Power Systems Research (PSR) is an international research company based in St. Paul, Minnesota, USA. It operates a second North America office in Detroit, Mich., and has offices in five other countries. PSR analysts have been collecting and analyzing global engine and powertrain data and information since 1976, and we use this data to develop targeted forecasts by industry segment and region.
Our team of experienced analysts works with OEMs, engine and component manufacturers, dealers, fleet managers and industry experts to compile detailed and focused data that has become an industry standard. It’s the leading source of global information on engines and power equipment powered by IC and alternate sources. Whether you need detailed global data, forecasts or customized local market studies, we can provide you with Data, Forecasting and Solutions. Let’s start today.
SUMMARY. As we are halfway through 2023, there is more uncertainty with the economy than earlier in the year. The general consensus is there will be a recession coming soon in the United States, and now it is just a matter of whether this will happen later in 2023 or the first of part of 2024.
The latter may be more assumed recently. The stock market has not fallen, and the US economy has not entered a recession this year, 2023. Some of the factors that have prevented this are market investors being enthusiastic over AI (Artificial Intelligence) potential, the Federal Reserve’s pause in interest rate increases, and the slowdown of inflation. So seemingly the pause button has been hit on recession scenarios.
Liebherr’s managing director of its combustion engine business unit, Stefanie Gerhardt, has outlined four major hurdles to resolve before hydrogen can become mainstream.
Gerhardt asserted that hydrogen combustion engines can be used everywhere where electrically powered machines and hydrogen fuel cells reach their limit. And she suggested that they would be particularly useful in construction applications where economy, robustness, and high performance are required.
VW’s US Innovation Hub just announced four breakthroughs in electric mobility and sustainable transport. First, the team used artificial intelligence on University of Tennessee’s high-performance computer cluster to develop a modular structure in the shape of tiny pyramids; the structure can be 3D-printed from liquid resins and can hold 30K times its own 0.15 lb weight (68g), so this frame would be up to 60% lighter than the steel frame.
Second, they have developed a method of using paper as a recyclable alternative to plastic parts and foils for EV interiors.
The world has a methane gas problem. Methane is over 80 times worse for forcing global heating over 20 years than its greenhouse gas sibling, carbon dioxide.
And yet we love to burn natural gas, which is mostly methane, to make electricity and heat. Our agricultural and food systems leave a lot of biomass lying around where a lot of it turns into methane and enters the atmosphere. Acceptable limits of leakage are suggested at 0.2%, however evidence suggests that actual leakage to be in the range of 1.5% to 3%
Argonne National Laboratory’s cradle-to-grave analysis considers everything from raw material extraction to vehicle scrappage to provide a holistic view of the sustainability of different vehicle and fuel technologies.
The analysis showed that EVs (which have no tailpipe emissions) also have fewer greenhouse gas emissions than conventional gasoline or hybrid electric vehicles when the entire life cycle is considered.
In recent years, there has been a noticeable shift towards environmentally friendly and energy-efficient outdoor power equipment in the global market. This shift is evident in both the consumer and the construction markets. Battery-powered tools have gained popularity because of their lower emissions, reduced noise levels, and convenience.
SUMMARY. There are several factors that could contribute to modest growth in the second half of this year as we await final numbers for the quarter. This should lead to total production globally growing at +2.6% in 2023 (vs 2022). Given this 2023 growth, the outlook for the years into 2028 remains positive.
Apart from Russia and Ukraine, the main country to show a decline is South Korea, while Japan is barely positive. However, the segment picture shows some differences.
Fuel prices have eased recently, but they remain a serious concern.
Supply chains remain constrained.
The war in Ukraine shows no sign of a speedy conclusion, despite recent successes by Ukraine.
Ukrainian exports of wheat, other grains and fertilizer continue but are still low compared to pre-war levels.
Inflation continues to be a concern and central banks are raising their interest rates. This will pose a risk to economic growth in all regions. Inflation and price increases are putting OEMs in a tricky situation.
Risk of recession appears in several countries including the USA and Germany.
Covid is still lingering with global deaths now at over 6.9 million, but the death rate has slowed considerably.
Latent demand for machinery keeps bursting out into the open.
Making the switch from diesel powered machines to a low carbon option is not as simple as some would argue. Switching to electric has drawbacks such as their modest power density, which currently holds back their ability to power heavy equipment for a full working day. Cost is another important consideration.
So, what about HVO (Hydrotreated Vegetable Oil)? HVO, which is of particular interest to many equipment manufacturers, is obtained from cooking oil waste, grease and fat residues, waste fats and vegetable oil. The manufacture and use of HVO is nearly climate-neutral when only renewable energy sources are used in the production process. The problem with this fuel is its availability.
European energy policy makers apparently are taking a DNV report on offshore hydrogen manufacturing seriously. But this doesn’t stand up to scrutiny, in either its assumptions or its conclusions, according to this article.
DNV is an international classification organization that sets standards for ships and offshore structures, according to Wikipedia.
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