February 2023: Cummins Inc. announced the launch of the next engine in the fuel-agnostic series, the X10, which will be available in North America in 2026. The engine's design is uniquely positioned to replace both the L9 and the X12, and it has the versatility to serve both medium and heavy-duty applications.
December 2022: Caterpillar Energy Solutions announced the expansion of its lineup of generator sets with the launch of new 2-MW variant of its versatile MWM TCG 3020 V20 gas engine.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 3680
Published Date: Sep 05, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing energy demand and the integration of renewable energy across the globe are the major factors driving the market growth.
The market is anticipated to attain a CAGR of 4.9% over the forecast period, i.e., 2023 â€“ 2035.
The major players in the market are Caterpillar Energy Solutions GmbH, HHI Engine & Machinery, Cummins Inc., Liebherr Group, Baudouin.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by fuel type, power output, application, end-user, and by region.
Natural gas is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Infrastructure limitation and higher capital costs are estimated to be the growth-hindering factors for the market expansion.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.