Global Diesel Power Engine Market Overview:
The global diesel power engine market is estimated to be USD 6.3 billion in 2020 and projected to reach USD 7.9 billion by 2025, at a CAGR of 4.6%.
COVID-19 outbreak led to large scale shutdown of operations across sectors, and disruption of projects and investments across end use industries. Due to extended lockdown and disruption of operations the end use demand was low, and this was reflected in the 2020 first quarter sales of both Caterpillar, and Cummins who registered 21%, and 19% decline in revenues respectively.
Major Key Players:
Companies such as Caterpillar, Cummins, Wartsila, Rolls Royce Holdings, and Man SE fall under winner’s category. These companies cater to the requirements of their customers by providing up to date products that meet stringent of the emission norms and serve wide range of applications based on customer requirement. Moreover, these companies have strong distribution network, order book, and have effective supply chain strategies.
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Diesel Power Engine Market Ecosystem
Industries require standby power generation to be used in the case of power outages or voltage fluctuations. Several large industries are in remote locations where distribution supply is unavailable. In such situations, industries need power generation to provide prime power and require other sets of power generation for emergencies. Temporary power supply for projects is another major application in industrial segment. Increased industrial activity and investments in Asia Pacific are expected to drive the demand for diesel power engines.
Demand for diesel power engines from the industrial and commercial sectors for standby power generation and peak shaving is the major driver for demand in this segment. High-speed diesel engines which operate at speeds of more than 1000 rpm are popular in low- and medium-power engine segments. These high-speed engines offer advantages such as low initial cost, better fuel efficiencies, low maintenance cost, and reduced overhaul frequency and related costs. Industrial and commercial end users prefer diesel power engines of this segment due to their quick-start capability.
Europe: Fastest Growing Market for diesel power engines
High growth in European market is driven by the increased investments in datacenters owing to the demand from global trends, digitalization, analytics, and cloud computing. Key policy decisions by the EU, especially General Data Protection Regulation (GDPR), which indirectly forces global companies to process European data on European soil, are expected to drive the demand in this area. Emergency standby power is required for datacenters to stay online in spite of the main power grid supply interruptions. These factors are expected to drive the growth of diesel power engines in Europe.
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Recent Developments:
- In May 2020, Larsen & Toubro was awarded a contract to strengthen the urban HT line Caterpillar released 8 new models with standby power ratings ranging from 250 kW to 600 kW, for stationary standby applications.
- In April 2020, Wärtsilä won a contract to deliver diesel power engines to Isla Norte Energy Corp’s (Philippines) 23-MW power plant on the island of Bantayan (Philippines). The company has won a contract to supply 2 of its W32 series diesel power engines.
- In January 2020, 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.
- In August 2019, Doosan Infracore entered an engine production and sales contract with BBI Indonesia. Under this contract, the company will produce 1600 units a year in BBI’s production facility in Indonesia to cater to the needs of the South East Asian market.
