Dual Fuel Engine Market

Market Overview:

The global dual fuel engine market size reached US$ 3.12 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.09 Billion by 2028, exhibiting a growth rate (CAGR) of 16.8% during 2023-2028. The widespread product adoption in the power generation industry, extensive research and development (R&D) activities and the increasing product demand in the marine industry represent some of the key factors driving the market.

 A dual-fuel engine is an internal combustion (IC) engine that operates using a mixture of two different fuels. It runs on primary (main) and secondary (pilot) fuel, where the primary source is typically a gaseous fuel, such as hydrogen or syngas, or natural gas, which is injected into the intake manifold. On the other hand, the secondary or pilot fuel is injected into the combustion chamber using the standard fuel injection equipment and is used to ignite the mixture. Dual fuel engines produce similar or higher state and transient performance in terms of torque, power output, and fuel conversion efficiency, reduce the environmental impact of oil and gas operation, and offer cost-effectiveness and reduced fuel consumption.

Dual Fuel Engine Market Trends:

The widespread product adoption in the automotive industry across the globe is creating a positive outlook for the market. The dual fuel engine is widely used in compression ignition (CI) engines to promote the use of more readily available gaseous fuels or more efficient, advanced combustion modes. Additionally, the increasing utilization of dual fuel engines for land-based oil and gas drilling applications, as they deliver the same power density, torque curve, and transient response as the base diesel engine, is favoring the market growth. In line with this, the launch of the dual fuel combustion system in a mining truck which includes an onboard hydrogen storage system and replaces significant volumes of diesel due to the rising environmental consciousness among the masses is acting as another growth-inducing factor. Apart from this, the integration of machine learning (ML) with dual fuel engines that are used to predict the performance and emission characteristics and predict the biogas fuel, torque, and intake temperature is providing an impetus to the market growth. Moreover, the widespread product adoption in the marine industry to deliver excellent performance under the toughest conditions at sea and optimize vessel performance is positively influencing the market growth. Furthermore, the implementation of various government initiatives to utilize dual fuel engines for agricultural purposes due to the increasing emission levels of diesel engines is propelling the market growth. Other factors, including widespread product adoption in the power generation industry, extensive research and development (R&D) activities and various technological advancements, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global dual fuel engine market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, and end user.

Type Insights:

• Four-Stroke Dual-Fuel Engines
• Two-Stroke Dual-Fuel Engines
   

The report has provided a detailed breakup and analysis of the dual fuel engine market based on the type. This includes four and two-stroke dual-fuel engines. According to the report, two-stroke dual-fuel engine represented the largest segment.

End User Insights:

• Marine
• Power Generation
   

The report has provided a detailed breakup and analysis of the dual fuel engine market based on the end user. This includes marine and power generation. According to the report, marine represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for dual fuel engines. Some of the factors driving the Asia Pacific dual fuel engine market included extensive research and development (R&D) activities, various technological advancements, and widespread product adoption in drilling applications.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global dual fuel engine market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Anglo Belgian Corp., Caterpillar Inc., Cummins Inc., Daihatsu Diesel Manufacturing Co. Ltd., Heinzmann GmbH and Co. KG, Hyundai Motor Company, Kawasaki Heavy Industries Ltd., MAN Energy Solutions SE, Wartsila Corp., Yanmar Co. Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global dual fuel engine market performed so far and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global dual fuel engine market?
• What are the key regional markets?
• Which countries represent the most attractive dual fuel engine markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on end user?
• What is the competitive structure of the global dual fuel engine market?
• Who are the key players/companies in the global dual fuel engine market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the dual fuel engine market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global dual fuel engine market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the dual fuel engine industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.