Industrial Engine Market Revenue Growth, Forecast by Fact MR


In 2024, the global industrial engine market (産業用エンジン市場) is estimated to be valued at US$ 18.60 billion. By 2034, it is projected to reach US$ 34.28 billion in revenue, with a compound annual growth rate (CAGR) of 6.3%. The global industrial engine market is a dynamic sector driven by various factors such as growing industrialization, increasing demand for power generation, and technological advancements. These engines play a crucial role in powering a wide range of industrial applications, including construction equipment, agricultural machinery, power generation, and marine vessels. The market is characterized by intense competition, technological innovation, and a strong focus on sustainability and efficiency.

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Market Dynamics:

The industrial engine market is primarily driven by the increasing demand for reliable and efficient power generation solutions across various industries. The growing industrialization in emerging economies, coupled with the expansion of key industries such as construction, agriculture, and mining, is fueling the demand for industrial engines. Moreover, stringent emission regulations are encouraging manufacturers to develop more environmentally friendly engines, driving the market growth further.

Technological advancements are also playing a significant role in shaping the market dynamics. Manufacturers are increasingly focusing on developing engines that are more fuel-efficient, reliable, and durable. Integrated solutions such as telematics and IoT-enabled systems are being incorporated into industrial engines to enhance performance monitoring and optimize maintenance schedules, thereby reducing downtime and operational costs.

Market Future Outlook:

The industrial engine market (산업용 엔진 시장) is expected to witness steady growth in the coming years, driven by factors such as increasing infrastructure development, rising demand for power generation, and the adoption of advanced technologies. The growing trend towards sustainable practices and the shift towards cleaner energy sources are expected to drive the demand for more efficient and environmentally friendly industrial engines.

Moreover, the increasing focus on digitalization and connectivity is expected to create new opportunities in the market. Manufacturers are increasingly incorporating advanced technologies such as AI and machine learning into their engines to enhance performance, efficiency, and reliability.

Market Insights:

The industrial engine market is also witnessing a growing trend towards customization, with manufacturers offering a wide range of engines tailored to meet the specific requirements of different industries and applications. Moreover, the growing demand for rental and leasing services is expected to drive the growth of the industrial engine market further.

Key players:

  • Chongchai Fuchai Industry Group
  • Kawasaki Heavy Industries, Ltd.
  • Honda Motor Co. Ltd.
  • Lifan Power USA
  • Loncin Motor Co., Ltd.
  • Motorenfabrik Hatz GmbH & Co. KG
  • Kohler Co.
  • Changchai Co., Ltd.
  • Ingersoll Rand
  • Shanghai Diesel Engine Co. Ltd.
  • Caterpillar (engines) USA
  • Fuzhou Launtop M&E Co., Ltd.
  • Kirloskar
  • Hyundai
  • CNH Industrial
  • Deere & Company
  • Doosan
  • Kubota
  • Perkins Engines
  • Wärtsilä
  • Mitsubishi
  • SIEMENS Energy
  • Yanmar

Competitive Landscape:

Market players are actively pursuing a larger market share through strategic partnerships, innovative investments, and adherence to environmental regulations. Industry leaders are consistently dedicating resources to research and development to create cleaner, more efficient, and technologically advanced industrial engines. Moreover, top competitors are forging alliances with manufacturers from various sectors, including agriculture, automotive, and construction, to ensure a steady demand for industrial engines.

Recent Developments in the Industrial Engine Market:

In 2023, AGCO Corporation introduced a new series of diesel engines called CORE, designed to accommodate future alternative fuels such as gas and hydrogen. These engines have the capacity to reduce greenhouse gas emissions by up to 90% when utilizing renewable HVO fuels.

In August 2023, Cummins Inc. announced the approval of its entire line of diesel high-horsepower engines for use with renewable diesel fuels. This approval extends to high-horsepower engines employed across diverse industries such as marine, mining, defense, rail, and oil and gas.

In July 2023, Ford Motor Company and General Motors declared their intention to continue investing in internal combustion engine vehicles powered by diesel and gas, despite their commitments to electric vehicle development.

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Segmentation of the Industrial Engine Market (marché des moteurs industriels) Research

  • By Fuel Type:
    • Diesel
    • Gasoline
  • By Engine Type:
    • 50HP-500HP
    • 501HP-10,000HP
    • Above 10,000HP
  • By Region:
    • North America
    • Europe
    • Latin America
    • East Asia
    • South Asia and Oceania
    • Middle East and Africa

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