The global industrial engine market is projected to grow to US$ 18.60 billion in 2024 and increase at a 6.3% CAGR by 2034. The market is expected to achieve a valuation of US$ 34.28 billion by 2034.

The need for industrial engines is growing as a result of the ambitious projects of the government for the growth of industrial areas, manufacturing plants, and urban towns. These projects require heavy machinery and equipment, which depends upon industrial engines for power supply and generation. Industrial engines are also being employed to run standby generators in order to handle regular power failures in urban and rural settings.

Over the next few years, major companies are shifting toward embracing digitalization and are adopting IoT into industrial engines. The trend is changing the way the industrial engine space operates with regards to monitoring, maintenance, and control. Industrial engines can use these technologies to offer real-time information, maintenance needs, and fuel efficiency, thereby enhancing sustainability and energy dependability.

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"Market leaders are changing and reorienting towards new technology to reshape their businesses and offerings," says a Fact.MR analyst.

Key Takeaways from the Industrial Engine Market Study

• In 2019, the industrial engine market compiled a total sum of US$ 13.65 billion.
• The East Asia market is anticipated to hold a value share of 36.5% in 2024. The region is estimated to register revenue of US$ 6.79 billion in 2024. The market is expected to reach US$ 13.16 billion in 2034, growing at a CAGR of 6.8% during the forecast period.
• The North America market will hold a global position of 28.6% by 2024. The regional market is anticipated to reach US$ 9.97 billion by 2034, growing at a CAGR of 6.5% during this time.
• A large number of users are choosing diesel as their fuel type of choice. In 2024, the diesel segment is expected to hold 56.8% of the market. By value, this segment is expected to be worth US$ 10.56 billion in 2024 and grow at a 7% CAGR during 2034.
• The 501 HP-10,000 HP engine type is highly favored by end users. This segment type is expected to capture a share of 38.9% in 2024. The segment is expected to reach US$ 13.78 billion by 2034.

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Competitive Landscape

ramping up investments in research and development operations to bring technologically advanced industrial engines is likely to make market competition stronger. Major players are increasing production capacity to cover the demand-supply gap. In addition, other growth measures adopted by top players are strategic alliances, mergers, and partnerships.

Recent Trends in the Industrial Engine Industry

• In November 2021, Kohler revealed the launch of its new small diesel engines for stationary and mobile uses. The new engines by the title of Kohler Small Displacement (KSD) will be equipped with a maximum power output of 18.4 kW and 1.391-liter engine capacity.
• Yanmar Group, which is a producer of diesel engines, made an entry into the Indian market in February 2021. This became possible due to the collaboration of the Japanese Sumitomo Corporation and the Mahindra subsidiary.

Main Companies Featured in This Report

• Chongchai Fuchai Industry Group
• JEEMAR POWER CO., LTD
• Kawasaki Heavy Industries, Ltd.
• Honda Motor Co. Ltd.
• Lifan Power USA
• Loncin Motor Co., Ltd.
• Motorenfabrik Hatz GmbH & Co. KG
• Kohler Co.
• Changchai Co., Ltd.
• DAIHATSU DIESEL MFG. CO., LTD.
• Ingersoll Rand
• Shanghai Diesel Engine Co. Ltd.
• Caterpillar (engines) USA
• Fuzhou Launtop M&E Co., Ltd.
• Kirloskar
• Hyundai
• CNH Industrial
• Deere & Company
• Doosan
• Kubota
• Perkins Engines
• Wärtsilä
• Mitsubishi
• SIEMENS Energy
• Yanmar
• Others

Segmentation of the Industrial Engine Market Research

• By Fuel Type:
  • Diesel
  • Gasoline
• By Engine Type:
  • 50HP-500HP
  • 501HP-10,000HP
  • Above 10,000HP
• By Region:
  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia and Oceania
  • Middle East and Africa

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