New Delhi, April 12, 2023 (GLOBE NEWSWIRE) — Asia Pacific Industrial engines market was valued at US$ 32,439.4 million in 2022 and is projected to reach US$ 52,480.6 million by 2031 at a CAGR of 5.7% during the forecast period, 2023–2031.
Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/asia-pacific-industrial-engines-market
The adoption rate of industrial engines has been increasing in recent years, driven by the growing demand for industrial equipment in various sectors such as construction, mining, and agriculture. The number of units sold per annum has also been on the rise, with a projected growth rate of around 5% over the next five years. The major end-users of industrial engines include manufacturers of heavy machinery, energy and power generation, construction, and mining.
Key Findings
- China and Japan are expected to dominate the industrial engines market in terms of revenue, owing to the rapid industrialization and increasing demand for energy and power in countries such as China and India.
- Power generation is the largest end-user of industrial engines, accounting for approximately 19% of the market share. Other major end-users include the construction sector, the mining sector, and the agriculture sector.
- Diesel engine segment dominates the market, accounting for approximately 63% of the market share. However, the demand for electric and hybrid engines is expected to increase in the coming years due to the growing focus on sustainability and environmental concerns.
Technological Advancements and Adoption of Eco-Friendly Engines to Boost Asia Pacific Industrial engines market
With the global focus on climate change and the need for more sustainable technologies, governments in the Asia-Pacific region have introduced stricter emission norms and regulations. For instance, China implemented the China VI emission standards, which are equivalent to Euro VI standards, to reduce the emission levels of diesel engines. India has also leapfrogged from BS IV to BS VI emission norms in 2020 to curb vehicular pollution.
The global green technology market is expected to reach $60 billion by 2027, exhibiting a CAGR of 27.6%. To capitalize on this growth, companies are increasingly investing in research and development of cleaner and more efficient industrial engines. For example, in 2020, Cummins announced an investment of $500 million in electrified power solutions over three years in the Asia Pacific industrial engine market.
Emerging technologies such as clean diesel, hybrid diesel systems, and alternative fuel engines (e.g., natural gas or biofuels) offer significant opportunities for companies in the Asia-Pacific industrial engines market. By adopting these technologies, manufacturers can not only comply with environmental regulations but also differentiate themselves from competitors and tap into new customer segments that prioritize environmentally-friendly solutions.
Infrastructure Development and Urbanization to Offer Lucrative Growth Opportunity for Asia Pacific Industrial engines market
The Asia-Pacific region is witnessing rapid urbanization, with the urban population expected to reach 3.5 billion by 2050, accounting for 64% of the region’s total population. This growth has led to significant investments in infrastructure development projects.
Between 2016 and 2030, the Asia-Pacific region is expected to require approximately $26 trillion in infrastructure investments, as estimated by the Asian Development Bank. Governments in the region have initiated various development projects, such as China’s Belt and Road Initiative, India’s Smart Cities Mission, and Indonesia’s National Medium-Term Development Plan.
Furthermore, collaboration with construction and infrastructure companies can lead to long-term partnerships, ensuring a steady demand for industrial engines in the region. For instance, Hyundai Heavy Industries and Cummins formed a joint venture, named Hyundai Cummins Engine Company, to develop and manufacture engines for construction equipment in South Korea, targeting the Asia-Pacific market.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/asia-pacific-industrial-engines-market
Diesel Engines Dominate the Asia-Pacific Industrial engines market
The Asia-Pacific industrial engines market is expected to witness significant growth in the coming years, driven by rapid industrialization, urbanization, and infrastructure development. Diesel engines have emerged as the most popular choice for industrial applications in the region, capturing more than 63% of the total market revenue. This popularity can be attributed to the efficiency, durability, and reliability of diesel engines, as well as their versatility across various industries.
