Diesel Engines Market Trend Analysis, Latest Revenue Figures, Business Outlines, Growth Insights, Industry Supply, and Forecasts until 2029 | Caterpillar (US), Cummins Inc. (US), Volvo Penta (Sweden), Hyundai Heavy Industries (South Korea), and MAN Energy

Diesel Engines Market by Speed (Low, Medium, High), Power Rating (Below 0.5 MW, 0.5-1.0 MW, 1.1-2.0 MW, 2.1-5.0 MW, Above 5.0 MW), End User (Power Generation, Marine, Locomotive, Mining, Oil & Gas, Construction) & Region - Global Forecast to 2028

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The diesel engines market is dominated by many global players that have a wide regional and global presence. The leading players in the diesel engine market are Caterpillar (US), Cummins Inc. (US), Volvo Penta (Sweden), Hyundai Heavy Industries (South Korea), and MAN Energy Solutions (Germany).

"The diesel engines market is projected to grow at a CAGR of 4.3% from 2023 to 2028"

The global diesel engines market is estimated to grow from USD 63.9 Billion in 2023 to USD 78.8 Billion by 2028; it is expected to record a CAGR of 4.3% during the forecast period. Increasing rising electricity consumption driving the need to fulfill the growing energy requirements with backup power solutions is expected to boost the market.

"High-Speed engines is projected to be the largest growing segment in the market "

Based on speed, the diesel engine market has been categorized into low, medium, and high. High-speed engines are expected to be the largest segment in the diesel engines market. The high-speed engines include engine speeds of 1200-1800 rpm and above 1800 rpm. The power generation industry is the primary end-user for diesel engines, majorly of high speed, hence expected to drive the growth of this segment.

"Below 0.5 MW followed by 1.1-2.0 MW segment is expected to emerge as the largest segments based on power rating"

The diesel engine market has been categorized based on power rating as below 0.5 MW, 0.5-1 MW, 1.1-2 MW, 2.1-5 MW, and above 5 MW.1.1-2.0 MW is the second largest diesel engine segment in the diesel engine market. Residential and commercial end users usually prefer low-power options. Medium-power models are generally used in commercial and small-scale industrial applications. Large hospitals, data centers, and commercial facilities also install multiple 1.1-2.0 MW units operating in parallel to support their large connected loads. Therefore, increased investments in the data center space are expected to contribute to segment growth.

"By End User, the power generation segment is expected to be the fastest growing market during the forecast period."

Based on enduser, the power generation segment is expected to be the fastest-growing segment during the forecast period. Power generation end users require a reliable, uninterrupted power supply to carry out operations withouthindrances. Unlike the power generated from conventional power plants, renewable sources are not dispatchable and fluctuate over time. Hence, power plants constructed with diesel engines are the ideal complement to intermittent renewables in the power generation sector.

"North America is expected to be the second fastest-growing region in the diesel engines market."

North America, after Asia Pacific, is expected to be the second fastest region in the diesel engines market during the forecast period. The market growth in North America can be attributed to the urbanization in the region.Aging infrastructures resulting in power blackouts in the region, lead to economic losses. In a large-scale outage, diesel power engines will likely play a key role as a backup source of electricity generation.

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These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the diesel engines market.

Research Coverage:

The report defines, describes, and forecasts the global diesel engine market by speed, power rating, enduser,and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.

This release was published on openPR.