Chicago, May 24, 2023 (GLOBE NEWSWIRE) -- The global Diesel Engines Market is projected to reach USD 78.8 billion in 2028 from USD 63.9 billion in 2023 at a CAGR of 4.3% according to a new report by MarketsandMarkets™. Diesel engines used in the marine sector are expected to gain a significant market share in the coming years. Development in hybrid power generation in rural and remote locations offers exciting opportunities for the rise of the diesel engine in the market. Factors including the increased need for backup power production for power expansion, international marine freight transit improvement, and maritime tourism development primarily drive the diesel engine market. The propulsion systems and diesel engine market will continue to expand as more marine vessels would be required for defense and patrol.
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According to the UN, as of 2022, 50% of the global population lives in urban areas and is projected to increase to 68% by 2050. North America, South America, and Europe remain the most urbanized regions, while rapid urbanization is expected in Africa and Asia Pacific during the forecast period. Urbanization requires the development of basic support infrastructure and power T&D networks. The rising demand for modern infrastructure in urban areas has increased activity in the construction, chemical & petrochemical, food & beverage, and utilities sectors. Power reliability is one of the key growth factors for the industries, which can be achieved using diesel engines as a primary or backup source of power generation.
Diesel Engines Market Scope:
| Report Coverage | Details |
| Market Size | USD 78.8 billion in 2028 |
| Growth Rate | 4.3% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023-2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Diesel Engines Market by Speed, Power Rating, End-User, and Region. |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growth in hybrid power generation in rural and remote locations |
| Key Market Drivers | Increasing urbanization and industrialization |
Marines segment is expected to be the second-largest segment in the diesel engines market.
Marine engines are the main power source in ships for propulsion and auxiliary power and therefore play a vital role in the shipbuilding industry. The shipbuilding industry experiences peaks and troughs that directly affect the demand for diesel engines from the marines market. Maritime transport is the backbone of international trade. Stringent IMO sanctions and geopolitical scenarios can directly impact maritime transport, affecting the demand for diesel engines used in marine applications. Also, diesel locomotives have commonly utilized diesel engines as the main propulsion system, and diesel fuel is the common fuel for locomotives among railway end users.
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Carbon Offset/Carbon Credit Market Dynamics:
Drivers:
- Rising demand for reliable and uninterrupted power.
- Growing maritime tourism and international marine freight transportation
- Increasing urbanization and industrialization
Restraints:
- High fuel and operation & maintenance costs
- Competition from alternative energy sources
Opportunities:
- Growth in hybrid power generation in rural and remote locations
Challenges:
- Production of higher levels of NOx and particulate matter emissions
Asia Pacific is expected to be the largest region in the diesel engines market.
Asia Pacific is expected to be the largest Diesel Engines Market during the forecast period. Increased construction activities are expected to create new industrial zones. Increased urbanization and government initiatives are other vital factors accelerating the Diesel Engines Market in the country. Also, the investment in fisheries and the government support pertaining to the growth of the fishing industry in Asian countries will drive the market for marine diesel engines in the forecast period.
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Key Market Players:
Some of the major players in the Diesel Engines Market are Caterpillar (US), Cummins Inc. (US), Volvo Penta (Sweden), Hyundai Heavy Industries (South Korea), and MAN Energy Solutions (Germany).
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