As per Astute Analytica, the ongoing development of advanced diesel engine technologies, such as clean diesel and hybrid diesel systems, presents significant opportunities for industrial engine market growth. These innovations have the potential to reduce emissions and improve fuel efficiency, making diesel engines even more attractive for industrial applications. On the other hand, the demand for diesel engines major driven by substantial investment in infrastructure development projects, such as roads, railways, and ports. These projects are expected to drive the demand for construction equipment, power generation systems, and other industrial applications, in turn, boosting the diesel engine market.
China’s Expanding Share in the Industrial engines market
China, as the world’s second-largest economy, has experienced rapid industrial growth over the past few decades. It is the largest market in the Asia-Pacific region and is projected to see its market share increase from 27% in 2022 to 32% by 2031. This analysis delves into the factors driving China’s expansion, supported by relevant statistics and facts.
Growth Factors:
- Rapid Industrialization:
China’s industrial sector has been growing at an impressive pace, with its GDP contributing approximately 28.1% to the global GDP in 2021. This rapid industrialization has led to an increased demand for industrial engines across various sectors, including manufacturing, construction, and agriculture. The trend is expected to continue, propelling the country’s share in the industrial engines market.
- Infrastructure Development:
China’s ambitious infrastructure projects, such as the Belt and Road Initiative and the nationwide high-speed railway network, have contributed significantly to the demand for industrial engines. The country invested over $8 trillion in infrastructure between 2011 and 2021, which required massive construction equipment and power generation systems, powered primarily by industrial engines.
- Manufacturing Hub:
China is the world’s largest manufacturing hub, accounting for 28% of global manufacturing output in 2021. This dominance in the manufacturing sector creates a high scope for industrial engines market to power the machinery and equipment used in various industries, such as automotive, electronics, and heavy machinery.
- Government Support:
The Chinese government has been actively supporting the domestic industrial engine industry through various policies and incentives. For instance, the Made in China 2025 initiative aims to modernize the country’s manufacturing sector, encouraging the development of advanced industrial engine technologies.
Competitive Landscape of Asia Pacific Industrial engines market: Cummins to Lead with More than 15.4% Market Share
The Asia-Pacific has experienced significant growth in recent years, driven by rapid industrialization, urbanization, and infrastructure development. Many companies operate in this market, offering a wide range of products and services. The competitive landscape is characterized by a blend of global and local players, with the top five companies holding a cumulative market share of around 52%. This report presents a comprehensive competitive analysis of the market, focusing on key players, their strategies, and market dynamics.
Market Share of Top Players:
The chart below illustrates the market share of top players in the global industrial engines market, including both local and small-scale players:
- Cummins: 15.4%
- Hyundai: 12.5%
- CNH Industrial: 10.1%
- Ingersoll Rand: 8.3%
The Asia-Pacific industrial engines market is characterized by monopolistic competition, with a few dominant players coexisting with smaller and local companies. Leading players have adopted competitive strategies such as mergers and acquisitions, geographical expansion, product innovation, focus on environmental sustainability, and strengthening distribution and after-sales networks to maintain their market positions. To remain competitive in the market, companies must continuously innovate and adapt to the ever-changing market dynamics and customer demands.
Some of the Top Market Players Are:
- Caterpillar (engines) USA
- Changchai Co., Ltd.
- Chongqing Fuchai Industry Group
- CNH Industrial
- Cummins
- DAIHATSU DIESEL MFG. CO., LTD.
- Fuzhou Launtop M&E Co.,Ltd.,
- Honda Motor Co.Ltd
- Hyundai
- Ingersoll Rand
- JEEMAR POWER CO., LTD
- Kawasaki Heavy Industries, Ltd.
- Kirloskar
- Kohler Co.
- Lifan Power USA
- Loncin Motor Co., Ltd.
- Mitsubishi
- Motorenfabrik Hatz GmbH & Co. KG
- SIEMENS Energy
- Shanghai Diesel Engine Co., Ltd.
- Other prominent players
Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/asia-pacific-industrial-engines-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: [email protected]
Website: www.astuteanalytica.com