Market Research Future (MRFR) has published a cooked research report on the “Global Dual Fuel Engine Market” that contains information from 2018 to 2032. The Dual Fuel Engine market is estimated to register a CAGR of 10.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Dual Fuel Engine market— 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., and Yanmar Holdings Co. Ltd.
The global dual fuel engine market is accounted to register a CAGR of 10.20% during the forecast period and is estimated to reach USD 2.87 billion by 2032.
Dual fuel engines are a form of engine that can operate on two distinct fuels. The most prevalent variety of dual-fuel engines can operate on gasoline and diesel. This enables the engine to utilize whichever fuel is more readily available or less expensive. Dual-fuel engines are essential because they provide greater flexibility regarding available fuel types. This can be significant in regions where one fuel type is prohibitively expensive or unavailable.
The stringent regulations on NOx emissions are a major growth driver for the dual-fuel engine market, although factors such as efficiency issues may hinder market expansion. Our research analysts have analyzed historical data and deduced the primary market drivers and the impact of the COVID-19 pandemic on the dual-fuel engine industry. The comprehensive analysis of the drivers will aid in deducing final objectives and refining marketing strategies to achieve a competitive advantage.
Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Dual Fuel Engine Market Trends
The global dual fuel engine market has been segmented based on product type and application.
Based on product type, the market is segmented into Four-Stroke Dual Fuel Engines and Two-Stroke Dual Fuel Engine. The Four-Stroke Dual Fuel Engine segment was attributed to holding the largest market share in 2022.
Based on Application, the global Dual Fuel Engine market has been segmented into Cargo Ships, Cruise Ship, and Others. The Cargo Ship segment was expected to hold the largest market share in 2022.
Based on region, the global Dual Fuel Engine market has been divided into North America, Europe, Asia-Pacific, and the rest of the World. North America consists of US and Canada. The Europe Dual Fuel Engine market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Dual Fuel Engine market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Dual Fuel Engine market comprises of Middle East, Africa, and Latin America.
The Dual Fuel Engine market in North America will dominate this market. This market is expanding due to the rising demand for environmentally friendly and cost-effective marine engines. Due to the rise in LNG-powered vessel adoption and the implementation of stringent government regulations, North America is anticipated to dominate the market.
The market for Dual Fuel Engines in Europe holds the second-largest market share. Europe is anticipated to hold a considerable market share due to the high demand for dual-fuel engines in the marine and transportation industries.
From 2023 to 2032, the dual-fuel engine market in Asia-Pacific is projected to grow at the highest CAGR. The substantial demand from the marine and power industries will propel the growth of the dual-fuel engine market in Asia-Pacific during the forecast period. China and India are the Asia-Pacific region's main markets for dual-fuel engines.
The proliferation of dual-fuel engine technology across various applications, including marine, locomotive, and power generation, to reduce emissions and improve efficiency will stimulate the market in Latin America, the Middle East, and Africa.
Key Findings of the Study