NEW YORK, June 5, 2024 /PRNewswire/ — The global diesel power engine market size is estimated to grow by USD 39.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.21% during the forecast period.
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Diesel Power Engine Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.21% |
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Market growth 2024-2028 |
USD 39.1 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
3.06 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 50% |
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Key countries |
China, US, South Korea, Japan, and India |
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Key companies profiled |
AB Volvo, AGCO Corp., Anglo Belgian Corp., Aviation Industry Corp. of China Co. Ltd., Caterpillar Inc., China FAW Group Co. Ltd., Cooper Corp., Cummins Inc., Deere and Co., Ford Motor Co., Hyundai Motor Co., IHI Corp., Kohler Co., Kubota Corp., Mahindra and Mahindra Ltd., Mitsubishi Heavy Industries Ltd., Rolls Royce Holdings Plc, Volkswagen AG, Wartsila Corp., and Yanmar Holdings Co. Ltd. |
Market Driver
The diesel power engine market is experiencing growth due to the conversion of conventional diesel engines to dual-fuel natural gas engines. These modifications offer cost savings, easy operation, and the ability to revert back to diesel power. However, spark-ignited engines used in dual-fuel systems have disadvantages, such as lower power density, higher exhaust gas temperatures, and increased maintenance requirements.
In contrast, dual-fuel engines provide advantages like longer valve life, higher compression ratio, and reduced exhaust emissions. Market players, including Caterpillar and KUBOTA Corp., are launching new diesel engines with improved power density, torque, and fuel efficiency, making dual-fuel engines an attractive alternative for end-users.
The mining and construction industries continue to drive the demand for diesel power engines. These sectors require robust and powerful engines for their heavy equipment. The trend towards telecom networks expansion and the need for backup power solutions have also boosted the diesel engine market. The sector is seeing significant growth in areas such as oil and gas exploration, agriculture, and transportation.
Crude and natural gas prices, as well as government regulations, impact the diesel engine market. The use of cleaner fuels and advancements in engine technology are key trends shaping the industry. Producers are focusing on improving fuel efficiency and reducing emissions to meet evolving customer needs and regulatory requirements.
Market Challenges
• The diesel power engine market faces regulatory challenges due to harmful emissions from diesel fuel. The US Environmental Protection Agency (EPA) sets standards for sulfur content in diesel fuel and emissions from engines. Manufacturers must invest in research and development to create high-performance engines that use ultra-low-sulfur diesel (ULSD) fuel.
• Strict regulations increase costs, hindering market growth. California requires LEV III certification for vehicles from 2020. Petroleum companies back ULSD with a maximum of 15 parts-per-million (ppm) sulfur. Diesel engine manufacturers must adapt to meet these requirements and regional market demands.
• The diesel power engine market faces several challenges in the present day. Locations with stringent emission regulations, such as Europe and the US, require engines to comply with tougher standards. This calls for the use of advanced technologies like Selective Catalytic Reduction (SCR) and Exhaust Gas Recirculation (EGR). Additionally, the increasing popularity of electric vehicles poses a significant threat to the diesel engine market.
• The high cost of diesel engines and the ongoing fuel price volatility further add to the challenges. However, the demand for diesel engines in industries like construction, transportation, and power generation remains strong. The market is expected to grow, driven by the need for efficient and reliable power solutions. Ultimately, the key to success lies in continuous innovation and the ability to adapt to changing market conditions.
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Segment Overview
- Application
- 1.1 Automotive
- 1.2 Non-automotive
- 2.1 Industrial
- 2.2 Commercial
- 2.3 Residential
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and Africa
- 3.5 South America
1.1 Automotive- The automotive industry consists of light-duty vehicles, such as diesel-powered passenger cars, and heavy-duty vehicles, including medium- and heavy-duty trucks. The growing disposable income in developing countries and the cheaper cost of diesel fuel have boosted sales of diesel power engine vehicles. Urbanization and industrialization have increased the need for transportation and logistics, leading to higher demand for heavy-duty and medium-duty trucks. As most of these vehicles utilize diesel power engines, the demand for diesel power engines in the automotive sector is anticipated to expand, fueling the growth of the global diesel power engine market.
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Research Analysis
The Diesel Power Engine Market plays a crucial role in ensuring uninterruptible power supply during power outages, blackouts, and brownouts, which are common issues in the power sector due to fluctuating energy demand. These engines, fueled by diesel, are widely used in various sectors, including healthcare and telecommunication, due to their reliability and efficiency.
The internal combustion engines, comprising spark plugs, coils, piston, cylinder block, and crankshaft, are the backbone of diesel power engines. The World Steel Association reports a significant increase in crude steel production, leading to an increased demand for diesel power engines in the manufacturing sector. Smart City Missions and Water Body Rejuvenation projects also require diesel power engines for sustainable sewage management and efficient energy usage.
Market Research Overview
The Diesel Power Engine Market encompasses the production, sales, and installation of diesel engines used in various industries and applications. These engines convert chemical energy from diesel fuel into mechanical power. They are known for their efficiency, reliability, and ability to generate high power output. Diesel power engines find extensive use in sectors such as transportation, power generation, construction, and agriculture.
The market is driven by factors like increasing demand for fuel-efficient engines, stringent emission norms, and the growing need for decentralized power generation. Technological advancements, including the integration of renewable energy sources and the development of hybrid engines, are also shaping the market landscape. The market is expected to grow significantly in the coming years due to these factors and the increasing adoption of diesel engines in emerging economies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Automotive
- Non-automotive
- End-user
- Industrial
- Commercial
- Residential
- Geography
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
