The global Diesel Engines Market Size 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 size 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.
Regional Analysis
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 size 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 market.
Caterpillar
Caterpillar is a leading manufacturer of construction and mining natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company helps customers toward sustainability by reducing the carbon impact. Caterpillar operates in Resource Industries, Construction Industries, Energy & Transportation, and Financial Products, including reciprocating engines, marine propulsion systems, gas turbines and turbine-related services, diesel-electric locomotives, and other rail-related products and services.
Cummins
Cummins is a global provider of diesel engines and power generation equipment, such as standby and prime power generator sets, alternators, switchgear, and other components. The company operates through five business segments: Engine, Distribution, Components, Power Systems, and New Power. The company’s major engine manufacturing facilities are in Brazil, India, the US, Mexico, and the UK. The company has 500 wholly owned and independent distributor locations and over 9,000 dealers in more than 190 countries.
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