Diesel Engines Global Market Report 2023: Growth in Hybrid Power Generation in Rural and Remote Locations Presents Opportunities
Global Diesel Engines Market
Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Diesel Engines Market by Speed (Low, Medium, High), Power Rating (Below 0.5 MW, 0.5-1.0 MW, 1.1-2.0 MW, 2.1-5.0 MW, Above 5.0 MW), End User (Power Generation, Marine, Locomotive, Mining, Oil & Gas, Construction) & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global diesel engines market is estimated to grow from USD 63.9 Billion in 2023 to USD 78.8 Billion by 2028; it is expected to record a CAGR of 4.3% during the forecast period. Increasing rising electricity consumption driving the need to fulfill the growing energy requirements with backup power solutions is expected to boost the market.
High-Speed engines is projected to be the largest growing segment in the market
Based on speed, the diesel engine market has been categorized into low, medium, and high. High-speed engines are expected to be the largest segment in the diesel engines market. The high-speed engines include engine speeds of 1200-1800 rpm and above 1800 rpm. The power generation industry is the primary end-user for diesel engines, majorly of high speed, hence expected to drive the growth of this segment.
Below 0.5 MW followed by 1.1-2.0 MW segment is expected to emerge as the largest segment based on power rating
The diesel engine market has been categorized based on power rating as below 0.5 MW, 0.5-1 MW, 1.1-2 MW, 2.1-5 MW, and above 5 MW. 1.1-2.0 MW is the second largest diesel engine segment in the diesel engine market. Residential and commercial end users usually prefer low-power options. Medium-power models are generally used in commercial and small-scale industrial applications. Large hospitals, data centers, and commercial facilities also install multiple 1.1-2.0 MW units operating in parallel to support their large connected loads. Therefore, increased investments in the data center space are expected to contribute to segment growth.
By End User, the power generation segment is expected to be the fastest growing market during the forecast period
Based on end user, the power generation segment is expected to be the fastest-growing segment during the forecast period. Power generation end users require a reliable, uninterrupted power supply to carry out operations without hindrances. Unlike the power generated from conventional power plants, renewable sources are not dispatchable and fluctuate over time. Hence, power plants constructed with diesel engines are the ideal complement to intermittent renewables in the power generation sector.
North America is expected to be the second fastest-growing region in the diesel engines market
North America, after Asia Pacific, is expected to be the second fastest region in the diesel engines market during the forecast period. The market growth in North America can be attributed to the urbanization in the region. Aging infrastructures resulting in power blackouts in the region, lead to economic losses. In a large-scale outage, diesel power engines will likely play a key role as a backup source of electricity generation.
Rising Demand for Reliable and Uninterrupted Power
Growing Maritime Tourism and International Marine Freight Transportation
Increasing Urbanization and Industrialization
High Fuel and Operation & Maintenance Costs
Competition from Alternative Energy Sources
Growth in Hybrid Power Generation in Rural and Remote Locations
Production of Higher Levels of Nox and Particulate Matter Emissions
Rising Demand for Natural Gas in Power Generation Applications
No. of Pages
2023 - 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Global Diesel Engines Market, by Power Rating
6.2 Below 0.5 Mw
6.2.1 Rising Population and Demand for Residential Backup Solutions
6.3 0.5-1 Mw
6.3.1 Growing Commercial Real Estate Investments
6.4 1.1-2 Mw
6.4.1 Increasing Data Center Investments
6.5 2.1-5.0 Mw
6.5.1 Rising Industrial Investments and Utility Reliability Investments
6.6 Above 5.0 Mw
6.6.1 Surging Demand from Utility-Scale Diesel Power Generation and Large Industrial Plants
7 Diesel Engines Market, by Speed
7.2.1 Rising Demand for Marine Applications
7.3.1 Upgraded Versions and New Designs
7.4.1 Increasing Demand for Tugboats
8 Global Diesel Engines Market, by End-user
8.2 Power Generation
8.2.1 Increased Requirement for Reliable and Continuous Power Supply
8.3.1 Rising Demand for Maritime Transport
8.4.1 Ongoing Railway Electrification Projects to Hinder Growth
8.5.1 Growing Mining Operations
8.6 Oil & Gas
8.6.1 Increasing Metal Prices Prompt Companies to Adopt Better Strategies
8.7.1 Growing Opportunities in Residential and Non-Residential Sectors
9 Diesel Engines Market, by Region
10 Competitive Landscape
11 Company Profiles
Anglo Belgian Corporation
China National Petroleum Corporation Jichai Power Company Limited
Daihatsu Diesel Mfg.
Guangzhou Diesel Engine Factory Co. Ltd.
Hyundai Heavy Industries Co. Ltd.
IHI Power Systems Co. Ltd.
Kubota Engine America Corporation
Man Energy Solutions
Mitsubishi Heavy Industries Engine & Turbochargers(Mhiet)
The Liebherr Group
Yanmar Holdings Co. Ltd.
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