HOME Research Insight Caterpillar (US) and Cummins (US) are the Key Players in the Diesel Power Engine Market

Caterpillar (US) and Cummins (US) are the Key Players in the Diesel Power Engine Market

The global diesel power engine market is estimated to have a market size of USD 7.58 Billion in 2017 and is projected to grow at a CAGR of 3.78% from 2017 to 2022. In 2017, Asia Pacific is estimated to be the largest market for diesel power engines, followed by North America and Europe. The growth of the diesel power engine market is driven by the increased demand for reliable power for industries in developed and developing regions, the growth of commercial infrastructure, and the rapid pace of urbanization and industrialization.

The diesel power engine market is dominated by global as well as regional players. The key players operating in the market are Caterpillar (US), Cummins (US), MAN SE (Germany), Rolls-Royce (UK), and Wärtsilä (Finland). The other players in this market include Doosan, Hyundai Heavy Industries, Kohler, Kubota Corporation, Mitsubishi Heavy Industries, Volvo Penta, and Yanmar.

The major strategies adopted by the players in the diesel power engine market include investments and expansions, new product developments, contracts & agreements, and mergers & acquisitions. Contracts & agreements was the most commonly used strategy from 2014 to 2017. Industry players also employed the strategy of new product development, which was the second-most widely used strategy from 2014 to 2017.

Caterpillar, Inc. is a US-based manufacturer of diesel and natural gas engines, construction and mining equipment, diesel-electric locomotives, and industrial gas turbines. The company provides products and services for construction, transportation, mining, forestry, energy, logistics, electronics, financing, and electric power generation. The company principally operates its Machinery, Energy & Transportation segment through its three segments, which include construction industries, resource industries, and energy & transportation. The company also provides financing and related services through its financial products segment. Caterpillar has adopted contracts & agreements along with new product launches as its key growth strategies. In 2016, the company invested approximately USD 2 billion in R&D and launched several new products as per industrial and environmental requirements, thereby intensifying its focus on product innovation. In 2017, the company launched four new products, such as the Cat 3516E diesel engine generator for standby application, and five 50-Hz standby power nodes for its Cat 3516C diesel engine generator set, among others.

Cummins Inc. is a leading company that designs, manufactures, distributes, and services diesel and natural gas engines and engine-related component products, including filtration systems, after-treatment systems, turbochargers, fuel systems, controls systems, air handling systems, and electric power generation systems. The company consists of four operating segments, namely, engine, distribution, components, and power generation. The engine segment manufactures and markets a wide spectrum of diesel and natural gas-powered engines under the Cummins brand name. The company developed several new products in the year 2016. Under the engine segment, the company launched its QSK60-G22 engine in QSK60 Diesel Series. It has spent USD 77 million in R&D in the recent years. These investments in R&D and technology, customers, strategic partners, brand recognition, and distribution networks are shared across segments to compete more efficiently and effectively in the market.

Related Reports:

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

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