Diesel Power Engine Market Size to grow by USD 39.1 billion between 2024-2028
According to a research report “ Diesel Power Engine Market” by Application (Automotive, Non-automotive) End-user (Industrial, Commercial, Residential) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 39.1 billion, at a CAGR of 3.21% during the forecast period. In the commercial sector, the preference for diesel power engines over petrol engines is driven by several factors. One significant advantage is the superior fuel efficiency of diesel engines. Diesel engines operate on the diesel cycle and boast compression ratios of 15:20, compared to petrol engines' 8:10. This higher compression ratio results in increased thermal efficiency and improved fuel economy. Consequently, diesel power engines offer a more economical fuel consumption option for businesses. Additionally, diesel engines provide a 1.5% greater efficiency rate compared to their petrol counterparts, making them a cost-effective solution for commercial applications.
Browse market data tables, figures, and in-depth TOC on “Diesel Power Engine Market” by Application (Automotive, Non-automotive) End-user (Industrial, Commercial, Residential) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Application, the Automotive segment is projected to dominate the market size in 2024
In the business sphere, the diesel power engine market experiences substantial growth due to increasing demand from various industries such as marine, agriculture, oil and gas mining, healthcare manufacturing, and more. Notably, the shipbuilding industry's expansion, driven by new orders and the replacement of aged vessels, significantly contributes to this market's growth. The industry's dominant players hail primarily from Asia Pacific countries, including China, Japan, and South Korea, which have a substantial number of shipbuilding companies reliant on diesel power engines. The global surge in shipbuilding production will positively influence the demand for related products.
By End-user, Industrial segment is expected to hold the largest market size for the year 2024
In the automotive sector, the diesel power engine market encompasses light-duty and heavy-duty vehicles. Light-duty vehicles, comprising passenger cars, are experiencing significant growth due to rising disposable income levels in developing countries. The affordability of diesel fuel, coupled with diesel power engines' superior fuel efficiency and operational advantages, is fueling the demand for diesel-powered passenger cars. Conversely, heavy-duty vehicles, including medium-duty trucks (3.5-15 tons), heavy-duty trucks (more than 15 tons), and mini-buses, are also propelling the diesel power engine market forward. The cost-effectiveness of diesel fuel, along with the enhanced performance and durability of diesel power engines, is driving the sales of heavy-duty vehicles.
APAC is forecasted to hold the largest market size by region in 2024
The diesel power engine market witnesses significant growth due to the increasing demand for fuel-efficient and reliable power solutions. Key players in this industry focus on innovation and technology to enhance fuel efficiency and reduce emissions. The market is driven by the expanding construction, mining, and power generation sectors, which require heavy-duty engines for their operations. Additionally, the growing trend towards off-grid power solutions is expected to provide further impetus to market growth.
The Diesel Power Engine Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Diesel Power Engine market is witnessing significant growth due to its increasing application in various sectors, including Sewage Management and Water Body Rejuvenation, as part of the Smart City Mission. The World Steel Association reports that crude steel production has been on the rise, leading to an increased demand for diesel engines in industries like telecommunication and health care. Key components of diesel power engines, such as crankshaft, cylinder block, piston, coils, and spark plugs, are essential for efficient energy conversion. In contrast, gasoline engines have limited applications due to their higher fuel consumption and lower efficiency. The power sector's energy demand continues to increase, leading to voltage fluctuations, brownouts, blackouts, and power outages. To mitigate these issues, companies like Wartsila and Cummins provide reliable diesel power solutions for uninterruptible power supply in data centers and other critical applications. The standard of living and the need for uninterrupted power supply in various sectors are driving the demand for diesel power engines. The market is expected to grow further as governments and industries invest in renewable energy integration and grid modernization. Overall, the Diesel Power Engine market is a crucial contributor to various sectors, including energy, telecommunication, health care, and more, ensuring a sustainable and efficient energy future.
Market Research Overview
The Diesel Power Engine Market is witnessing significant growth due to the increasing demand for power generation in various sectors such as Residential societies, Sewage Management, Water Body Rejuvenation, and the Smart City Mission. The Generator business is thriving, with applications ranging from backup power for commercial and industrial buildings, hospitals, and large residential areas, to peak shaving and prime/continuous power for power plants and data centers. Key players in the market include Wartsila and Cummins, known for their reliable and sustainable diesel generators. The mining industries, construction sector, telecommunication sector, and health care sector are major consumers of diesel generators due to their quick power generation capabilities and fuel efficiency. The World Steel Association reports a surge in crude steel production, leading to an increased demand for power generation. Natural gas engines are also gaining popularity due to their lower emissions, but diesel generators continue to dominate the market due to their proven reliability and longevity. The power sector is undergoing a transformation with the integration of renewable energy sources such as wind, solar, and batteries. Hybrid power generation is becoming increasingly popular, with diesel generators used as backup power sources. The diesel engine market includes various product lines such as reciprocating engines, SOFC cells, solar PVs, and fuel cells. The market is segmented into the Residential segment, Industrial segment, Peak Shaving segment, Prime/continuous segment, and Standby segment. Ultra-Low Sulfur Diesel is becoming the norm due to environmental concerns. Off-grid locations, telecom towers, and rural locations are other significant markets for diesel generators. Voltage fluctuations, brownouts, blackouts, and power outages are driving the demand for uninterruptible power sources. The diesel engine market is a complex system that includes various components such as lubricating systems, cooling systems, connecting rods, pistons, camshaft, valve train, crankshaft, cylinder block, piston coils, spark plugs, and gasoline engines. The internal combustion engine continues to be the backbone of the power sector, with diesel engines leading the way in providing reliable and efficient power solutions. The energy demand in the power sector is increasing, and the diesel engine market is expected to grow in tandem, providing power solutions for various applications, from backup power to prime power, in various sectors, from urbanization to off-grid locations. The standard of living is improving, and the demand for reliable power sources is essential to maintain this trend.
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