Diesel power engine Market Research 2022 Focusing on Key Companies, Development, Trends, Challenges, Growth, Countries, Revenue & Forecast to 2030
Research Reports
Apr 12, 2022
The Diesel Power Engine Market is projected to experinece USD 8.02 billion with 4.22% CAGR during the forecast period. It is due to the continuous power growth with increasing population and energy demand in various regions worldwide. The diesel engine is an international combustion engine that uses the heat of compression to ignite the fuel charge. Electricity is one of the importanat needs nowadays, and it is an important resource to drive the country’s economy. According to research, the electricity demand will increase 2.11% every year until 2040. Energy resources like fuel cells enable and battery resources can be replaced as alternative sources for power generation and storage. With time, the demand for data centres and IT facilities is growing, which drives the market. Continuous urbanization in several countries, such as China and India, also fosters market growth. The market will experience huge growth in the upcoming years.
The consumers’ demand for reliable power supplies is opening up new opportunities for the Diesel Power Engine Market. Due to COVID, the industries were shut down, and manufacturing sectors were also halted due to the less-skilled workers and government orders for quarantine are hindering the market. The market faced losses during the covid, with the development in situation the market is following up the trends and growing. The diesel power engine market will witness a high growth rate.
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Key Players
The key players of 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)
- Kohler Co. (U.S.).
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Market segmentation
The Diesel Power Engine Market is segmented by operation, rated power and end-user.
The market is classified into prime, standby, and peak shaving based on the segment operation. In 2017, the standby segment held the largest growth rate and was expected to grow at the same pace in the forecast period. The segment is dominating the market due to the rising requirement for backup power in many residential, commercial, and hospital applications and power for the generation of speedy power generation.
Based on the rated power, the Diesel Power Engine Market is bifurcated into Up To 0.5 MW, 0.5–1 MW, 1–2 MW, 2–5 MW, and Above 5 MW. The 1 MW-2MW segment is estimated to register high growth and dominated in 2017. These are used in commercial buildings large residential areas. Growing urbanization in Asian countries will propel the market. The end-user segment is further divided into residential, industrial and commercial.
The industrial segment holds the largest market value as the industrial segment net consists of power stations, oil and gas, mining, chemical and other such industries due to which the market registers growth.
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Regional analysis
based on the geographical analysis, the Diesel Power Engine Market is studied in Asia Pacific, North America, Europe and other parts of the world. Asia pacific registers the largest growth-share nad is expected to dominate the market in the forecast period due to urbanization, increasing population, and modification in the living standards are propelling the market. Other regions are also contributing to the market share.
Industry news
A power solution international wood dale announced entered into the international distribution agreement.
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