Press release
Diesel Engines Market worth $78.8 Billion by 2028 | Caterpillar, Cummins, Volvo Penta, Hyundai Heavy Industries, MAN Energy Solutions.
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™. Boost in production and manufacturing demand in the medium to long term will generate demand for continuous and reliable power supply. However, the loss of consistent power supply would result in plant downtime and hence heavy losses. The performance of power generation and oil & gas plus mining industries is expected to drive the growth of the diesel engine market. The market growth has been attributed to the growing demand for commercial vessels, which will anticipate maritime tourism, and will eventually drive the demand for diesel engines used in the marine industry.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=44084125
Power Generation is expected to be the largest segment in the diesel engines market.
The diesel engines market has been categorized based on end-users into power generation, marines, locomotives, mining, oil & gas, construction, and others. Diesel engines are used for emergency standby, prime/continuous, and peak shaving operations across the end users as needed. Increasing demand for uninterrupted power supply to support manufacturing and processing activities is expected to aid the demand growth for diesel engines for power generation applications.
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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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.
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) to boost their position in the Diesel Engines Market.
Content Source: https://www.marketsandmarkets.com/Market-Reports/diesel-engines-market-44084125.html
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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About MarketsandMarkets™:
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
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