Micro Stirling Engine Market - Overview
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 global Micro
Stirling Engine Market report by Market Research Future (MRFR)
highlights various advantages and disadvantages coupled with the market
potential during the period of 2018 to 2023.
Market
Prospects
The global Striling engines market is projected to
gain revenues at 7.5% CAGR from 2018 to 2023 (forecast period). The low
temperature differentials required for its operation combined with its
compatibility to work with renewable or non-renewable sources of energy can
drive the market growth. Prominence gained by zero-emission technologies due to
the need for sustainability in an era of depleting fossil fuel sources is
likely to create demand for Stirling engines.
The use of heat from external sources and the reuse of
the same energy can widen the development of these engines. Applications in
nuclear power plants, submarines, solar power generation, and combined heat and
power (CHP) plants can work favorably for the growth of the market.
Micro Stirling Engine Market Segmentation:
The micro 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.
The utilization of these engines for generating power by using the heat emitted
is likely to bode well for the market.
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. In addition, the need for such methods
for conservation and storage of energy can drive the demand in the segment. The
residential segment may experience sluggish growth due to non-awareness and low
recognition of brands.
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.
Competitive
Landscape
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.
Industry
News
Efficiency of solar power in the coming years due to
the importance placed on Stirling engines. Solar Stirling systems have the
capability of converting 30% of the radiation into electricity. The signing of
the Paris Agreement by India to shift to renewable energy sources has led to
the utilization of modified Stirling engines for burning cow dung in rural
regions of Visakhapatnam, India.
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