The global dual fuel engine market size reached US$ 3.7 billion in 2023. The market is projected to reach US$ 13.0 billion by 2032, exhibiting a growth rate (CAGR) of 15.12% during 2023-2032. 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.
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:
The report 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 2023-2032. The report has categorized the market based on type, and end user.Type Insights:
- Four-Stroke Dual-Fuel Engines
- Two-Stroke Dual-Fuel Engines
End User Insights:
- Marine
- Power Generation
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
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.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?
Table of Contents
1 Preface3 Executive Summary10 Value Chain Analysis12 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Dual Fuel Engine Market
6 Market Breakup by Type
7 Market Breakup by End User
8 Market Breakup by Region
9 Drivers, Restraints, and Opportunities
11 Porters Five Forces Analysis
13 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 141 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 3.7 Billion |
| Forecasted Market Value ( USD | $ 13 Billion |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
