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Diesel Engines Market worth $78.8 Billion by 2028

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Diesel Engines Market worth $78.8 Billion by 2028

April 28
00:12 2023
Diesel Engines Market worth $78.8 Billion by 2028
The global diesel engines market is expected to grow from USD 63.9 billion in 2023 to USD 78.8 billion by 2028, at a CAGR of 4.3% during the forecast period.

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™.  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.

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.

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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.

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) to boost their position in the Diesel Engines Market. Companies operating in this market also focus on product launches, agreements, and contracts to increase their market shares and expand their geographic presence.

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

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.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Mr. Aashish Mehra

MarketsandMarkets™ INC.

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USA: +1-888-600-6441

Email: [email protected]

Content Source: https://www.marketsandmarkets.com/PressReleases/diesel-engines.asp

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Contact Person: Mr. Aashish Mehra
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Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/diesel-engines-market-44084125.html