Diesel Power Engine Market Challenges, Key Players, Industry Segments, Opportunities, Forecast Report 2023

Market Highlights

Diesel is an internal combustion engine, wherein air is compressed to an adequately high temperature to burn diesel fuel introduced into the cylinder, and combustion and expansion trigger a piston. Diesel engine converts the chemical energy stored in the fuel into mechanical energy, which can be used to power various equipment at every end-user level.

 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.

 The Global Diesel Power Engine Market is expected to grow at ~ 5.5% CAGR during the forecast period.

 The Diesel Power Engine Market is projected to have a considerable number of developments over the forecast period owing to continuous technological advancement in energy sector coupled with growing power demand. The market is also expected to have high expansion activities by multinationals and well-established companies. Mergers and acquisition activities are expected to be seen over the forecast period with numerous contracts and agreements between top EPC and Government, across the globe.

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 Key Players

The key players in the global diesel power engine market are 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.).

 Market Research Analysis

Standby by operation, 1 MW-2 MW by rated power and industrial by end-user are expected to grow at the highest CAGR.

Global diesel power engine market has been segmented based on operation, rated power, end-user and region. Based on operation, the market is segmented into standby, prime, and peak shaving. Among these, the standby segment is estimated to dominate the diesel power engine market in 2017. Also, it is projected to grow at the highest rate during the forecast period due to the increased requirement for backup power in various applications such as residential, hospitals, and power plants for quick power generation. Based on the rated power the market is segmented into 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 estimated to dominate the diesel power engine market in 2017. Diesel engines of this power rating are used in large residential areas, commercial buildings, universities, and industrial applications for standby and prime applications. Moreover, the growing urbanization and industrialization in regions such as Asia Pacific and the Middle East are expected to drive the growth of this market in the coming years. Based on the end-user, the market is segmented into industrial, commercial, residential. The industrial segment is estimated to be the fastest-growing diesel power engine market, by end-user, from 2017 to 2023.

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