April 30, 2020
As per the report titled ‘Global Diesel Power Engine Market Research Report 2020’, available with Market Study Report LLC, global diesel power engine market was worth USD 9003.6 million in 2018 and is projected to reach USD 11410 million by the end of 2026, expanding at 3.4% CAGR during 2021-2026.
A diesel power engine is a combination of an electric generator and diesel engine. Surging demand for uninterrupted and reliable power supply in developing nations on account of the rapid expansion of construction, industrial, and power generation sectors is driving the growth of global diesel power engine market. However, growing popularity of natural gas as an alternative owing to its abundance and eco-friendly nature may hinder the demand for diesel power engines during the forecast period.
Based on the type, up to 0.5MW, 0.5MW-1MW, and 1MW-2MW segments collectively account for 80% market share presently. These diesel power engines are compact and portable, making them ideal for residential applications.
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Speaking of the applications spectrum, industrial segment holds about 50% share of global diesel power diesel market and is expected to grow considerably in the forthcoming years. High energy demand for continuous energy supply from mining, manufacturing, agriculture, and construction industries is driving segment growth.
Considering the geographical landscape, Asia Pacific diesel power engine market is slated to see robust growth over the forecast timeline. Increasing energy demand owing to huge population base in the region, along with upsurge in infrastructural development and growth of manufacturing industry in emerging economies like India and China are supporting APAC market outlook.
Major players in global diesel power engine market are Caterpillar, Rolls-Royce Holdings, Weichai, Kohler, Wärtsilä, Yuchai, Mitsubishi Heavy Industries, Cummins, Hyundai Heavy Industries, Volvo Penta, Doosan, Yanmar Holdings, MAN Engines, Leroy-Somer (Nidec Corporation), and John Deere.
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