New York City, NY, 19 February, 2020/ 24 Market Reports: It is estimated for the global diesel power engine market to reach USD 9.17 billion by 2022, witnessing the growth at a CAGR of 3.81% during the forecast period of 2017 to 2022. The increased demand for reliable power for industries in developed and developing regions for a wide range of end-users such as residential, IT, Telecom, healthcare, utility & power generation, oil & gas, mining and construction are the factors that are driving the growth of the market during the forecast period. The growth of commercial infrastructure and the rapid pace of urbanization and industrialization are also the factors that are driving the growth for global diesel power engine market.
An industrial segment to grow at the highest rate in the market during the forecast period
Residential, commercial and industrial are the segmentation for global diesel power engine market based on end-user. During the forecast period, it is estimated for the industrial segment to grow at the highest rate in the market. The favourable government policies for the growth of the industries in the countries of Mexico, China, Brazil and India are the driving factors for the growth of the segment. However, the growth is estimated to witness a slowdown due to the stringent emission norms in regions of North America and Europe.
Standby segment, by the operation to lead the market during the forecast period
By operation, the global diesel power engine market is segmented into standby, prime/continuous, and peak shaving. The standby segment dominated the market in the year 2017 and the trend is estimated to continue throughout the forecast period. Owing to the increased requirement for backup power in various applications such as residential, hospitals and power plants for quick power generation, the segment is estimated to grow at the highest rate in the market during the forecast period.
1MW–2 MW segment of the diesel power engine market to hold the largest share in the market
Based on power rating, the 1MW–2 MW segment of the diesel power engine market is estimated to account for the largest share in the market during the forecast period. Numerous applications in industries and commercial infrastructure power generation are driving the growth for engines with a power rating of 1MW–2MW. Also, the constant power generation in regions such as the Asia Pacific and the Middle East is projected to drive the growth for 1MW–2 MW segment of the market.
The high cost of maintenance and operation to hinder the growth of the diesel power engine market
However, the high cost of maintenance and operation is the factor that is hampering the growth of the global diesel power engine market during the forecast period. Also, the growth of alternative sources of power generation such as fuel cells and renewable power generation is expected to slow down the growth of the market during the forecast period. Compared to solar and wind energy, the diesel engines have a higher operation and maintenance cost that will increase the lifecycle cost of the diesel engine.
Asia Pacific region to dominate the global market throughout the forecast period
Based on geography, the global diesel power engine market is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. During the forecast period, it is estimated for the Asia Pacific region to lead the global market. The increasing electricity demand and rising industrialization and urbanization are the factors that are driving the growth of the market in the region during the forecast period. India and China are the key markets in the Asia Pacific region for global diesel power engine market. The growth of the market in the Middle East & Africa is driven by the growing infrastructural developments and electricity demand in the region.
The following are the major objectives of the study:
- To define, describe, and forecast the global diesel power engine market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global diesel power engine market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global diesel power engine market and their future potential during next decade?
- How competitive landscape is evolving in global diesel power engine market?
