The global diesel power engine market size is projected to reach USD 7.9 billion by 2025 from an estimated value of USD 6.3 billion in 2020, at a CAGR of 4.6% during the forecast period. Increased industrialization, rising standard of living, and demand for reliable back up power are the main drivers for the market. Moreover increased investments in datacenters and commercial facilikties is expected to further drive the demand for tis product.
The diesel power engine market is dominated by a few globally established players such as Caterpilalr (US), Cummins (US), Wartsila (Finland), Rolls Royce Holdings (UK), and MAN SE (Germany). These players have adopted various growth strategies such as contracts, agreements, new product launches, and collaborations to increase their presence in the global market.
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Caterpillar is one of the leading manufacturers of diesel and natural gas engines, construction and mining equipment, diesel–electric locomotives, and industrial gas turbines. The company principally conducts business through 5 segments—Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other. The Energy and Transportation segment includes products and services related to diesel power generator sets. The company actively focuses on both organic and inorganic business strategies to increase its global market share. For instance, in May 2020, Caterpillar introduced 8 new models with standby power ratings ranging from 250 kW to 600 kW for standby applications. The company in November 2019 introduced its new engine 3516E—the latest and largest of its dual-certified EU Stage V/U.S. EPA and CARB Tier 4 Final engines. The company has been introducing new models to satisfy the emission standard requirements of various countries. These new models that meet emission standard requirements in key markets such as North America and Europe are expected to create significant opportunities for market growth.
Cummins is one of the leading companies which 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. Cummins consists of 4 operating segments, namely Engine, Distribution, Components, and Power Systems. The Engine segment manufactures and markets a wide spectrum of diesel and natural gas-powered engines under the Cummins brand name. Cummins provides services to its vast clientele from various industrial verticals, such as construction, agricultural, mining, rail, defense, oil & gas, power generation, material handling, and marine. The company actively focuses on both organic and inorganic business strategies to increase its global market share. For instance, in January 2019, as a part of organic strategy, Cummins launched a new 500 kW mobile diesel genset, which complies with Tier 4 emission standards. The C500D6RE model genset has a power rating of 500 kW as per ISO 8528, and is powered by a US Tier 4 Final-certified QSX15 Cummins engine. The company is improving its competitive edge by introducing new diesel power engine models that meet stringent emission standards. Through new product launches and introducing products to new markets, the company is expecting to improve its market standing.
Diesel Power Engine Market by Operation (Standby, Prime, and Peak Shaving), Power Rating (Below 0.5 MW, 0.5-1 MW, 1.0-2 MW, 2.0–5 MW, and Above 5 MW), End User (Industrial, Commercial, and Residential), Speed, and Region - Global Forecast to 2025
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