Rockville, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The global industrial engine market is estimated to reach US$ 18.60 billion in 2024 and expand at a 6.3% CAGR through 2034. The market is forecasted to attain a valuation of US$ 34.28 billion by 2034.
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The demand for industrial engines is increasing due to the ambitious government projects for the development of industrial zones, manufacturing facilities, and urban centers. These initiatives necessitate the use of heavy equipment and machinery, which relies on industrial engines for power generation and supply. Industrial engines are further being used to power standby generators to address frequent power outages in urban and rural areas.
In the coming years, key players are moving toward the adoption of digitalization and are integrating IoT into industrial engines. This trend is revolutionizing the field of industrial engines in terms of monitoring, maintenance, and control. These technologies enable industrial engines to provide real-time data, maintenance requirements, and fuel efficiency, thus improving sustainability and energy reliability.
| Report Attribute | Details |
| Value Projection (2034) | US$ 34.28 billion |
| Growth Rate (2024-2034) | 6.3% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 96 Tables |
| No. of Figures | 244 Figures |
“Leading players in the market are evolving and adapting to new technologies to transform their operations and product offerings," says a Fact.MR analyst.
Key Companies Profiled in This Report
- Chongchai Fuchai Industry Group
- JEEMAR POWER CO., LTD
- Kawasaki Heavy Industries, Ltd.
- Honda Motor Co. Ltd.
- Lifan Power USA
- Loncin Motor Co., Ltd.
- Motorenfabrik Hatz GmbH & Co. KG
- Kohler Co.
- Changchai Co., Ltd.
- DAIHATSU DIESEL MFG. CO., LTD.
- Ingersoll Rand
- Shanghai Diesel Engine Co. Ltd.
- Caterpillar (engines) USA
- Fuzhou Launtop M&E Co., Ltd.
- Kirloskar
- Hyundai
- CNH Industrial
- Deere & Company
- Doosan
- Kubota
- Perkins Engines
- Wärtsilä
- Mitsubishi
- SIEMENS Energy
- Yanmar
- Others
Key Takeaways from the Industrial Engine Market Study
- In 2019, the industrial engine market accumulated a total of US$ 13.65 billion.
- The East Asia market is predicted to capture a value share of 36.5% in 2024. The region is estimated to generate revenue worth US$ 6.79 billion in 2024. The market is forecast to attain US$ 13.16 billion by 2034, recording a CAGR of 6.8% over the forecast period.
- The North America market is expected to occupy a global share of 28.6% in 2024. The regional market is forecasted to generate US$ 9.97 billion by 2034, expanding at a CAGR of 6.5% through this period.
- A significant amount of users are opting for diesel as their preferred fuel type. In 2024, the diesel segment is predicted to account for 56.8% of the market. By value, this segment is estimated to be worth US$ 10.56 billion in 2024, expanding at a 7% CAGR through 2034.
- The 501 HP-10,000 HP engine type is significantly preferred by end users. This segment type is anticipated to acquire a share of 38.9% in 2024. By 2034, the segment is forecast to reach US$ 13.78 billion.
Competitive Landscape
surging investments in research and development activities to introduce technologically advanced industrial engines is expected to intensify market competition. Key players are raising their production capacity to meet the gap between demand and supply. Furthermore, other growth strategies employed by leading players include strategic alliances, mergers, and partnerships.
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Recent Developments in the Industrial Engine Market
- In November 2021, Kohler announced the introduction of its new small diesel engines for both stationary and mobile applications. The new engines by the name of Kohler Small Displacement (KSD) will be outfitted with a maximum 18.4 kW power output and 1.391-liter engine capacity.
- Yanmar Group, a manufacturer of diesel engines, entered the Indian market in February 2021. This was made possible with the joint venture between the Japanese Sumitomo Corporation and the Mahindra subsidiary.
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About Fact.MR:
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