Diesel Power Engine Market Scope:
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. 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.
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.
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Diesel power engines have a wide application in various sectors such as industrial, commercial, and residential for standby, prime, continuous, and peak shaving. The growth in the number of data centres and IT facilities, indicating urbanization in developing countries, is expected to boost the diesel engine market. However, the rise of alternate sources of power generation such as renewable energy, may hinder the growth of diesel power engine market.
The market for diesel power engine is expected to have many expansions over the forecast period due to continuous technological advancement in energy sector coupled with increased power demand. The diesel power engine market is also expected to have high development activities by conglomerates and well-established companies.
Increasing demand for data centers and IT facilities are expected to propel the expansion of the market in the years to come. In addition, a rising inclination towards power backup in both residential and commercial places is anticipated to expedite the expansion of the diesel power engine market over the next couple of years.
Global Diesel Power Engine Market Segmentation:
The key segments of the global Diesel Power Engine Industry based on operation, are prime, standby, and peak shaving. Among these, the standby segment has been assessed to account for the maximum share of the market in 2017. It is expected to exhibit a relatively higher CAGR over the forecast period. Increasing demand for backup power is projected to drive the growth of the segment in the forthcoming years.
On the basis of rated power, the segmental analysis of the diesel power engine market covers up to 0.5 MW, 0.5–1 MW, 1–2 MW, 2–5 MW, and above 5 MW. The 1 MW-2 MW segment is anticipated to secure the pole position in the global market place over the next few years. Increasing applications in large residential and commercial buildings are prognosticated to lead the growth of the segment in the years to come.
The end-user segments of the global diesel power engine market assessed in this MRFR report are commercial, industrial, and residential. Among these, the industrial segment, which encompasses, power station, chemical, oil & gas, mining, and manufacturing, is anticipated to emerge as the fastest-growing segment in the forthcoming years.
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.
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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