Global Dual Fuel Engine Market 2024-2028
The dual fuel engine market is forecasted to grow by USD 3.09 bn during 2023-2028, accelerating at a CAGR of 14.51% during the forecast period. The report on the dual fuel engine market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increase in adoption of cleaner technologies, increase in demand for dual-fuel engines in generation of electricity, and gradual conversion of conventional engines to dual-fuel engines.
Technavio's dual fuel engine market is segmented as below:
By End-user
- Marine industry
- Power generation industry
By Type
By Geographical Landscape
- North America
- Europe
- APAC
- South America
- Middle East and Africa
This study identifies the increased oem collaboration to study dual-fuel engine technology for automobiles as one of the prime reasons driving the dual fuel engine market growth during the next few years. Also, growing advantages of using ammonia gas as substitute for natural gas in dual-fuel engines and increasing use of advanced dual fuel compression-ignition engines will lead to sizable demand in the market.
The report on the dual fuel engine market covers the following areas:
- Dual fuel engine market sizing
- Dual fuel engine market forecast
- Dual fuel engine market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading dual fuel engine market vendors that include Anglo Belgian Corp., Cummins Inc., Heinzmann GmbH and Co. KG, Kubota Corp., Volkswagen AG, Wartsila Corp., Woodward Inc., Yanmar Holdings Co. Ltd., Winterthur Gas and Diesel Ltd., Hyundai Motor Co., China Yuchai International Ltd., Daihatsu Diesel Mfg. Co. Ltd., Kawasaki Heavy Industries Ltd., Westport Fuel Systems Inc., and Caterpillar Inc.. Also, the dual fuel engine market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.