February 10, 2021
According to the research report titled ‘Global Industrial Engines Market Size study, by Fuel Type (Diesel Engines, and Gasoline Engines), By Industry (Agriculture, Construction, Power Generation, Mining Industry, Oil & Gas, and Rail & Transportation), and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global industrial engines market is expected to record a strong CAGR during 2020-2027.
Surging production of vehicles, in consort with improving public transport and logistics network capabilities in developing and developed economies are primarily stimulating global industrial engines market growth.
For the unversed, industrial engine is standalone power unit, which is used in various application like conveyors, rock crushing equipment, or mechanical drive systems.
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With respect to value gains, growing degree of sophistication in diesel engines to fulfill stringent emission regulations will further augment worldwide industrial engines market share. Diesel engines are employed in heavy vehicles, passenger cars, and in automotive meant for commercial use.
Soaring demand for energy, along with low price for natural gas are anticipated to fuel adoption of gas engines over the study period, resulting in surging worldwide industrial engines market remuneration.
Rapid globalization and urbanization have evolved the working environment, adding to energy usage. The primary consumers of energy are hybrid cars, retail and construction firms, and households. As production of energy is one of the main uses of gas engines, increasing demand for electricity is projected to foster the industry size.
In order to add to the consumer base and to expand the geographical reach, various industrial engines manufacturers are focusing on product launches. Citing an instance, a mobile 44-MW aeroderivative gas turbine, SGT-A45 TR, designed for the fast-power market, was introduced in November 2017 by Siemens AG. In addition, the company introduced its new E-series gas engine with a power output of 2 megawatts in March 2017. It covers both the 60-Hz SGE-100EM and the SGE-86EM for the 50-Hz market.
Citing the geographical ambit, North America industrial engines market size is expected to gain traction by 2025, creditable to growing power generation, alongside amplifying construction and agriculture verticals.
Renowned players in global industrial engines market sphere are Kohler Co., Isuzu Motors Ltd., Kubota Corporation, China Yuchai International Limited, Deutz AG, Cummins Inc., Weichai Power Co. Ltd., Deere & Company, Yanmar Co. Ltd., and Caterpillar Inc.