Market Research Future (MRFR) analyzed that the global diesel power engine market is anticipated to expand at a CAGR of about 5.5% across the forecast period of 2017 to 2023. Diesel power engines are becoming desirable across different industry verticals. A detailed analysis report of COVID-19 impact on Diesel Power Engine Market is provided with the report.
It is gaining popularity due to its ability to meet the rising commercial, industrial, and residential energy demand. These factors are expected to propel the growth of the global diesel power energy market. Other factors that are likely to rise energy demand are rising urban populace, increase IT facilities, growing number of data centers, and strong economies having numerous diesel power engine projects, which are likely to impact the market positively. However, the emergence of alternate generation resources can interfere the market growth.
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The global market of diesel power engine has been segmented by operation, rated power, and end-user.
By on operation, the diesel power engine market has been segmented into prime, peak shaving, and standby. In 2017, the standby segment held the maximum share of the market. MRFR asserts that by 2023, the segment is expected to exhibit a higher CAGR across the forecast period due to the increase in the need for backup power in the automobiles.
By rated power, the diesel power engine market has been segmented into 0.5 MW, 0.5–1 MW, 1–2 MW, 2–5 MW, and above 5 MW. The 1 MW-2 MW segment is likely to gain high traction for the global market in the review period. Increase in applications of diesel power engine for residential and commercial use is likely to dictate growth for its global market in the upcoming years.
By end-user, the diesel power engine market has been segmented are industrial, commercial, and residential. The industrial segment is sub-segmented into power station, encompasses, oil & gas, chemical, manufacturing, and mining. The industrial segment is noted to be the fastest-growing segment.
By region, the diesel power engine market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW). The
The diesel power engine market in the Asia Pacific region is expected to register the highest growth rate across the assessment period. High energy consumption, widening urban populace, and rapid industrialization in Asia Pacific are observed as potent booster for the regional market. Both the industrial and commercial segments are likely to gain traction for the regional market. However, lack of effective power supply infrastructure in the region is likely to hinder the expansion of the APAC diesel engine power market. But, hefty investment made by key players in improving the power supply base and the ever-expanding manufacturing industry in APAC are likely to gain momentum for the market over the forecast period. The market in North America, followed by Europe, is expected to exhibit steady growth pace over the evaluation period.
Cummins, Inc. (U.S.), Caterpillar Inc. (U.S.), Rolls-Royce Holdings plc. (U.K.), MAN SE (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Wärtsilä Corp (Finland), Hyundai Heavy Industries Co., Ltd. (South Korea), Volvo Penta (Sweden), Yanmar Co., Ltd. (Japan), Doosan (South Korea), Kohler Co. (U.S.)., and Kubota Corporation (Japan) are some of the well-known producers of diesel power engine market. An understanding of the market’s competitive landscape is aids in the identification of growth windows. This is likely to contribute to the expansion of the growth of the global diesel power engine market.
September 2019: Mahindra, a renowned automobile manufacturer in India, started testing its XUV500 model with BS6 diesel engine.
August 2019: GMC Sierra 1500, a General Motor’s diesel-powered and high technology equipped automotive model, takes its first test drive.
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