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In 2022, the market size for dual fuel engines was estimated at USD 1.8 billion. The market for dual fuel engines is anticipated to expand from USD 1.38 billion in 2023 to USD 2.88 billion by 2030, with a forecasted compound annual growth rate (CAGR) of 11.20%. One of the key market factors propelling the expansion of the dual fuel engine market globally is the demand for low-emission and highly efficient marine propulsion systems.
One of the key factors propelling growth in 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 subject of recent environmental studies, which caused the legislation governing diesel emissions to change. Diesel engine producers must make sure that their products are high-performing and compliant with strict emission requirements in response to the rising awareness of emission laws. To avoid expensive procedures, the challenge is to reduce NOx at the source. The most pure combustion engines now on the market are diesel engines. Engine manufacturers operating in the US and/or EU must adhere to the strict Tier IV and Stage III and IV requirements in order to comply with the strict government restrictions, such as those enacted by the US EPA or the EU.
Another factor influencing the growth of the market share for dual-fuel engines is the use of ammonia gas in place of natural gas in these engines. In dual-fuel applications, using ammonia gas as a fuel source is a novel idea. Emission levels of CO2, NOx, and PM greatly drop when ammonia is utilised as a fuel. Due to its high octane concentration, ammonia is a fuel with a great resistance to pre-ignition. Engines powered by ammonia produce more power than identical-sized engines powered by petrol or diesel. The combined effects of these two ammonia properties considerably increase engine efficiency. This prompted the creation of engines that run on ammonia as fuel. Numerous research organisations are focusing on the effective use of ammonia in dual-fuel engines as a result of the many benefits of ammonia gas. boosting the market income for dual fuel engines.
Report Coverage
Global Dual Fuel Engine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Dual Fuel Engine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Dual Fuel Engine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Dual Fuel Engine market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Dual Fuel Engine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Dual Fuel Engine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Dual Fuel Engine market based on the below-mentioned segments:
Global Dual Fuel Engine Market, By Product Type
Four-Stroke Dual Fuel Engine
Two-Stroke Dual Fuel Engine
Global Dual Fuel Engine market, By Application
Cargo Ship
Cruise Ship
Others
Global Dual Fuel Engine market, Regional Analysis
One of the key factors propelling growth in 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 subject of recent environmental studies, which caused the legislation governing diesel emissions to change. Diesel engine producers must make sure that their products are high-performing and compliant with strict emission requirements in response to the rising awareness of emission laws. To avoid expensive procedures, the challenge is to reduce NOx at the source. The most pure combustion engines now on the market are diesel engines. Engine manufacturers operating in the US and/or EU must adhere to the strict Tier IV and Stage III and IV requirements in order to comply with the strict government restrictions, such as those enacted by the US EPA or the EU.
Another factor influencing the growth of the market share for dual-fuel engines is the use of ammonia gas in place of natural gas in these engines. In dual-fuel applications, using ammonia gas as a fuel source is a novel idea. Emission levels of CO2, NOx, and PM greatly drop when ammonia is utilised as a fuel. Due to its high octane concentration, ammonia is a fuel with a great resistance to pre-ignition. Engines powered by ammonia produce more power than identical-sized engines powered by petrol or diesel. The combined effects of these two ammonia properties considerably increase engine efficiency. This prompted the creation of engines that run on ammonia as fuel. Numerous research organisations are focusing on the effective use of ammonia in dual-fuel engines as a result of the many benefits of ammonia gas. boosting the market income for dual fuel engines.
Report Coverage
Global Dual Fuel Engine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Dual Fuel Engine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Dual Fuel Engine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Dual Fuel Engine market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Dual Fuel Engine Market from 2021 to 2030.
- Market Forecast for Dual Fuel Engine Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Dual Fuel Engine competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Dual Fuel Engine
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Dual Fuel Engine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Dual Fuel Engine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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.
Primary Target Market
- Market Players of Dual Fuel Engine
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Dual Fuel Engine market based on the below-mentioned segments:
Global Dual Fuel Engine Market, By Product Type
Four-Stroke Dual Fuel Engine
Two-Stroke Dual Fuel Engine
Global Dual Fuel Engine market, By Application
Cargo Ship
Cruise Ship
Others
Global Dual Fuel Engine market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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