CHICAGO, April 26, 2023 /PRNewswire/ — Diesel Engines Market is projected to reach USD 78.8 billion in 2028 from USD 63.9 billion in 2023 at a CAGR of 4.3% according to a new report by MarketsandMarkets™. The market growth has been attributed to the growing demand for commercial vessels, which will anticipate maritime tourism, and will eventually drive the demand for diesel engines used in the marine industry.
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Browse in-depth TOC on “Diesel Engines Market”
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Diesel Engines Market Scope:
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Report Coverage |
Details |
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Market Size |
USD 78.8 billion in 2028 |
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Growth Rate |
4.3% of CAGR |
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Largest Market |
Asia Pacific |
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Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
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Forecast Period |
2023-2028 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Speed, Power Rating, End-User, and Region |
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Geographies Covered |
Asia Pacific, North America, Europe, South America, Middle East & Africa |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Growth in hybrid power generation in rural and remote locations |
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Key Market Drivers |
Increasing urbanization and industrialization |
Above 1800 rpm segment, by high-speed, is expected to be the largest segment during the forecast period
The growing focus on industrial developments through improved trade integration, manufacturing growth, and regional economic integration will further bolster the demand for high-speed diesel engines during the forecast period. High-speed capacity is an essential factor for commercial cruisers. Increasing demand for tugboats would fuel the adoption of high-speed marine diesel engines during the forecast period. The above 1,800 rpm segment is mainly driven by the demand from the industrial and commercial sectors. Industrial and commercial end users prefer high-speed engines due to their quick-start capability, better fuel efficiencies, and low initial cost and maintenance costs, driving the high demand for above 1,800 rpm high-speed diesel engines.
Marines segment is expected to be the second-largest segment in the market
Marine engines are the main power source in ships for propulsion and auxiliary power and therefore play a vital role in the shipbuilding industry. The shipbuilding industry experiences peaks and troughs that directly affect the demand for diesel engines from the marines market. Maritime transport is the backbone of international trade. Stringent IMO sanctions and geopolitical scenarios can directly impact maritime transport, affecting the demand for diesel engines used in marine applications. Also, diesel locomotives have commonly utilized diesel engines as the main propulsion system, and diesel fuel is the common fuel for locomotives among railway end users.
Asia Pacific is expected to be the largest region in the Diesel Engines Market
Asia Pacific is expected to be the largest Diesel Engines Market during the forecast period. Increased construction activities are expected to create new industrial zones. Increased urbanization and government initiatives are other vital factors accelerating the Diesel Engines Market in the country. Also, the investment in fisheries and the government support pertaining to the growth of the fishing industry in Asian countries will drive the market for marine diesel engines in the forecast period.
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Key Market Players:
Some of the major players in the Diesel Engines Market are Caterpillar (US), Cummins Inc. (US), Volvo Penta (Sweden), Hyundai Heavy Industries (South Korea), and MAN Energy Solutions (Germany) to boost their position in the Diesel Engines Market. Companies operating in this market also focus on product launches, agreements, and contracts to increase their market shares and expand their geographic presence.
Recent Developments
In March 2023, Caterpillar announced the development of the CAT C13D, a new 13-liter diesel engine platform designed to achieve best-in-class power density, torque, and fuel efficiency for optimizing the performance of heavy-duty off-highway applications. The C13D would meet the emissions standards of higher regulated markets, such as EU stage v, US EPA tier 4 final, China non-road IV, Korea stage V, and Japan 2014, with models available for lesser regulated markets.
In June 2022, WinGD and Hyundai Heavy Industries’ Engine Machinery Division (EMD) collaborated on delivering the first WinGD engine capable of running on ammonia, providing a vital step in shipping’s progress toward decarbonization.
In February 2021, Cummins provided Isuzu with midrange B6.7 diesel platforms for medium-size trucks to meet global customer needs. Cummins and Isuzu would closely work together to integrate the engine with Isuzu’s chassis and to meet Japan’s emission regulations.
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