Industrial Engines Market Size, Share, Growth, and Industry Analysis, By Type (Diesel Engines, Gasoline Engines), By Application (Agriculture, Construction, Power Generation, Mining Industry, Oil & Gas, Rail & Transportation, Others), and Regional Forecast From 2022 to 2028

Updated On: 08 April 2024

Industrial Engines Market Report Overview

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The global industrial engines market size 41260 million in 2021. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a high CAGR of 6.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the industrial engines market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

In general, an industrial engine or motor is a device designed to transform one source of energy into a mechanical power. Heat is converted into work by heat engines, including internal combustion engines. Pneumatic motors use compressed air, clockwork motors inside wind-up devices use elastic energy, and electric motors convert electrical energy into mechanical motion.

An industrial engine is one that is used in any sector of industry. Applications for mechanical drive systems might range from standard irrigation pumps to machinery for smashing rocks. These engines can change speeds, but not all of them. The majority of engines have a fueling system that injects fuel further into combustor, lubrication systems that reduce friction loss of the working components, an air intake system that supplies the right volume of air for burning, cooling systems that keep different engine components cool to prevent thermal fatigue issues, and electrical systems that regulate different engine operating conditions.

COVID-19 Impact: Drop in Sales to Deplete Market Growth

The coronavirus outbreak has had a substantial influence on a number of industries, including power and energy, automotive, aerospace, and construction, on both the economy and society. The engines manufacturers have been harmed by a drop in sales, a cash flow and liquidity crisis, ownership of a sizable portion of the industrial portfolio in these industries, and other factors. Due to the widespread use of these engines in these sectors, these have had an impact on the market growth.

Latest Trends

"Prospective Purchasers to Intensify Market Magnification "

These engines are now even more appealing to prospective purchasers because to their adaptability to user specifications. Depending on the type of work they will be undertaking, organizations may now purchase auto engines with particular power ratings and engine sizes. Additionally, modern innovations including digital control systems enable users to remotely monitor engine performance and make modifications as necessary. Moreover, emerging new engine emissions management technologies and escalating advancements in industrial engines that use LPG are anticipated to create new market prospects for these engines in the approaching years.

Industrial Engines Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into diesel engines, gasoline engines

Diesel engines is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into agriculture, construction, power generation, mining industry, oil & gas, rail & transportation, others

Agriculture is the leading part of the application segment

Driving Factors

"Diesel Engines to Boost Market Share "

Gasoline engines and diesel engines make up the majority of industrial engines. In terms of internal combustion engines, diesel engine is generous. The fuel inside a diesel engine is burned by being suddenly introduced to the high temperatures and pressures of a compressed gas that contain oxygen (typically ambient air), as opposed to employing a distinct supply of ignition energy (such as a spark plug). Air and fuel are mixed before being injected into the cylinder for intake in gasoline engines. The fuel-air mixture within the engine is ignited by a spark, which causes combustion. In order to drive the pistons, hot gases are produced. Therefore, the rapid utilization of diesel engines will boost up the industrial engines market share.

"Construction Sector to Expand Market Forwarding "

Industrial engines have grown in significance during the past few years. Businesses that require dependable auxiliary power, like the construction sector, which is expanding at an unprecedented rate across several nations, drive demand. When primary sources of power fail, these engines are utilized as backups. They are additionally employed in mining operations because of their portability. Despite the fact that there are many other kinds of industrial engines on the market right now, petrol and diesel engines continue to be the most widely used because of their dependability and robust construction. Hence, the industrial engines market growth is being uplifted by their utilization.

Restraining Factors

"Increasing Price of Diesel to Deplete Market Advancement "

Nonetheless, it is anticipated that the increased price of diesel and the ongoing need for power generation will restrain industrial engines market expansion. Also, it is anticipated that excessive smoke discharge, which results in more pollution and particle matter, will restrain market expansion. 

Industrial Engines Market Regional Insights

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"Agricultural Industries to Uplift Market Growth in Asia Pacific "

The major portion of the industrial engines market is located in the Asia Pacific region. Due to an expansion in the use of applications for agriculture, construction, power production, the mining industry, oil & gas, railway, and transportation, Asia Pacific is predicted to experience significant growth. In addition, it is anticipated that China and India will grow quickly in the Asia Pacific industrial engines market. As automation extends all through the construction and agricultural sectors in developing nations like India, which is going through a considerable economic boom, the demand for industrial engines is expected to increase. 

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Caterpillar (U.S.)
• Yanmar (Japan)
• John Deere (U.S.)
• Weichai (China)
• Cummins (U.S.)
• DEUTZ (Germany)
• Yuchai (Germany)
• Kubota (Japan)
• Isuzu (Japan)
• Kohler Power (U.S.)
• FTP Industrial (Italy)
• Volvo Penta (Sweden)
• MAN (India)
• Toyota Industries (Japan)
• Power Solutions International (PSI) (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.