Diesel Power Engine Market Worth 9.13 Billion USD by 2022
PUNE, India, January 24, 2018 /PRNewswire/ --
The report "Diesel Power Engine Market by Operation (Standby, Prime, and Peak Shaving), Rated Power (Up To 0.5 MW, 0.5-1 MW, 1-2 MW, 2-5 MW, and Above 5 MW), End-User (Industrial, Commercial, Residential), and Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the market is expected to grow from an estimated value of USD 7.58 Billion in 2017 to USD 9.13 Billion by 2022, at a CAGR of 3.78% from 2017 to 2022. The global market is set to witness growth due to the increasing demand for uninterrupted and reliable power supply in developing countries and the growing urbanization and industrialization, which has increased the power density in such areas.
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The standby segment is expected to hold the largest share of the Diesel Power Engine Market, by operation, during the forecast period.
The standby segment is expected to hold a major share of the Diesel Power Engine Market during the forecast period. Standby engines are used in hospitals, datacenters, shopping malls, and others. The increasing electrification rate in developing countries along with increased spending in improving transmission and distribution network is anticipated to drive the standby generator sales during the forecast period. Market players such as Caterpillar, Cummins, MAN SE, Rolls-Royce, Mitsubishi Heavy Industries, and Kohler offer standby engines for power generation.
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The Industries segment is expected to be the largest end-user segment of the Diesel Power Engine Market during the forecast period.
The industries segment is expected to be the largest Diesel Power Engine Market from 2017 to 2022. This segment is expected to grow at the highest rate during the forecast period. The major industries include cement, datacenter, metals and mining, automotive, and oil & gas. These industries require an uninterrupted and reliable power supply. Moreover, diesel power engines are deployed by end-users to address problems such as load shedding, load restoration, emergency backup, and power generation in remote locations among others.
Asia Pacific: The fastest growing market for diesel power engines
In this report, the Diesel Power Engine Market has been analyzed with respect to five regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The market in Asia Pacific is expected to dominate the global Diesel Power Engine Market due to the increasing demand for reliable power generation and urbanization in the region. The Chinese market is expected to dominate the Diesel Power Engine Market in the Asia Pacific region. Also, the Diesel Power Engine Market is expected to grow at a high rate in India and South-East Asian countries. Increasing manufacturing activities and power generation capacity additions in these countries are the key factors driving the growth of the Diesel Power Engine Market.
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The report includes the profiles of some of the top players in the Diesel Power Engine Market to enable an in-depth understanding of the competitive landscape. These include Caterpillar (US), Cummins (US), MAN SE (Germany), Rolls-Royce (UK), and Wartsila (Finland). The leading players are trying to establish themselves in developing economies and are adopting various strategies to increase their market share.
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