Market Research Future (MRFR) analyzed that the global diesel power engine market is anticipated to expand at a CAGR of about 5.5% across the forecast period of 2017 to 2023. Diesel power engines are becoming desirable across different industry verticals. A detailed analysis report of COVID-19 impact on Diesel Power Engine Market is provided with the report.
It
is gaining popularity due to its ability to meet the rising commercial,
industrial, and residential energy demand. These factors are expected to propel
the growth of the global diesel power energy market. Other factors that are
likely to rise energy demand are rising urban populace, increase IT facilities,
growing number of data centers, and strong economies having numerous diesel
power engine projects, which are likely to impact the market positively.
However, the emergence of alternate generation resources can interfere the
market growth.
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Segmental Outline
The global market of diesel power engine has been
segmented by operation, rated power, and end-user.
By on operation, the diesel power engine market has
been segmented into prime, peak shaving, and standby. In 2017, the standby
segment held the maximum share of the market. MRFR asserts that by 2023, the
segment is expected to exhibit a higher CAGR across the forecast period due to
the increase in the need for backup power in the automobiles.
By rated power, the diesel power engine market has
been segmented into 0.5 MW, 0.5–1 MW, 1–2 MW, 2–5 MW, and above 5 MW. The 1
MW-2 MW segment is likely to gain high traction for the global market in the
review period. Increase in applications of diesel power engine for residential
and commercial use is likely to dictate growth for its global market in the
upcoming years.
By end-user, the diesel power engine market has been
segmented are industrial, commercial, and residential. The industrial segment
is sub-segmented into power station, encompasses, oil & gas, chemical,
manufacturing, and mining. The industrial segment is noted to be the
fastest-growing segment.
Regional Outlook
By region, the diesel power engine market has been studied for North
America, Europe, Asia Pacific, and the Rest of the World (RoW). The
The diesel power engine market in the Asia Pacific
region is expected to register the highest growth rate across the assessment
period. High energy consumption, widening urban populace, and rapid
industrialization in Asia Pacific are observed as potent booster for the
regional market. Both the industrial and commercial segments are likely to gain
traction for the regional market. However, lack of effective power supply
infrastructure in the region is likely to hinder the expansion of the APAC
diesel engine power market. But, hefty investment made by key players in
improving the power supply base and the ever-expanding manufacturing industry
in APAC are likely to gain momentum for the market over the forecast period.
The market in North America, followed by Europe, is expected to exhibit steady
growth pace over the evaluation period.
Key Players
Cummins, Inc. (U.S.), Caterpillar Inc. (U.S.),
Rolls-Royce Holdings plc. (U.K.), MAN SE (Germany), Mitsubishi Heavy
Industries, Ltd. (Japan), Wärtsilä Corp (Finland), Hyundai Heavy Industries
Co., Ltd. (South Korea), Volvo Penta (Sweden), Yanmar Co., Ltd. (Japan), Doosan
(South Korea), Kohler Co. (U.S.)., and
Kubota Corporation (Japan) are some of the well-known producers of diesel power
engine market. An understanding of the market’s competitive landscape is aids
in the identification of growth windows. This is likely to contribute to the
expansion of the growth of the global diesel power engine market.
Industry Update:
September 2019: Mahindra, a renowned
automobile manufacturer in India, started testing its XUV500 model with BS6 diesel engine.
August 2019: GMC Sierra 1500, a General
Motor’s diesel-powered and high technology equipped automotive model, takes its
first test drive.
Browse Summary of Diesel Power Engine Industry
Research Report at: https://www.marketresearchfuture.com/reports/diesel-power-engine-market-5508
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