New York, USA, May 09, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Global Dual Fuel Engine Market Research Report Information by Product Type, by Application and by Region – Market Forecast By 2032, the market is expected to grow from USD 1.32 billion in 2023 to USD 2.87 billion in 2032, showing a compound annual growth rate (CAGR) of 10.20% during the forecast period (2023 – 2032).
Dual Fuel Engine Market Overview
To operate, dual-fuel engine systems burn both natural gas and diesel or gasoline. Natural gas is the most used fuel of the two (making up 90% of the total fuel mix). Diesel only acts as a pressure activated spark plug that ignites the combination of gas and compressed air. While using natural gas provides lower running costs and lower emissions, continuing to use diesel ensures that the fuel, its compression ratio and related efficiency are maintained.
Competitive dynamics:
Leading dual-fuel engine manufacturers are creating cutting-edge technology, working with customers to provide specialist solutions and highlighting the environmental benefits of using cleaner fuels. These companies can help grow the dual fuel marine engine market. Key market developments include new launches, agreements, mergers and acquisitions and collaboration with other companies. Players also participate in strategic initiatives to expand their global footprint.
Key companies in the Dual Fuel Engine market include
- Anglo Belgian Corp.
- Caterpillar Inc.
- cummins inc
- Heinzmann GmbH and Co. KG
- Kubota Corp.
- MAN Energy Solutions SE
- Wartsila Corp.
- Westport Fuel Systems Inc.
- Woodward Inc.
- Yanmar Holdings Co. Ltd.
- Among others.
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USP Dual Fuel Engine Market:
Market drivers
Tighter government restrictions and increased use of LNG-powered ships are the main factors driving the industry’s expansion. One of the key reasons driving the growth of the dual fuel engine industry is the strict NOx emission laws. Diesel emissions harm the environment, especially the air we breathe. This problem was the main object of recent environmental studies, which led to a change in the legislation that regulates diesel emissions. Diesel engine producers must ensure that their products are high performance and compliant with stringent emissions requirements in response to the growing awareness of emissions laws. Internet of Things (IoT) enabled gas generators not only work effectively in PNG’s freezing conditions, but also feature a digital monitoring system that allows users to remotely monitor generator operation and critical data in real time from almost anywhere.
Scope of the report:
| Report metrics | Details |
| 2032 market size | 2032: $2.558 billion |
| CAGR during 2023-2032 | 26.80% CAGR |
| base year | 2021 |
| forecast | 2023-2032 |
| Coverage of the report | Revenue forecast, competitive landscape, growth factors and trends |
| Segments covered | Product type, application and region |
| Key market opportunities | Increased knowledge of emissions regulations |
| Key market dynamics | Increased use of ammonia gas as an alternative to natural gas in dual fuel engines |
Explore the in-depth market research report (128 pages). Global Dual Fuel Engine Market:
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Market limitations
During the forecast period, efficiency issues will pose a major challenge to the dual fuel engine industry. Different types of fuels are used to power dual fuel engines due to their increasing popularity. Natural gas substitutes include hydrogen, propane, and purified biogas. These gases often contain small levels of impurities such as siloxanes and hydrogen sulphides. The efficiency of dual-fuel engines must be adapted to different types of fuel, and in order to maximize efficiency, the combustion ratio is often set in the high range.
COVID-19 Dual Fuel Engine Market Analysis:
The COVID-19 epidemic had a severe impact on the global economy. It has had a clear and unprecedented influence on various industry sectors including manufacturing, oil and gas, aviation, hospitality and others. The global economy has been stifled as a result of measures such as lockdowns and restrictions implemented in the wake of the outbreak. They have exacerbated supply chain disruptions, postponed projects and exacerbated labor shortages.
Dual Fuel Engines Market Segmentation: Product Type Insights
The market was dominated by the four-stroke dual-fuel engine category, which generated between 45% and 50% of the market revenue. An internal combustion engine that ignites two fuels simultaneously is the dual fuel four-stroke engine. The piston’s first stroke removes gasoline and oxygen from the environment, while its fourth stroke re-ignites and returns power to the engine to propel the automobile forward.
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Application statistics
The cargo ship category produced the largest revenue (70.4%). Global expansion in passenger traffic and trade is expected to improve demand for these engines. Segmental expansion is also expected to be boosted by increased import and export of various items.
Regional Analysis of the Dual Fuel Engine Market:
This market will be dominated by the US market for dual fuel engines. This industry is growing as a result of the growing need for marine engines that are economical and ecologically beneficial. Due to the increasing use of LNG-powered vessels and the implementation of strict government restrictions, the North America area is projected to dominate the industry. Another element driving market revenue growth in the area is the significant influence that the reduction in the price of natural gas has had on the local economy. In addition, the market’s revenue growth is driven by the presence of large companies in the area and the numerous products they have launched there.
The second largest market share belongs to the dual fuel engine market in Europe. Europe is expected to hold a significant market share due to the growing demand for dual fuel engines in the marine and transportation sectors. Furthermore, the United Kingdom dual fuel engine market had the fastest growth rate in the European area, while the German dual fuel engine market had the largest market share. In addition, collaborations and the presence of top-tier companies in the area are driving the market’s revenue growth.
From 2023 to 2032, the Asia Pacific dual fuel engine market is projected to grow at the fastest CAGR. Over the forecast period, the Asia-Pacific dual fuel engine market will grow as a result of high demand from the marine and power industries. The main markets for dual-fuel engines in the Asia-Pacific region are China and India.
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Furthermore, the Indian dual-fuel engine market had the fastest growth rate in the Asia-Pacific region, while the Chinese dual-fuel engine market held the largest market share. In addition, a certain degree of market income development is also driven by increased urbanization and industrialization. Another factor driving market revenue growth in this area is the increasing use of distributed power generation systems.
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