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.
To remain ‘ahead’ of your competitors, request for a sample @
https://www.persistencemarketresearch.com/samples/32485
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 centres with infrastructure set up in intermediate phases, which is estimated to boost the agriculture sector and power generation industry, thus fuelling 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.
For critical insights on this market, request for ask an expert here @
https://www.persistencemarketresearch.com/ask-an-expert/32485
Competitive Landscape
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.
For in-depth competitive analysis, buy now@
https://www.persistencemarketresearch.com/checkout/32485
About us:
Persistence Market Research is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers’ experience by acting as the “missing” link between “customer relationships” and “business outcomes’. The best possible returns are assured therein.
Contact us:
Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales – sales@persistencemarketresearch.com