machine that none of the other engines does. This results in the effective working of the engine. In addition, the demand for renewable energy sources for engines has also risen, causing the rise in Stirling Engines Market Size.
Competitive Analysis
The listing of the prominent leaders across the global market for Stirling engines includes players such as:
- Sunpower Inc. (U.S.)
- Qnergy. (U.S.)
- Genoastirling (Italy)
- ADI Thermal Power Corp. (U.S)
- ÖkoFEN Forschungs- und Entwicklungs Ges.m.b.H. (Austria)
- United Sun Systems International Ltd (Sweden)
- Microgen Engine Corporation (Netherlands)
- Cool Energy, Inc (U.S)
- Among others.
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Market USP Covered
Stirling Engines Market Drivers
The global market for Stirling engines has expanded significantly in the last few years. The fact that Stirling engines have a low-temperature differential that is not seen in any of the heat engines is considered the main aspect supporting the development of the market. Furthermore, these engines are known to produce the heat source outside the machine that none of the other engines does. This results in the effective working of the engine. In addition, the demand for renewable energy sources for engines has also risen, causing the rise in Stirling Engines Market Size.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 1,410 Million |
| CAGR during 2022-2030 | 7.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and End User |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Drivers | Low temperature differentials than most other engines External heat source from renewable or non- renewable resource |
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Market Restraints
On the other hand, certain parameters may limit the performance of the market. The main challenge to the market's growth is the commercial viability of the equipment utilized in these engines. Furthermore, the regulatory implications, along with the use of environmental gases to produce energy, are also likely to restrict the development of the market over the coming years.
COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Stirling engines market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
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Stirling Engines Market Segment Analysis
Among all the types, the alpha segment is predicted to ensure the top spot across the global market for Stirling engines over the assessment era.
Among all the applications, the solar power generation segment is projected to secure the primary position across the global market for Stirling engines over the assessment era.
Among all the end-users, the commercial segment is projected to secure the top position across the global market for Stirling engines over the assessment era.
Stirling Engines Market Regional Analysis
The global market for Stirling engines is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR research documents suggest that the North American region is predicted to secure the leading position across the global market for Stirling engines over the coming years. The main parameter supports the escalating demand for power generation and heating and cooling segments. Furthermore, the traditional sources experiencing the rise in prices have been proving to be a major issue. Moreover, despite the difficulties, the Stirling engine Stirling Engines Market worth has been experiencing development. The nations offering the region's highest Stirling Engines Market contribution include the U.S. and Canada.
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The Asia-Pacific and European region is predicted to showcase significant development over the assessment era. The growing focus on renewable sources of energy generation is believed to be the main aspect causing a rise in the market's performance. The substantial increase in the global economy is also likely to be one of the vital parameters boosting regional market development over the coming years.
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