The global diesel engine market is estimated to grow from USD 63.9 billion in 2023 to USD 78.8 billion by 2028, at a CAGR of 4.3% during the forecast period. Factors including the increased need for backup power production for power expansion, international marine freight transit improvement, and maritime tourism development primarily drive the diesel engine market. The propulsion systems and diesel engine market will continue to expand as more marine vessels would be required for defense and patrol.
The diesel engine market is served by key players with a strong global presence. Caterpillar (US), Cummins (US), Volvo Penta (Sweden), Hyundai Heavy Industries (South Korea), and MAN Energy Solutions (Germany) are the market leaders in the global market. Companies operating in this market also focus on partnerships, agreements, and acquisitions to increase their market shares and expand their geographic presence.
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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. The company manufactures energy & transportation products from manufacturing locations in Australia, Brazil, China, the Czech Republic, Germany, India, Italy, Mexico, Singapore, Sweden, the UK, and the US. The company has established numerous manufacturing facilities and subsidiaries in the Americas, Europe, the Middle East & Africa, and Asia Pacific.
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.
Hyundai Heavy Industries Co., Ltd. is a known heavy machinery manufacturer worldwide. The company operates mainly through five business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant, Engine & Machinery, and Others, and employs about 75,000 people worldwide. The Engine & Machinery division provides machine engine equipment, gas and diesel engines, industrial machinery, power plant equipment, and robot systems. The company offers products and solutions for marine, power generation, oil & gas, and process industries. The company has a strong presence in South Korea, the US, and India. Hyundai Heavy Industries operates an integrated automobile manufacturing facility in South Korea with an annual production capacity of 1.6 million units. Hyundai vehicles are sold through 5,000 dealerships and showrooms in 193 countries.
Diesel Engines Market by Speed (Low, Medium, High), Power Rating (Below 0.5 MW, 0.5-1.0 MW, 1.1-2.0 MW, 2.1-5.0 MW, Above 5.0 MW), End User (Power Generation, Marine, Locomotive, Mining, Oil & Gas, Construction) & Region - Global Forecast to 2028
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