The diesel power engine global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Diesel Power Engine Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The diesel power engine market size has grown strongly in recent years. It will grow from $7.69 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased industrialization, growth in transportation infrastructure, rising demand for power generation, expansion of the agricultural sector, military applications, rising demand for fuel efficiency, and government policies promoting diesel usage.
The diesel power engine market size is expected to see strong growth in the next few years. It will grow to $10.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growing demand for backup power solutions, rising investments in infrastructure projects, expanding logistics and transportation industries, increasing data center establishments requiring robust power solutions, and expanding construction activities. Major trends in the forecast period include advancements in fuel efficiency, advanced hybrid systems, integration of IoT and AI technologies, growth in the use of biodiesel blends, and development of smart engine management systems.
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Scope Of Diesel Power Engine Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Diesel Power Engine Market Overview
Market Drivers –
The expansion of the marine industry is expected to propel the growth of the diesel power engine market going forward. The marine industry refers to the sector that encompasses all activities related to the construction, operation, and maintenance of vessels and structures used on or in the water. The marine industry is expanding due to increasing global trade, offshore oil and gas exploration, growing demand for seafood, rising marine tourism, and the development of offshore renewable energy projects. Diesel power engines help the marine industry by providing reliable and efficient propulsion for ships and vessels, enabling long-distance travel, supporting heavy cargo transport, and powering essential onboard systems for various marine applications. For instance, in June 2023, according to the Bureau of Economic Analysis, a US-based government agency for macroeconomic and industry statistics, the marine economy represented 1.9% ($432.4 billion) of the U.S. GDP in 2021, up from 1.7% ($363.2 billion) in 2020. It also accounted for 1.8% ($730.0 billion) of the current-dollar gross output. Therefore, the expansion of the marine industry is driving the growth of the diesel power engine market.
Market Trends –
Major companies operating in the diesel power engine market are adopting digital solutions, such as predictive models, to improve maintenance planning for optimal performance and reduced downtime. Predictive models are statistical or machine learning techniques used to forecast future outcomes based on historical data. For instance, in August 2023, Cummins Inc., a US-based engine manufacturing and design company, launched an innovative predictive model for the X15 heavy-duty engine. This technology notifies owners in advance when a diesel particulate filter (DPF) differential pressure (DP) sensor is at risk of failing. Customers receive predictive alerts up to 90 days before potential sensor failure, enabling proactive scheduling of replacements to prevent downtime. Predictive alerts are sent via email through PrevenTech or accessed using Cummins’ genuine service tools, such as Guidanz Mobile and INSITE. This technology will offer customers predictive insights, allowing them to schedule sensor replacements proactively, thus reducing downtime and enhancing operational efficiency.
The diesel power engine market covered in this report is segmented –
1) By Type: On-Road Diesel Engine, Off-Road Diesel Engine, Other Types
2) By Operation: Standby, Prime, Peak Shaving
3) By Rated Power: Up To 0.5 Megawatts (MW), 0.5 To 1 Megawatts (MW), 1 To 2 Megawatts (MW), 2 To 5 Megawatts (MW), Above 5 Megawatts (MW)
4) By End-User: Industrial, Commercial, Residential
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Regional Insights –
Asia-Pacific was the largest region in the diesel power engine market in 2023. The regions covered in the diesel power engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the diesel power engine market are General Electric Company, Caterpillar Inc., Deere & Company, HD Hyundai Infracore, Mitsubishi Heavy Industries Ltd., Weichai Power Co. Ltd., Cummins Inc., Toyota industries corporation, Isuzu Motors Limited, Kubota Corporation, Yanmar Holdings Co. Ltd., Kohler Energy, Wärtsilä Oyj Abp, J.C. Bamford Excavators Limited, MAN Energy Solutions SE, Cooper Corp., Woodward Inc., FPT Industrial S.p.A., Deutz AG, Volvo Penta, Perkins Engines Company Limited, Lister Petter, Motorenfabrik Hatz GmbH & Co. KG, Mahindra Powerol, Lombardini S.r.l.
Table of Contents
1. Executive Summary
2. Diesel Power Engine Market Report Structure
3. Diesel Power Engine Market Trends And Strategies
4. Diesel Power Engine Market – Macro Economic Scenario
5. Diesel Power Engine Market Size And Growth
…..
27. Diesel Power Engine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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