Global Diesel Power Engine Market Overview
Market Research Future (MRFR) analyzed that the global Diesel Power Engine Market is anticipated to expand at a CAGR of about 5.5% across the forecast period of 2017 to 2023. Diesel power engines are becoming desirable across different industry verticals. It is gaining popularity due to its ability to meet the rising commercial, industrial, and residential energy demand. These factors are expected to propel the growth of the global diesel power energy market.
Other factors that are likely to rise energy demand are rising urban populace, increase IT facilities, growing number of data centers, and strong economies having numerous diesel power engine projects, which are likely to impact the market positively. However, the emergence of alternate generation resources can interfere the market growth.
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The diesel engine refers to an internal combustion engine which uses the heat of compression for ignition of a fuel charge. Mechanical ignition components used in gasoline engines like coils, spark plugs, and distributor assemblies are not required for ignition in a diesel engine. Instead of that, as the piston in a diesel engine cylinder moves upwards on its compression stroke, the engine compresses the air in the cylinder. This leads to a rise in the temperature of the air in the cylinder for the ignition of the fuel as it is injected into the cylinder. Even though the fundamental principles of ignition are different, it occurs, causing the major components of a diesel engine to be similar to those of a gasoline engine. Both these engines have a cylinder block, crankshaft, a valve train, camshaft, pistons, and connecting rods. Also, they both require a lubrication system and a cooling system.
Increasing demand for data centers and IT facilities are expected to propel the expansion of the market in the years to come. In addition, a rising inclination towards power backup in both residential and commercial places is anticipated to expedite the expansion of the diesel power engine market over the next couple of years.
Urbanization and industrialization are prognosticated to provide impetus to the growth of the diesel power engine market across the review period. However, the emergence of alternative sources of power remains an impediment to market growth.
Global Diesel Power Engine Industry Segmental Overview:
The key segments of the global diesel power engine market, based on operation, are prime, standby, and peak shaving.
On the basis of rated power, the segmental analysis of the diesel power engine market covers up to 0.5 MW, 0.5–1 MW, 1–2 MW, 2–5 MW, and above 5 MW. The 1 MW-2 MW segment is anticipated to secure the pole position in the global marketplace over the next few years. Increasing applications in large residential and commercial buildings are prognosticated to lead the growth of the segment in the years to come.
By on operation, the diesel power engine market has been segmented into prime, peak shaving, and standby. In 2017, the standby segment held the maximum share of the market. MRFR asserts that by 2023, the segment is expected to exhibit a higher CAGR across the forecast period due to the increase in the need for backup power in the automobiles.
The end-user segments of the global diesel power engine market assessed in this MRFR report are commercial, industrial, and residential. Among these, the industrial segment, which encompasses, power station, chemical, oil & gas, mining, and manufacturing, is anticipated to emerge as the fastest-growing segment in the forthcoming years.
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By region, the diesel power engine market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (RoW). The
Asia Pacific is expected to exhibit fast growth owing to the rapid developments in the industrial and commercial sectors of the region. Further, the presence of various developing nations in the region is predicted to boost the demand for power and energy in the foreseeable future.
High energy consumption, widening urban populace, and rapid industrialization in Asia Pacific are observed as potent booster for the regional market. Both the industrial and commercial segments are likely to gain traction for the regional market. However, lack of effective power supply infrastructure in the region is likely to hinder the expansion of the APAC diesel engine power market. But hefty investment made by key players in improving the power supply base and the ever-expanding manufacturing industry in APAC are likely to gain momentum for the market over the forecast period. The market in North America, followed by Europe, is expected to exhibit steady growth pace over the evaluation period.
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