The small ice market in MEA is expected to grow from US$ 209. 98 million in 2020 to US$ 289. 39 million by 2027; it is estimated to grow at a CAGR of 4. 7% from 2020 to 2027. Developing countries, such as India, China, and Brazil, are more dependent on fossil fuels for electricity, automotive, manufacturing, transportation, and other sectors.
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Middle East and Africa Small Internal Combustion Engine Market Forecast to 2027 – COVID-19 Impact and Regional Analysis By Fuel Type, Cylinders, Power Output, and End-Use Industry” – https://www.reportlinker.com/p06103238/?utm_source=GNW
Rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the small internal combustion engine market. Electric motors, electric power sourced devices, and cars are still more expensive for customers over internal combustion engines. As a result, owing price constraint countries are not implementing any ban for internal combustion engines, which is supporting the market growth. Though the emission norms are getting improved for small IC engines for which manufacturers are enhancing the solution. According to the World Bank Group data for access to electricity, in South Asia around 91.6% of population has access to electricity. Further, consumption of electricity for basic uses in countries—such as China and India—is increasing with rising population, owing to which countries are using fossil fuels to generate electricity. Such strong dominance of internal combustion engines in developing countries is creating opportunity for the market to offer advanced solutions. For instance, according to the Bosch Ltd company, 80% or more vehicles sold in India by 2030 would still be powered by internal combustion engines. Developing countries’ dependency on fossil fuels and internal combustion engines is a strong growth opportunity for the market, which is further driving the demand for small ice market. The Rise in consumption of combustion engines is among the other factors expected to positively influence the demand.
To reduce the impact of COVID–19, the governments in the MEA region have adopted contingency plans such as complete lockdown and a 24-hour sterilization program.The introduction of lockdowns has resulted in a halt of manufacturing and transportation activities in the region.
The slowdown in manufacturing and transportation activities in the region has directly impacted small ICE sales in the region.Also, most businesses in the region have come to a halt and are expected to continue slower than the usual pace.
The countries are taking significant containment measures to reduce the number of infected patients.COVID-19 pandemic outbreak, which has severely affected the manufacturing and transportation industry and oil & gas industry projects, resulted in the declining sales of the small ICE in the Middle East and Africa.
Several African oil & gas industry giants, such as ExxonMobil, Total SE, BP, and Royal Dutch, reduced their CAPEX by more than 20% in 2020. It has resulted in getting upcoming projects delayed or stalled. The decline in FDI flows across the region. However, positive demand has been noticed from ongoing renewable energy projects in the MEA region.
The transportation segment dominated the MEA small ice market based on end-use industry type in 2019.The transportation sector is developing with technological advancement, and it is moving toward the compact and fuel-efficient solutions.
The manufacturers of transporting vehicles such as minibuses and industrial transport vehicles are optimally utilizing the spaces available in vehicles to improve their performance through weight reduction.Further, new regulations imposed by various governments regarding vehicle emission are bolstering the market growth.
Companies are developing new engine solution to meet these regulatory standards for commercial passenger vehicles.For instance, Germany and India have introduced new regulations—EU V regulation and Indian BS III regulations, respectively— regarding vehicle emissions.
These regulations are propelling manufacturers to produce compact IC engines to reduce fuel consumption and emissions, which is ultimately drives the Small ICE Market.
The overall MEA Small ICE market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the MEA Small ICE market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MEA small ICE market. Caterpillar Inc.; Kawasaki Heavy Industries, Ltd.; MITSUBISHI HEAVY INDUSTRIES, LTD; Liebherr; YANMAR HOLDINGS CO., LTD.; Cummins, Inc; INNIO; Wärtsilä Corporation; and Rolls-Royce Holdings plc are among the leading companies in the MEA small ice market.
Read the full report: https://www.reportlinker.com/p06103238/?utm_source=GNW
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