The global diesel engine market accounted for a value of USD 5.7 billion in 2019 and is projected to register growth at a CAGR of 4.2% during forecast period.
COVID-19 has impacted the diesel engine market. The supply chain of raw materials and finished products is disrupted due to travel restriction. The manufacturing facilities have to halt or shutdown its production due to lockdown. The sales of vehicles are declined significantly due to corona virus. The demand for diesel engine market is estimated to decline during COVID-19.
For more details, visit: Global Diesel Engine Market By Operation (Prime/Continuous, Peak Shaving, Others), By Power Rating (<0.5 MW, 0.5-1MW, Others.), By Speed (<720 rpm, 720-1000 rpm, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The demand for electricity is increasing around the world. There are some reliability issues like power outages and blackouts. The demand for uninterrupted power is increasing around the world. This increases demand for diesel engine and drives growth in this market during forecast period.
On the basis of operation, the diesel engine market is segmented into standby, peak shaving and prime/continuous. The standby segment is estimated to be the largest market during forecast period. The standby diesel engine is used for emergency power supply at the time of power cut from grid. The standby diesel engines help in meeting power demand temporarily. It has quick start capability and low cost. The industrialization is increasing around many regions such as Asia-Pacific etc. Such regions largely adopt standby diesel engine and drives growth in this segment during forecast period.
On the basis of power rating, the diesel engine market is segmented into below 0.5 MW, 0.5-1 MW, 1.01-2 MW, 2.01-5 MW and above 5 MW. The 0.5-1 MW diesel engine segment is estimated to register fastest growth during forecast period. The demand for 0.5-1 MW diesel engine is increasing across the end-users such as residential sector, datacenters, hospitals and other commercial sectors. It is largely adopted in commercial sector in offices and complexes where the demand for lighting loads and HVAC loads are higher. Various regions such as Europe etc. are investing in power segment which is estimated to boost the market for 0.5-1 MW power capacity diesel engine in coming years.
On the basis of end-users, the diesel engine market is segmented into commercial, residential and industrial. The commercial segment is estimated to be the fastest growing market during forecast period. The commercial sector is growing rapidly around the world and the investment is increasing in this sector. The datacenters and hospitals are the most growing commercial sector which has the highest power demand during COVID-19. The datacenters largely need standby power to stay online at the time of power cut. This drives growth in commercial segment during forecast period.
Asia-Pacific region is estimated be the largest market during forecast period. The population is growing immensely in this region. The urbanization and industrialization is growing rapidly which increase power consumption and demands uninterrupted power supply. The rising standard of living of population also increases demand for electricity. The diesel engine provides reliable backup power supply for residential and industrials sectors. The adoption of diesel engine is increasing in this region. This drives growth in Asia-Pacific region during forecast period.
The key market players in diesel engine market are Caterpillar, Cummins, Wartsila, Rolls-Royce Holdings, MAN SE, Volvo Penta, Mitsubishi Heavy Industries, Hyundai Heavy Industries, Doosan Infracore, Yanmar Holdings, Kubato, Kohler, Mahindra Powertrain, Anglo Belgian Corporation, IHI power System, Guangzhou Diesel Engine Factory, Daihatsu Diesel MFG and FPT Industrial.
- What are the expected industry trends over the next three to five years?
- Which of the diesel engine operation is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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