LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global internal combustion engine market to grow at a CAGR of 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global internal combustion engine market for 2017-2021. To calculate the market size, Technavio analysts consider the demand for internal combustion engine across all geographies, i.e., APAC, EMEA, and the Americas.
ICEs, for years, have been the main power source for automotive and many other devices such as generators, lawn mowers, excavators, tractors, and combines. ICEs have proved to be more efficient and economical than external combustion engines such as steam engines. This is the reason locomotives were equipped with diesel engine consisting of ICEs.
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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global internal combustion engine market:
Growing demand for diesel generators
Emergency backup generators can prove to be a lifeline in times of crisis. Power outages even for a few minutes can imperil public health and safety as critical services come to an operational halt. Blackouts also prove to be detrimental to business, resulting in loss of revenue due to the failure to carry out normal operations. In times of power outages due to grid failure, emergency backup generators provide respite to residential as well as commercial and industrial end-users with reliable, instant, and full strength electric power.
Gaurav Mohindru, a lead tools and components research analyst at Technavio, says, “Not only electric faults, but also primary grid supply can be disrupted due to natural calamities, such as hurricanes, floods, wildfires, mudslides, and tornadoes. These phenomena draw attention to the fact that grid infrastructure is quite vulnerable at certain critical times, which makes it imperative to opt for an alternate power supply solution to ensure continuous supply of electricity.”
Downsizing and turbocharging
For years, automotive industry believed in bigger engines for better power theory. Bigger engines tend to displace more fuel, which resulted in greater power and therefore increased consumption of fuel. The times now have changed; fuel economy has become the need of the hour. The focus has shifted to getting more miles from a liter of fuel without compromising the power delivered. Consequently, carmakers across the globe came up with the concept of downsizing the engine. Downsizing as the name suggests means reducing the size of the engine without compromising its performance, this ensures significant fuel savings.
“Downsizing of the engine using turbochargers results in engines with smaller displacement to produce power that was traditionally done by engines with much higher displacements. The ICE works by igniting an air-fuel mixture. The cylinders withdraw fuel from an inlet compress it using the pistons, and the spark plug ignites the mixture,” adds Gaurav.
Growth in non-automotive diesel engine market
ICEs powered by diesel are key power sources for equipment employed in heavy-duty industries, such as construction, mining, and heavy commercial vehicles. These engines are preferred due to their high thermal efficiency and cost-effectiveness. Heavy diesel engines with a power greater than 100 hp find applications in commercial vehicles, such as trucks and buses; and in off-road equipment, such as locomotives, construction machinery, power generator sets, agriculture machinery; and in marine, military, and other applications.
The non-automotive diesel engine market was valued at USD 31.63 billion in 2016. The market is highly diverse in terms of product availability and end-users. Availability of products ranging from few 100 hp to several thousand hp. With the growing demand for these products due to increased growth in construction, power, agriculture, mining, and marine industries, the demand for diesel engines required to operate equipment in these industries is expected to get a boost.
Top vendors:
- Caterpillar
- Cummins
- Doosan Infracore
- Hyundai Machinery Ind Co. Ltd.
- MAN
Browse Related Reports:
- Global Diesel Engines Market for Non-Automotive Applications 2017-2021
- Global Gasoline Particulate Filter Market for Passenger Cars 2016-2020
- Global Dual Fuel Engine Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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