Diesel Power Engine Market Size was valued at USD 7.01 Billion in 2021. The Diesel Power Engine market industry is projected to grow from USD 7.68 Billion in 2022 to USD 13.12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.91% during the forecast period (2024 - 2030). The worldwide diesel power engine market is expected to stagnate in terms of growth. This is owing to the significant growth in the power sector, which has coincided with population growth and increased energy demand in many regions are the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The diesel power engine market is expected to witness a stagnation in growth during the forecast period. This is due to the considerable growth in the power sector with the population boom along with the rise in energy demand in various regions. The growth is primarily attributed to the need for uninterruptible power by major end-user across all the regions.
The necessity for uninterruptible power by major end-users across all areas is mostly to blame for the growth. The diesel engine is an internal combustion engine that ignites a fuel charge using the heat of compression. In gasoline engines, mechanical ignition components such as spark plugs, coils, and distributor assemblies are not required for ignition. Instead, the piston in a diesel engine cylinder compresses the air in the cylinder as it goes higher on the compression stroke. As the diesel fuel is fed into the cylinder, the air temperature in the cylinder rises, igniting it. The basic components of a diesel engine are identical to those found in a gasoline engine, notwithstanding the fundamental difference in how ignition occurs. The cylinder block, crankshaft, valve train, camshaft, pistons, and connecting rods are all present in both engines. They both need a cooling system and a lubricating system. Therefore, such factors related to Diesel Power Engine have enhanced the Diesel Power Engine market CAGR across the globe in recent years.
The Diesel Power Engine market segmentation, based on operation, includes Standby, Prime, and Peak Shaving. The standby segment held the majority share in 2021 of the Diesel Power Engine market revenue. The standby segment is estimated to dominate the market in 2017. Also, it is projected to grow at the highest rate during the forecast period due to the increased requirement for backup power in various applications such as residential, hospitals, and power plants for quick power generation.
The Diesel Power Engine market segmentation, based on rated power, includes Up To 0.5 MW, 0.5–1 MW, 1–2 MW, 2–5 MW, and Above 5 MW. The 1–2 MW segment held the majority share in 2021 of the Diesel Power Engine market revenue. The 1 MW-2 MW segment is estimated to dominate the market in 2017. Diesel engines of this power rating are used in large residential areas, commercial buildings, universities, and industrial applications for standby and prime applications. Moreover, the growing urbanization and industrialization in regions such as Asia Pacific and the Middle East, are expected to power the growth of this market in future.
Based on end user, the Diesel Power Engine market segmentation includes Industrial, Commercial, Residential. The industrial segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The industrial segment, by end-user, is estimated to be the fastest-growing diesel power engine market, during the forecast period. The industrial segment includes power station, oil & gas, and others such as mining, chemical, and manufacturing. The growth of this segment, especially in Asia Pacific, South America, and the Middle East & Africa, is expected to drive the market. The higher requirement of power generation in these regions is expected to drive the demand for diesel power engine. These all factors for Diesel Power Engine positively impact the market growth.
Figure 2: Diesel Power Engine Market, by End User, 2024 & 2030 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region is expected to grow at the highest CAGR from 2022 to 2030, wherein China was the largest country-level market, followed by India and Japan. The market in Asia Pacific is driven by the rise in demand for reliable power supply, rising power generation capacity, and the growth of the manufacturing and processing industries.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3 Diesel Power Engine Market Share By Region 2021 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Diesel Power Engine market accounts for the fastest market share. Diesel engines are the backbone of Europe’s power industry, with the region’s two largest markets – Germany and Italy – accounting for over half of the continent’s total demand. Diesel engines are highly efficient and versatile, making them ideal for a wide range of applications including power generation, construction, farming and transportation. Demand for diesel engines in Europe is forecast to grow steadily in the coming years, driven by continued economic growth and the shift towards more fuel-efficient vehicles. Further, the German Diesel Power Engine market held the largest market share, and the UK Diesel Power Engine market was the fastest-growing market in the European region.
