Dual Fuel Engine Market Business Insights, Revenue Growth, Forecast By 2032
Research Reports
Aug 24, 2023
Dual Fuel Engine Market Analysis:
Dual Fuel Engine Market is projected to grow USD 2.87 billion by 2032, compound annual growth rate (CAGR) of 10.20% during the forecast period (2023 – 2032).
Market Research Future Insights
According to MRFR analysis, the Dual Fuel Engine Market is expected to register a CAGR of 10.20% from 2023 to 2032 and hold a value of over USD 2.87 billion by 2032.
A dual fuel engine is an internal combustion engine that can run on a combination of two different types of fuels, usually diesel and natural gas or diesel and liquefied natural gas (LNG).
The market for dual fuel engines has found significant application in various sectors, including maritime, transportation, industrial, and power generation. In the maritime industry, for instance, dual fuel engines are becoming popular in both commercial shipping and naval vessels as a means to comply with emissions regulations in environmentally sensitive areas.
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Covid-19 Impact on Dual Fuel Engine Market
Initial Disruption in Supply Chain: At the beginning of the pandemic, many industries, including the automotive and manufacturing sectors, experienced disruptions in their supply chains due to lockdowns, restrictions on movement, and factory closures. This likely affected the production and distribution of dual fuel engines and related components, leading to delays and reduced availability.
Demand Fluctuations: The demand for dual fuel engines could have been affected by various factors. On one hand, there might have been decreased demand as industries and businesses scaled back or paused their operations. On the other hand, there could have been increased interest in such engines, particularly in applications where flexibility in fuel choice was valued, as industries explored ways to manage costs and diversify energy sources.
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Regional Analysis
In North America, especially in the United States and Canada, dual fuel engines have gained popularity in the transportation sector, particularly for heavy-duty trucks and buses.
The abundant availability of natural gas resources and the desire to reduce greenhouse gas emissions have driven interest in using natural gas as a cleaner alternative to diesel.
In Asia, particularly in countries like India and China, the focus has been on addressing air quality issues in densely populated urban areas. As a result, dual fuel technology has gained traction as a way to reduce diesel-related emissions.
Some countries in Asia have been exploring the use of dual fuel engines in rail transportation as well as power generation to diversify their energy sources and reduce environmental impact.
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Market Segmentation
Product Type – Four-Stroke Dual Fuel Engine and Two-Stroke Dual Fuel Engine.
Application – Cargo Ship, Cruise Ship, and Others.
Region – North America, Europe, Asia-Pacific, And Rest Of The World.
Key Players
Anglo Belgian Corp., Caterpillar Inc., Cummins Inc., Heinzmann GmbH and Co. KG, Kubota Corp., MAN Energy Solutions SE, Wartsila Corp., Westport Fuel Systems Inc., Woodward Inc., and Yanmar Holdings Co. Ltd.
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