Newark, NJ, Feb. 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global diesel engines market is expected to grow from USD 8.04 billion in 2017 to USD 11.46 billion by 2025 at a CAGR of 4.5% during the forecast period from 2018-2025.
Diesel engine market has been witnessing growth, owing to increasing trend of technology improvement in diesel engines such as low emission, efficient filtration, and high pressure fuel injection. In recent years, diesel engines and their emissions have been a popular point of contention amongst health enthusiasts and environmental activists. Thus, companies are focusing more on offering environment friendly and energy-efficient diesel engines, is anticipated provide new growth opportunities diesel engine market.
Diesel engine is defined as any internal-combustion engine in which air is compressed to an adequately high temperature to ignite diesel fuel injected into the cylinder, where combustion and expansion actuate a piston. It leads to the conversion of the chemical energy stored in the fuel into mechanical energy, which can then be used to power freight trucks, locomotives, large tractors, and marine vessels.
Global diesel engines market is expected to witness rapid growth over the forecast period, owing to growing need for reliable and uninterrupted power. In addition to this, growing demand for heavy-end equipment across several industries and increasing penetration in various application areas including construction, automobiles, power & gas etc. are the some of the factors influencing the market growth. Moreover, high demand for construction and auxiliary power equipment provides several market growth opportunities for the diesel engine vendors in coming years. However, increase in operation and maintenance burden may hamper the growth of market, over the forecast period.
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Key players operating in the global diesel engines market include Continental AG, Delphi Automotive, Mitsubishi Heavy Industries, CGO Corporation, China FAW Group, Bosch, Deere & Company, Ford Motor, General Motors and MAN SE, Rolls-Royce, Caterpillar Inc., Wartsila, Cummins Inc., and Mitsubishi Heavy Industries Ltd. among others. To enhance their market position in the global diesel engines market, the key players are now focusing on adopting the strategies such as recent developments, mergers & acquisitions, product innovation, joint venture, collaborations, and partnership.
- For instance, in August 2019, General Motors announced the launch of new Duramax 3.0L diesel engine, in collaboration with the FEV Group, for heavy applications (light-duty pickups and trucks).
- In September 2019, Wärtsilä announced the launch of New Wärtsilä 31DF diesel engine to energy industry with enhanced efficiency with fuel and operational flexibility.
- In January 2019, Cummins Inc. introduced its next generation 6.7L turbo diesel engine boasting a first-in-class 1,000 pound-feet of torque for heavy-duty RAM pickup truck customers to achieve next level of performance.
- In April 2018, Robert Bosch announced that the company has developed a diesel exhaust system that cuts emissions far below legal limits taking effect in 2020 and can help automakers avoid potential driving bans in Europe that threaten to doom the engine technology.
- In October 2018, Deere & Company announced the launch of new 4045SFM85 marine diesel engine to its powerful, reliable marine engine offerings for repowering and new boat construction, and is ideal for planning and semi-displacement hulls.
The 1MW–2MW segment held the largest market share and valued at USD 2.95 billion in 2017
The power rating segment is classified into up to 0.5 MW, 1–2 MW, 0.5–1 MW, 2–5 MW, and above 5 MW. The 1MW–2MW segment dominated the diesel engines market with USD 2.95 billion in 2017. Engines with a power rating of 1MW–2MW are useful in commercial infrastructure power generation and across various industries. Increase in demand for continuous power generation is expected to drive the 1MW–2 MW segment of the diesel power engine market over the forecast period.
The standby segment is estimated to dominate the diesel power engine market with the share of 44.40% in 2017
Operation segment includes standby, prime/continuous and peak shaving. The standby segment is estimated to dominate the diesel power engine market with the share of 44.40% in 2017. Owing to the rising need for backup power at various places such as residential, hospitals, and power plants, the demand for standby operation segment is rising continuously.
The industrial segment held the largest market share and valued around USD 3.80 billion in 2017
End-user segment is divided into segments such as commercial, industrial, and residential. The industrial segment held the largest market share and valued around USD 3.80 billion in 2017. The stringent government policies to reduce the emission in various countries, is expected to drive the market growth.
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Regional Segment Analysis of the Diesel Engines Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia-Pacific region dominated the global diesel engines market with USD 3.47 billion in 2017. This is mainly due to growing demand of diesel engines in countries such as China and India. Also, there is an increase in number of diesel vehicles on the roads in Asia Pacific countries, further boosting the growth of market. Countries in Asia pacific are producing more heavy trucks and buses every year, which are critical for transporting the growing number of manufacturing shipments throughout the region, which is also driving the growth of market. North America is the fastest growing region due to growing sales of diesel engines which are expected to stimulate the market. Furthermore, the U.S. and Canada are adding to their fleets of heavy trucks seemingly by the day, supporting outsized demand in the bustling e-commerce sector, results into growing demand for the diesel engines.
About the report:
The global diesel engines market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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