Diesel Power Engine Global Market Report 2024

The diesel power engine market size has grown strongly in recent years. It will grow from $7.69 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The increase during the historical era can be ascribed to heightened industrialization, expansion of transportation networks, a surge in power generation needs, agricultural sector expansion, military utilization, a growing need for fuel efficiency, and governmental initiatives advocating diesel usage.

The diesel power engine market size is expected to see strong growth in the next few years. It will grow to $10.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. In the forecasted period, growth is driven by escalating demand for backup power options, increased investments in infrastructure ventures, expansion of logistics and transportation sectors, rising establishment of data centers requiring robust power solutions, and broadening construction endeavors. Key trends in this period encompass advancements in fuel efficiency, sophisticated hybrid systems, integration of IoT and AI technologies, increased utilization of biodiesel blends, and the evolution of smart engine management systems.

The diesel power engine market is expected to experience growth due to the expanding marine industry. The marine industry encompasses activities involving the construction, operation, and maintenance of water-based vessels and structures. This expansion is driven by factors such as increased global trade, offshore oil and gas exploration, growing demand for seafood, rising marine tourism, and the development of offshore renewable energy projects. Diesel power engines play a crucial role in the marine industry by providing reliable and efficient propulsion for ships and vessels, facilitating long-distance travel, supporting heavy cargo transport, and powering essential onboard systems for various marine applications. In June 2023, the Bureau of Economic Analysis reported that the marine economy constituted 1.9% ($432.4 billion) of the U.S. GDP in 2021, up from 1.7% ($363.2 billion) in 2020, and accounted for 1.8% ($730 billion) of the current-dollar gross output. This expansion underscores the significant influence of the marine industry on driving the growth of the diesel power engine market.

Major companies in the diesel power engine market are embracing digital solutions such as predictive models to enhance maintenance planning, aiming for optimal performance and reduced downtime. Predictive models utilize statistical or machine learning techniques, leveraging historical data to forecast future outcomes. For instance, in August 2023, Cummins Inc., a US-based engine manufacturer, introduced an innovative predictive model for its X15 heavy-duty engine. This technology warns owners in advance when a diesel particulate filter (DPF) differential pressure (DP) sensor is at risk of failure. Customers receive predictive alerts up to 90 days before potential sensor failure, enabling proactive scheduling of replacements to avoid downtime. Predictive alerts are communicated via email through PrevenTech or accessed using Cummins' genuine service tools such as Guidanz Mobile and INSITE. This technology will provide customers with predictive insights, empowering them to proactively schedule sensor replacements, ultimately reducing downtime and enhancing operational efficiency.

In October 2023, DEUTZ AG, a Germany-based internal combustion engine manufacturer, acquired Diesel Motor Nordic Group for an undisclosed sum. This acquisition is anticipated to help DEUTZ AG increase revenue, expand its global footprint, improve its service operations, and strengthen its position in the dynamic diesel engine market. Diesel Motor Nordic Group, based in Sweden, specializes in diesel engine manufacturing.

Major companies operating in the diesel power engine market are General Electric Company, Caterpillar Inc., Deere & Company, HD Hyundai Infracore, Mitsubishi Heavy Industries Ltd., Weichai Power Co. Ltd., Cummins Inc., Toyota industries corporation, Isuzu Motors Limited, Kubota Corporation, Yanmar Holdings Co. Ltd., Kohler Energy, Wärtsilä Oyj Abp, J.C. Bamford Excavators Limited, MAN Energy Solutions SE, Cooper Corp., Woodward Inc., FPT Industrial S.p.A., Deutz AG, Volvo Penta, Perkins Engines Company Limited, Lister Petter, Motorenfabrik Hatz GmbH & Co. KG, Mahindra Powerol, Lombardini S.r.l.

Asia-Pacific was the largest region in the diesel power engine market in 2023. The regions covered in the diesel power engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the diesel power engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A diesel engine operates on diesel fuel, converting the energy from combustion into mechanical energy. Renowned for their efficiency and durability, diesel engines are well-suited for heavy-duty tasks and extended use, owing to their superior compression ratios and thermal efficiencies compared to gasoline engines.

Diesel power engines come in several main types, including on-road diesel engines, off-road diesel engines, and others. On-road diesel engines power vehicles that traverse highways and city streets. They are utilized in standby, prime, and peak shaving operations, with rated powers ranging from less than 0.5 megawatts (MW) to over 5 megawatts (MW), catering to various end-users such as industrial, commercial, and residential sectors.

The diesel power engine market research report is one of a series of new reports that provides diesel power engine market statistics, including the diesel power engine industry global market size, regional shares, competitors with diesel power engine market share, detailed diesel power engine market segments, market trends, and opportunities, and any further data you may need to thrive in the diesel power engine industry. These diesel power engine market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The diesel power engine market consists of sales of pistons, cylinders, fuel injectors, fuel pumps, turbochargers, radiators, diesel particulate filters (DPF), and exhaust systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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