North American, Diesel Power Engine market, is expected to grow at a significant CAGR from 2022 to 2030. The North American diesel power engine market is the second largest in the world. The US is the largest market in North America, followed by Canada. The rising demand for fuel-efficient and powerful engines is one of the key factors driving the market growth. Moreover, the increasing adoption of diesel engines in the construction, agriculture, and mining industries is also fuelling market growth. Moreover, the U.S. Diesel Power Engine market held the largest market share, and the Canadian Diesel Power Engine market was the fastest-growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Diesel Power Engine market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Diesel Power Engine industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Diesel Power Engine. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Diesel Power Engine industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Diesel Power Engine industry to benefit customers and expand the market sector. The Diesel Power Engine market has recently given medicine some of the most important advantages. Major hair care product market players, including Caterpillar Inc., Cummins, Inc., MAN SE, Rolls-Royce Holdings plc., Wärtsilä Corp, Mitsubishi Heavy Industries, Ltd., Volvo Penta, Hyundai Heavy Industries Co., Ltd., Doosan, Yanmar Co., Ltd., Kubota Corporation and Kohler Co., and others, are attempting to increase market demand by funding R&D initiatives.
Caterpillar Inc. is a Fortune 100 company and one of the world's leading manufacturers of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company was founded in 1925 and is headquartered in Deerfield, Illinois, USA. Caterpillar operates in more than 180 countries and has over 100 manufacturing and assembly facilities worldwide. In addition to its core construction and mining equipment business, the company also provides financing and insurance services to customers through its Caterpillar Financial Services division. Caterpillar is a publicly traded company and its stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol "CAT".
Cummins Inc. is a power leader that designs, manufactures, sells, and services diesel and natural gas engines, electric power generation systems, and engine-related component products. The company was founded in 1919 and is headquartered in Columbus, Indiana, USA. Cummins operates in more than 190 countries and serves customers in a variety of industries including transportation, data centers, power generation, construction, mining, and agriculture. In addition to engines, the company also offers a range of power generation, filtration, and emission solutions. Cummins is a publicly traded company and its stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol "CMI". The company has reputation for the reliability and longevity of its products and is considered a leader in sustainability and corporate responsibility
January 2022 Caterpillar company announced the launch of a new line of drop-in engines. Caterpillar had introduced a range of drop-in engines that are ready to use right out of the box due to their easy installation, and reliable and robust construction.
February 2021 Yanmar Group announced the inauguration of its first diesel engine manufacturing facility in India at ORIGINS, Chennai.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 7.01 Billion |
| Market Size 2022 | USD 7.68 Billion |
| Market Size 2030 | USD 13.12 Billion |
| Compound Annual Growth Rate (CAGR) | 6.91% (2024-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Operation, Rated power, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Caterpillar Inc., Cummins, Inc., MAN SE, Rolls-Royce Holdings plc., Wärtsilä Corp, Mitsubishi Heavy Industries, Ltd., Volvo Penta, Hyundai Heavy Industries Co., Ltd., Doosan, Yanmar Co., Ltd., Kubota Corporation and Kohler Co. |
| Key Market Opportunities | Reliable power supply |
| Key Market Dynamics | Increase in demand for data centers and IT facilities Rapid urbanization in developing countries |
Frequently Asked Questions (FAQ) :
The Diesel Power Engine market size was valued at USD 7.01 Billion in 2021.
The market is projected to grow at a CAGR of 6.91% during the forecast period, 2024-2030.
Asia Pacific had the largest share of the Diesel Power Engine market.
The key players in the market are Caterpillar Inc., Cummins, Inc., MAN SE, Rolls-Royce Holdings plc., Wärtsilä Corp, Mitsubishi Heavy Industries, Ltd., Volvo Penta, Hyundai Heavy Industries Co., Ltd., Doosan, Yanmar Co., Ltd., Kubota Corporation and Kohler Co.
The standby category dominated the market in 2021.
The industrial had the largest share in the market for Diesel Power engines.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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