CAGR of 6.0% Anticipated for Industrial Engine Market by 2033: A Comprehensive Study
According to Persistence Industry Research’s most recent market estimate, the global market for industrial engines would be worth US$ 175,082.1 Mn by 2023. The market for industrial engines is predicted to reach US$ 319,511.8 Mn by 2033 with a steady growth rate of 6.0%.
Industrial Engines Market – Reporting Scope
The global industrial engine market is primarily driven by the rising demand for energy and power in various sectors such as oil and gas, construction, mining, and agriculture. The increasing need for energy-efficient and reliable industrial engines is expected to further fuel market growth in the coming years. Additionally, the growth of infrastructure development and urbanization in emerging economies is expected to provide lucrative opportunities for the industrial engine market in the near future.
On the other hand, the high cost of industrial engines and the availability of alternative power sources are some of the major challenges that are likely to hamper market growth. Furthermore, stringent government regulations related to emission control are expected to further impede the growth of the industrial engine market in the coming years.
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This research is relevant to stakeholders in the market as well as manufacturers, distributors, suppliers and investors as it can help understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers and journalists as well as business researchers in the industrial engine market can benefit from the information and statistics presented in this research report.
The report contains facts and figures pertaining to macro and microeconomic factors influencing market growth. The study also provides actionable insights based on future trends in the global industrial engine market. Additionally, regional players and new entrants in the market can use the information presented in this report to make business decisions and gain momentum in this space.
Drivers, Restraints, and Challenges:
Drivers:
- Growing demand for power generation in industries, agriculture, and construction sectors.
- Increasing investments in infrastructure development projects.
- Advancements in engine technology, leading to improved fuel efficiency and reduced emissions.
Restraints:
- Stringent government regulations on emissions and noise pollution.
- Fluctuating raw material prices affecting the manufacturing cost of engines.
- High initial investment cost and maintenance costs.
Challenges:
- Intense competition among market players, leading to pricing pressures.
- Rapidly evolving technological advancements, leading to the need for constant innovation and R&D investments.
- Limited availability of skilled labor and technicians for engine installation and maintenance.
Key market segments
Persistence Market Research’s study of the global industrial engines market is divided into four major segments: engines, fuels, cooling, operations, end-use industries, and regions. This report provides comprehensive data and information on important market dynamics and growth parameters related to these categories.
Engine
50HP –
500HP 500HP – 10,000HP 10,000HP
and above
Fuel
Diesel
Gasoline
Cooling
Air
Cooled water cooled
Work
2 stroke
4 stroke
End-use industry
Power generation
General manufacturing
Oil and gas industry
Marine industry
Agricultural/off-road vehicle
construction industry
Mining and metallurgical industry
Region
North America
Latin America
Europe
East
Asia South Asia and Pacific
MEA
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Key questions answered in the report
Which region is expected to hold a prominent market share during the forecast period?
What are the key driving factors fueling the demand for industrial engines during the forecast period?
How will current trends affect the market?
Who are the important players in the industrial engine market?
What are the important strategies of prominent players to expand their position in this environment?
research methodology
Persistence Market Research’s report conducts a comprehensive study on the evolution of the Industrial Engines market and utilizes a proprietary research methodology to reach conclusions on the future growth factors of the market. In this research methodology, analysts utilize secondary and primary research to ensure the accuracy and reliability of their conclusions.
Secondary resources include the World Bank, IMF, US Energy Information Administration, International Energy Agency, regional and regional government websites, white papers, trade journals, external and internal databases. To provide insightful information, the analysts closely interviewed several industry experts, such as sales supervisors, sales operations managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, engineering managers, and production managers.
In order to make Persistence Market Research’s forecasts of the market’s growth prospects more accurate and reliable, comprehensive information obtained from primary and secondary sources is verified from companies operating in the industrial engine market.
Key Players:
- Honda Motor Co.Ltd
- Kawasaki Heavy Industries, Ltd.
- JEEMAR POWER CO., LTD
- Chongqing Fuchai Industry Group
- Changchai Co., Ltd.
- Kohler Co.
- Motorenfabrik Hatz GmbH & Co. KG
- Loncin Motor Co., Ltd.
- Lifan Power USA
- Fuzhou Launtop M&E Co.,Ltd.,
- Caterpillar (engines) USA
- Shanghai Diesel Engine Co., Ltd.
- Cummins
- Ingersoll Rand
- DAIHATSU DIESEL MFG. CO., LTD.
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About us:
Expert analysis, actionable insights, and strategic recommendations – the industrial automation team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on IT & Telecommunications of which 100+ reports specific for IT & Telecommunications. The team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the IT & Telecommunications industry.
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