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The diesel power engine market size is forecast to increase by USD 39.1 billion at a CAGR of 3.21% between 2023 and 2028.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market encompasses various applications, with a significant focus on the automotive sector, which consists of light-duty vehicles and heavy-duty vehicles. In the automotive segment, passenger cars and light commercial vehicles, which run on diesel power engines, are gaining popularity, particularly in developing countries, due to increasing disposable income and the cost-effectiveness of diesel fuel. On the other hand, heavy-duty vehicles, including medium-duty trucks and heavy-duty trucks, are widely used for freight transportation and construction projects. Beyond the automotive sector, diesel power engines are increasingly being adopted for power generation applications, particularly in off-grid and rural locations. These engines are used in hybrid power generation systems, alongside renewable energy sources like solar and wind, to ensure continuous power supply.
Furthermore, telecom towers in remote areas are another major application for diesel power engines, as they require uninterrupted power to maintain communication networks. Ultra-Low Sulfur Diesel (ULSD) is becoming increasingly popular due to its reduced environmental impact and improved engine performance. The standby segment of the market is expected to grow significantly, as these engines are used to provide backup power during power outages or when renewable energy sources are not available.
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The automotive segment was valued at USD 147.80 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In the Asia Pacific region, the expanding population and economic growth have led to a heightened demand for agricultural products. Consequently, the need for advanced agricultural equipment to meet this demand is also escalating. Governments are responding to this trend by implementing incentives, subsidies, and regulations to foster the development and modernization of agricultural machinery.
Moreover, the construction sector in APAC is poised for substantial expansion and holds a substantial share of the global construction industry. This growth is driven by urbanization, the development of large residential areas, and the construction of commercial buildings, hospitals, universities, and power plants. Quick power generation is essential for these applications, making diesel power engines a preferred choice for many industries in the region. The industrial and commercial sectors, in particular, rely heavily on diesel power engines for their energy needs.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The advantages of diesel power engines over petrol engines is the key driver of the market.
Advancements in diesel power engines is the upcoming trend in the market.
Stringent emission regulations on diesel power engines is a key challenge affecting the market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing energy demand in various sectors. Diesel engines are widely used in power generation applications, particularly in data centers and off-grid locations, to ensure uninterruptible power supply during power outages, blackouts, and brownouts. Voltage fluctuations are common in renewable energy sources like solar PVs and SOFC cells, making diesel generators an essential backup solution. The market is segmented into the standby, prime/continuous, and peak shaving segments based on application. The industrial segment dominates the market due to the high power rating requirements of industries like mining, chemical, and construction. The residential segment is also growing rapidly due to the increasing demand for backup power in large residential areas and commercial buildings.
Furthermore, diesel engines are preferred over gasoline engines due to their reliability and longevity. They consist of several components, including the piston, cylinder block, crankshaft, valve train, camshaft, connecting rods, cooling system, and lubricating system. Fuel-efficient diesel engines are increasingly being adopted to reduce carbon emissions and improve sustainability. The power sector is witnessing urbanization and the development of smart cities, leading to an increase in the demand for quick power generation. Diesel generators are used in various applications, including hospitals, power plants, and transportation, to ensure uninterrupted power supply. The market is expected to grow further due to contractual agreements and product lines in the generator business.
Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.21% |
Market Growth 2024-2028 |
USD 39.1 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.06 |
Key countries |
China, US, South Korea, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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