Global Industrial Engine Market during 2022-2031
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.
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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 Players:
The report has profiled some of the Important players prevalent in the global like – Mitsubishi, Caterpillar (engines) USA, Deere & Company, Honda Motor Co. Ltd., Hyundai, SIEMENS Energy, Cummins, Kubota Corporation, and Yanmar and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Industrial Engine.
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.
“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.
Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Industrial Engine Market Manufacturers
Industrial Engine Market Distributors/Traders/Wholesalers
Industrial Engine Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Major Highlights of the Industrial Engine Market Report:
- The Industrial Engine Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Industrial Engine Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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