According to Future Market Insights (FMI), the size of the worldwide diesel power engine market is projected to be valued at US$ 9 billion in 2024. By 2034, it is anticipated to reach a valuation of about US$ 18.8 billion. Between 2024 and 2034, the market is anticipated to rise at a compound annual growth rate (CAGR) of 7.6%.
Key Takeaways from the Diesel Power Engine Market Report:
The global diesel power engine market expanded at a CAGR of about 9.2% in the historical period 2019 to 2023.
The United States diesel power engine industry is projected to attain a valuation of US$ 3.3 billion by 2034.
China is anticipated to expand at a CAGR of 6.8% from 2024 to 2034.
Japan’s diesel power engine market is anticipated to witness a CAGR of 9.0% through 2034.
In terms of operation, the standby segment is projected to witness a CAGR of 7.4% from 2024 to 2034.
Based on rated power, the up to 0.5 MW category is estimated to exhibit a CAGR of around 7.1% through 2034.
“As they can lower carbon emissions, the quick development of novel biofuels and renewable diesel is anticipated to open up new business prospects for providers to the diesel engine industry. The cutting-edge fuels are projected to be utilized in diesel engines with zero to very little modification, offering a means of decarbonizing the transportation and industrial sectors,” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Get more insights: https://www.futuremarketinsights.com/reports/diesel-power-engine-market
Growth is set to be fueled by diesel engines' superior fuel economy over gasoline-based engines, which is particularly useful in trucks, buses, and construction equipment. In order to reduce emissions and improve efficiency in off-road machinery & commercial vehicles, renowned automakers are integrating diesel engines into electric and hybrid powertrains. This trend is expected to increase as governments in several countries implement stricter regulations.
In order to lessen their dependency on fossil fuels and cut greenhouse gas emissions, companies are concentrating their research & development efforts on the discovery of new alternative fuels, such as biodiesel, renewable diesel, and synthetic diesel. In order to provide real-time monitoring, predictive maintenance, and engine optimization, diesel engine manufacturers are incorporating digital technology and connection solutions into their engines.
Owing to its great torque and dependability, diesel-powered machinery is predicted to be in high demand as a result of the continued growth of a number of industries, including mining, construction, and agriculture. With the increasing requirement for backup systems and generators to power remote construction sites, telecommunications towers, and power plants, there will likely be a boom in demand for diesel engine technology.
The military and defense sector is expected to use small diesel engines in aircraft, ships, and vehicles to obtain high durability and fuel efficiency. The marine propulsion industry is expected to be one of the leading end-users of diesel engines as these can provide robust performance, long range, and high efficiency in maritime transport & commercial shipping applications.
Competitive Landscape
There are a number of significant players in the highly fragmented global diesel power engine industry. Their primary goal is to collaborate with well-known automakers to supply their internal heavy-duty diesel engines.
To obtain a competitive advantage, a number of automakers across the globe are working to boost sales of their diesel-powered cars. They are always adding new features and diesel engines to their outdated automobile models.