Power Engine Market Synopsis:
Diesel power engine is an internal combustion engine where ignition takes place through elevated temperature. It offers the highest thermal efficiency compared to any other internal or external combustion engines. The study conducted on the global Power Engine Market by Market Research Future (MRFR) reveals that it is expected to strike a CAGR of 5.5% across the assessment period 2017 to 2023.
Increasing demand for data centers and IT facilities are expected to propel the expansion of the market in the years to come. In addition, a rising inclination towards power backup in both residential and commercial places is anticipated to expedite the expansion of the diesel power engine market over the next couple of years.
Urbanization and industrialization are prognosticated to provide impetus to the growth of the diesel power engine market across the review period. However, the emergence of alternative sources of power remains an impediment to market growth.
Power Engine Market Segmentation:
The key segments of the global diesel power engine market, based on operation, are prime, standby, and peak shaving. Among these, the standby segment has been assessed to account for the maximum share of the market in 2017. It is expected to exhibit a relatively higher CAGR over the forecast period. Increasing demand for backup power is projected to drive the growth of the segment in the forthcoming years.
On the basis of rated power, the segmental analysis of the diesel power engine market covers up to 0.5 MW, 0.5–1 MW, 1–2 MW, 2–5 MW, and above 5 MW. The 1 MW-2 MW segment is anticipated to secure the pole position in the global market place over the next few years. Increasing applications in large residential and commercial buildings are prognosticated to lead the growth of the segment in the years to come.
The end-user segments of the global diesel power engine market assessed in this MRFR report are commercial, industrial, and residential. Among these, the industrial segment, which encompasses, power station, chemical, oil & gas, mining, and manufacturing, is anticipated to emerge as the fastest-growing segment in the forthcoming years.
Regional Analysis:
The regional evaluation of the global diesel power engine market covers four key regions – Europe, North America, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is expected to expand at a comparatively higher CAGR during the projection period. The rapid developments in the industrial as we as the commercial sectors of the region is projected to lead the growth of the diesel power engine market during the assessment period. In addition, the presence of developing nations in the region is projected to boost the demand for power and energy in the nearby future. This, in turn, is anticipated to impact the expansion of the regional diesel power engine market favorably over the next few years.
Competitive Dashboard:
Caterpillar Inc. (U.S.), Cummins, Inc. (U.S.), MAN SE (Germany), Rolls-Royce Holdings plc. (U.K.), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Volvo Penta (Sweden), Hyundai Heavy Industries Co., Ltd. (South Korea), Doosan (South Korea), Yanmar Co., Ltd. (Japan), Kubota Corporation (Japan) and Kohler Co. (U.S.) are some of the major players operating in the global diesel power engine market. These players are assessed in details in this MRFR report and are anticipated to contribute to the expansion of the market over the next few years.
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