Advanced Computing To Boost The Industrial Engine Market

Author: Kalyani Badkas

Global Industrial Motor Market on Period 2022-2031

According to the latest insights from Persistence Market Research, global industrial engine sales are projected to exceed US$158 billion in 2021, with stable long-term forecasts. The report estimates that the market will grow at over 6% CAGR from 2021 to 2031.

The growing need for farm equipment and agricultural products has resulted in increased demand for industrial engines from sectors such as agriculture, oil and gas, power generation and chemicals. Rapid product advancements are also expected to complement market growth in the coming years.

However, demand for industrial engines declined in 2020 due to the COVID-19 pandemic. Nevertheless, the oil and gas industry as well as the construction industry are in recovery mode, which bodes well for future sales of industrial engines. Given the possibility of a spur in many countries, the long-term outlook for the market remains positive.

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The report has profiled some of the major global players including Mitsubishi, Caterpillar (Engines) USA, Deere & Company, Honda Motor Co. Ltd., Hyundai, SIEMENS Energy, Cummins, Kubota Corporation and Yanmar and more.

This report covers Industrial Engine sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future prospects.

Important insights from the market study

  • The demand for engines for off-highway vehicles depends on the growth rate of the agricultural and construction machinery industry. The increasing mechanization trend in agriculture in developing countries and the increase in residential and commercial construction projects worldwide are driving the construction and agricultural machinery market, which drives the demand for industrial engines.
  • Industrial diesel engines have construction, marine, mining, hospital, forestry, telecommunications, underground and agricultural applications that are considered lucrative avenues for manufacturers.
  • The demand for energy and utilities for rural and semi-urban centers with infrastructure being built in intermediate phases is increasing, which is estimated to boost the agricultural sector and the power generation industry, thereby boosting sales of industrial engines.
  • An increasing number of players focused on R&D and product variations related to industrial engines are expected to support the market growth in the coming years.
  • Diesel engines are said to hold more than three quarters of the market share.
  • The power generation industry is expected to hold a total market share of over 18.2% as an end user by the end of 2031.
  • Industrial engine sales experienced a slump in 2020 with a recorded growth rate of -5% due to the COVID-19 pandemic.
  • The market in Canada is expected to grow at a CAGR of around 7% through 2031, while that in the US will grow at almost 6%.
  • The market in India is expected to grow at about 8% CAGR over the next decade.

"Increasing demand for mobile power generation, agriculture and construction in recent years should boost sales of industrial engines," says an analyst with Persistence Market Research.