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.
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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.
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