Market Overview:
The high demand for diesel power engine market is due to the growth in the power sector. The diesel engine is an internal combustion engine that uses the heat of compression for ignition of a fuel charge. Diesel power engines are used in various applications related to industrial, commercial, and residential. Increase in demand for data centres and IT facilities, and rapid urbanization in developing countries, are projected to drive the diesel power engine market. Focus towards technology advancement has enhance the growth of the diesel power engine. However, the rise of alternate sources of power generation such as renewable energy acts as a barrier for the growth of commercial aircraft seat actuation.
The diesel power engines is completely dependent on the power sector. Thus, the increasing or decreasing demand of the power sector directly has an impact on the market. Moreover, the increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. The rising uninterrupted power demand and growing urbanisation and industrialisation, due to which there has been a rise in the use of diesel power engine market. Another factor responsible for the growth in power sector is the macroeconomic development and the rise in the global middle class consumers. This is the primary factor that drives the growth of the diesel power engine market and has gained prevalence in the recent times, with technological developments and rapidly increasing disposable income among consumers. Thus, the growth of the diesel power engine sector is expected to go hand in hand with the growth of power sector.
The power sector is constantly evolving toward better efficient technologies. The power sector is projected to have a considerable number of developments over the forecast period due to continuous technology advancement in engine technology. Development of diesel power engine require constant research & development support thus resulting in extensive capital investment at a constant rate.
In the current scenario, there is considerable growth in power sector with rise in energy demand in various regions. The growth is mainly dependent on the uninterruptible power by consumers. Load shedding and Load restoration is expected to act as a hurdle in the growth of the market due to significant entry of alternative energy which is expected to have a negative impact on the diesel engine power market.
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Major Key Players:
Caterpillar Inc. (U.S.), Cummins, Inc. (U.S.), MAN SE (Germany), Rolls-Royce Holdings plc. (U.K.), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Volvo Penta (Sweden), Hyundai Heavy Industries Co., Ltd. (South Korea), Doosan (South Korea), Yanmar Co., Ltd. (Japan), Kubota Corporation (Japan) and Kohler Co. (U.S.) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the diesel power engine.
Industry/ Innovation/ Related News:
October, 2017 – Cummins developed revolutionary new diesel engine for U.S. Army that to be lighter and more efficient.
August, 2017 – Mitsubishi Heavy Industries Engine & Turbocharger Ltd (MHIET) received an order for 147 units of diesel gensets, the core line-up in the company’s diesel power plant offerings.
June, 2016 – Volvo Penta introduced D8 diesel engine and the new IPS15 propulsion system into the commercial marine market.
Market Segmentation:
The Diesel power engine is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Operation: Comprises Standby, Prime and Peak Shaving
Segmentation by Rated Power: Comprises Up to 0.5 MW, 0.5 – 1 MW, 1 – 2 MW, 2 – 5 MW, Above 5 MW
Segmentation by End-User: Comprises Industrial, Commercial and Residential
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Regional Analysis:
Asia-Pacific market is dominating the market of global diesel power engine market due to growth in demand for reliable power supply, rising power generation capacity, and the growth of the manufacturing and processing industries. Development of power sector in developing economies such as China and India are driving the market for diesel power engine market. The market in the developing countries is largely driven by economic growth and ongoing industrialization, which helps in production of diesel power engine market.
Europe is referred to as the second-largest diesel power engine due to factors such as large customer of end-users have fuelled the demand for power sector.
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