Northbrook, IL -- (SBWIRE) -- 07/17/2019 -- According to the new market research 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", The diesel power engine market is estimated to grow at a CAGR of 3.78% from 2017 to 2022, to reach a market size of USD 9.13 billion by 2022. Diesel power engines are used for power generation by end-users such as industries, commercial, and residential. The rising demand for reliable power and growing urbanization are some of the factors contributing to the growth of the diesel power engine market.
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 Wärtsilä (Finland). The leading players are trying to establish themselves in developing economies and are adopting various strategies to increase their market share.
Browse and in-depth TOC on "Diesel Power Engine Market"
69 - Tables
45 - Figures
144 - Pages
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Asia Pacific is estimated to be the fastest growing market for diesel power engine from 2017 to 2022. The increasing need for power generation, particularly in China and India, along with rising investments in manufacturing, commercial complexes, process, and other industries, has increased the demand for a constant supply of uninterrupted power. Downtime in any industry is costly, and quick start power generation can aid in improving the overall plant efficiency and minimize unwanted cost overruns. These factors are expected to drive the growth of the diesel power engine market in Asia Pacific. China and India are estimated to be the two largest markets for diesel power engine in the region in 2017. In addition, the diesel power engine market is expected to grow significantly in countries such as Australia and Bangladesh during the forecast period.
The standby segment is expected to be the fastest-growing segment of the diesel power engine market from 2017 to 2022. The growth of this segment can be attributed to the widespread application of backup power across various end-users. The use of standby engines in commercial buildings, residential societies, and industrial applications in case of power interruption and backup applications in CHP and other power plants has also resulted in the higher demand for standby engines. Asia Pacific and South America are estimated to be the fastest growing markets for diesel power engine and offer lucrative business opportunities for standby manufacturers.
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The 1 MW–2MW segment is expected to be the fastest growing market, by power rating, from 2017 to 2022. The diesel engines of this power rating find application in large residential areas and industrial applications. The 0.5MW–1 MW segment is expected to grow at the second highest CAGR from 2017 to 2022 as these are used in large applications in commercial spaces and universities. Thus, there are lucrative business opportunities in the 1 MW–2MW and 0.5MW–1 MW segments.
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