Compound Grow Rate to Top 3.2% Says Latest Reseach
For those who predicted the decline in diesel, think again. The global diesel power engine market is projected to expand by $39.1 billion from 2024 to 2028.
According to the latest report from Technavio, this amounts to a compound annual growth rate (CAGR) of 3.21%, with growth is driven by the advantages diesel power engines, including fuel efficiency, higher torque, and durability.
The market is particularly strong in the APAC region, which accounts for 50% of the market share. Key markets include China, the US, South Korea, Japan, and India.
The trend of converting conventional diesel engines to dual-fuel natural gas engines is a significant growth driver. These dual-fuel engines offer cost savings, operational flexibility, and reduced emissions, making them attractive to industries like mining and construction. Major players such as Caterpillar and Kubota are developing advanced diesel engines with improved power density and fuel efficiency.
Despite regulatory challenges and the rise of electric vehicles, the demand for diesel power engines in construction, transportation, and power generation remains robust. Innovations in cleaner fuels and advanced engine technologies are essential for meeting stringent emission standards and sustaining market growth.
