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Diesel Engines Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), Diesel Engines Market Information by Speed, Power Rating, End User, and By Region – Forecast till 2032 The diesel engines industry will be expanding from USD 66.0 Billion in 2023 to USD 94.58 Billion by 2032, at a rate of 4.60% from 2023 to 2032.
The diesel engine, which can run on either a two-stroke or four-stroke cycle, is an internal combustion engine with an intermittent combustion piston-cylinder mechanism. The combustion byproducts are expelled from the engine through the exhaust after being burned. Compression ratios for diesel engines typically range from 14:1 to 22:1. Diesel engines are generally utilized as mechanical engines and power producers in a variety of applications, including the use in automobiles, construction machinery, locomotives, and other industrial ones.
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Market Competitive Landscape:
Diesel Engines Market Drivers:
Thanks to the rising demand for construction and auxiliary power equipment, which in turn boosts the use of diesel engines around the world, the market for diesel engines is expanding continuously in a northward trend. Global demand for diesel engines is being fueled by both the spread of superior technology and the increase in petrol prices.
The need for power generation devices is growing along with the global demand for energy, which could propel the expansion of the diesel engine market throughout the course of the forecast period. The COVID-19 pandemic lockdowns had a negative impact on commercial and industrial activities, according to IEA reports, which resulted in a 1% decline in worldwide electricity demand in 2022.
However, several developing nations, such as China and India, had rapid growth towards the end of 2022, with growth rates for these two nations ascribed to more than 8% and 6% year-over-year increase, respectively. According to the IEA, the recovery in economic activity and the quick rise of significant emerging economies like China and India are predicted to help the world’s energy consumption increase by 4.5% in 2022.
According to the World Energy Outlook, only 19% of rural areas in Sub-Saharan Africa are electrified, leaving more than 550 million people without access to power. Due to a lack of grid networks, around 600 million people live without electricity in growing Asia Pacific nations. It is anticipated that installing new grid networks in these places to provide 100% electricity will be expensive. However, hybrid power systems made up of diesel engine generators are predicted to be able to supply the energy needs of such remote places.
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Market Restraints:
The costly nature of diesel engines can restrain the growth of the diesel engine industry over the years ahead.
Diesel Engines Market Segmentation
Diesel engines are available at different speeds, such as Low (Up to 720 rpm), Medium (720-1200 rpm), and High (1200-1800 rpm, Above 1800 rpm).
Diesel engines also come at various power ratings, including Below 0.5 MW, 0.5-1.0 MW, 1.1-2.0 MW, 2.1-5.0 MW, and Above 5.0 MW.
Different major end-users in the worldwide market include Mining, Marines, Power Generation, Oil and Gas, Locomotives, Construction, and more.
Regional Insights
From 2023 to 2032, the fastest CAGR will be captured by the Asia-Pacific. With the enormous rise in average energy consumption rates and GDP growth rates in Asia-Pacific, the region’s growing infrastructure needs and electricity demand are likely to propel the market for diesel engines. Consistent power supply is projected to present a significant difficulty due to the enormous rise in power demand in developing nations with weak power infrastructure, such as China and India. As a result, sales of generators are increasing across a number of industries, particularly in the region’s commercial and industrial sectors.
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