Global Diesel Power Engine Market - Analysis by End-user, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The demand for reliable electricity is growing across the world on account of industrial expansion and development of commercial infrastructure. Moreover, the growth in urban infrastructure is driving the demand for reliable source of power. The power requirements in industrial and commercial sector is of paramount importance to ensure fruitful business operations, which provides huge opportunity for diesel power generation. As diesel power generation is technically most appropriate as standby power source for industrial and commercial sector, the market for diesel power engines is likely to receive huge thrust in the near future.
Mahindra Powerol ventures into high-power diesel generators in India with an investment of INR 160 crore, thereby, creating a new trend in the overall diesel power engine market. The DG sets are equipped with advanced Common Rail Diesel Engine (CRDe) technology, which reduces pollution levels, offers heavy-duty performance, and fuel efficiency. Such trends are expected to further propel the growth of diesel power engine market during the forecast period.
Increasing Shift towards Gas Generators - Restrains the Market
The stringent emission norms and regulations across the world has led to increased focus on lowering the greenhouse gas emissions and reducing the carbon footprints. The requirement of clean source of power is creating hurdle for conventional power sources, which is expected to restrain the growth of diesel power engine market during the forecast period. The gas generators are being increasingly used as an alternate to diesel power generators and it is a clean source of power generation. Moreover, low natural gas prices and volatile diesel fuel costs have led to end-users preferring gas generators over diesel generators. Thus, increasing shift towards gas generators is anticipated to restrain the market growth of diesel power engines.
Asia-Pacific to Dominate the Market Share
Asia-Pacific is witnessing huge increase in average energy consumption rate and GDP growth rate, with China and India experiencing the highest industrialization and urbanization rates. The massive increase in power consumption in developing countries, such as China and India, with inadequate power infrastructure, is likely to make steady power supply a serious challenge. Thus, the demand for steady power boosts the sales of generator in several sectors, especially the industrial and commercial segments in the region. Moreover, the growing energy demands of the burgeoning manufacturing industry are expected to provide huge impetus to generators business in the Asia-Pacific region. As a result, Asia-Pacific is expected to witness the fastest growth in the global diesel power engine market during the forecast period.
Key Developments in the Market
February 2018: Caterpillar Inc. had successfully added the Cat XQ125 mobile diesel generator set to the company’s line of Tier 4 Final rental power solutions, which met Tier 5 Final emission standards. The new product, rated at 125 kVA is equipped with the Cat Connect platform, allows the dealer to remotely monitor multiple generator set parameters
The major players include - Caterpillar Inc., Cummins Inc., Kohler Co., Rolls-Royce Holding PLC, Wartsila Oyj Abp, Mitsubishi Heavy Industries Ltd, Hyundai Heavy Industries Co Ltd, Man SE, Volvo Penta, Doosan Corp, Yanmar Holdings Co., Ltd., Kubota Corp, among others.
Reasons to Purchase This Report
Current and future diesel power engine market outlook in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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