NEW YORK, June 1, 2021 /PRNewswire/ -- Global industrial engines sales are set to be valued at over US$ 158 Bn in 2021, with stable long-term projections, according to latest insights by Persistence Market Research. The report estimates the market to expand at over 6% CAGR from 2021 to 2031. Growing need for agriculture equipment and agriculture produce has led to heightened demand for industrial engines from sectors such as agriculture, oil & gas, power generation, and chemicals. Rapid product advancements are also projected to complement market growth over the coming years.
However, demand for industrial engines declined in 2020 due to the COVID-19 pandemic. Nevertheless, the oil & gas industry and construction industry is in recovery mode, which augurs well for the sales of industrial engines in future. Considering the possibility of a spur across many countries, long-term outlook of the market remains positive.
Key Takeaways from Market Study
- Off-highway vehicle engine demand is dependent on the growth rate of agricultural and construction machinery industries. Rising mechanization trend in agriculture in developing countries and spike in residential & commercial construction projects, globally, are driving the construction and agricultural machinery market, which is propelling demand for industrial engines.
- Industrial diesel engines have construction, marine, mining, hospital, forestry, telecommunication, underground, and agricultural applications, which are considered to be lucrative avenues for manufacturers.
- There is increasing need for energy and utilities for rural and semi-urban centers with infrastructure set up in intermediate phases, which is estimated to boost the agriculture sector and power generation industry, thus fueling sales of industrial engines.
- Increasing number of players focusing on R&D and product variations related to industrial engines is anticipated to aid market growth over the years to come.
- Diesel-powered engines to hold over three-fourth market share.
- The power generation industry is projected to hold over 18.2% overall market share as an end user by 2031-end.
- Sales of industrial engines witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth rate of - 5%.
- The market in Canada is projected to expand at a CAGR of around 7%, while that in the U.S. at close to 6%, through 2031.
- The market in India is set to surge at around close to 8% CAGR over the next ten years.
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"Increasing demand for mobile power generation, agriculture industry, and construction industry in recent years expected to provide impetus to industrial engine sales," says a Persistence Market Research analyst.
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The market is understood to be fairly competitive, with key (tier-1) players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are such Mitsubishi, Caterpillar (engines) USA, Deere & Company, Honda Motor Co. Ltd., Hyundai, SIEMENS Energy, Cummins, Kubota Corporation, and Yanmar.
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The research report analyzes demand for industrial engines. The market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Persistence Market Research's research scope, the market has been analyzed on the basis of engine, fuel, cooling, operation, end-use industry, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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