Advancements in 3D Printing Technology to Improve Quality and Design
The increasing demand for engine components for a broad spectrum of applications across various industrial domains, including agriculture, marine, stationery engines, and automotive is expected to remain the key factor in driving the global engine components market. Innovations and new product development activities are likely to occur in line with the evolving regulatory framework and the growing demand for energy efficiency. Over the past couple of decades, manufacturing techniques and technologies within the engine components market have witnessed considerable progress due to which, the production of sophisticated and cutting-edge engine components is on the rise– a factor that is anticipated to fuel the growth of the global engine components market during the forecast period.
The onset of Industry 4.0 has accelerated automation across small to large factories around the world bringing about improved efficiency and productivity. The evolving market dynamics, particularly in the automotive sector, are likely to have a strong influence on the overall growth trajectory of the global engine components market during the assessment period. The increasing emphasis on energy efficiency is estimated to pave the way for engine components made from lightweight materials. The booming automotive sector, mainly in developing nations, including India and China is projected to play a key role in fueling the growth of the global engine components market in the upcoming decade.
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At the back of these factors, along with increasing focus on research and development activities, the global engine components market is expected to cross the market value of US$ 7.5 Bn by the end of 2030. Furthermore, advancements in the 3D printing technology has led to notable improvements in designs of various engine components, including valve tappet, screw cap assembly, and retainer.
High Demand from Automotive Sector to Boost Market Growth
The increasing demand for engine components from the automotive sector is expected to provide a considerable boost to the global engine components market. The booming automotive sector, particularly in developing regions, is projected to accelerate the demand for automotive vehicles, thus impacting the growth of the global engine components market positively. Innovations in the engine components market are mainly focused on the possibility of utilizing different materials to attain energy efficiency goals. A number of lightweight hybrid and composite materials has gained immense popularity among engine components manufacturers. While steel, magnesium, and aluminum are anticipated to remain key materials in the production of engine components, palm kernel shell and periwinkle shell have emerged as ideal materials in commercially pure aluminum matrix. Research and development activities are projected to gain momentum during the forecast period.
Evolving Agriculture and Construction Sector to Offer Plethora of Opportunities
Construction and agriculture sectors are likely to provide considerable opportunities to the players operating in the current engine components market landscape. The notable rise in the demand for construction, defense, and agricultural machinery is expected to have a positive impact on the expansion of the global engine components market during the assessment period. While players operating in the current engine components market are major component suppliers for automotive manufacturers, a number of companies are also increasingly operating as system integrators– a trend that would continue during the forecast period.
In addition, a number of market players are expected to focus on the production of engine components for electric vehicles due to the growing demand for electric vehicles.
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Market Players to Address Supply Chain Challenges amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a strong impact on the overall growth trajectory of the global engine components market. The closure of major industries in the first quarter of 2020 imposed by the Chinese Government in the wake of the increasing number of COVID-19 cases put forward a number of challenges across the global engine components supply chain. While the first quarter of 2020 witnessed a steep decline in the production of engine components, the second and the third quarter witnessed a major decline in the volume of cross-border trade across the engine components market due to which, market players are increasingly expected to address various challenges in the supply chain.
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