Marine Diesel Engines Market 2024 Industry Manufacturer Euronav, BW Group, Zodiac Maritime, Carnival Cruise Line, Teekay, Mediterranean Shipping Company, COSCO SHIPPING Lines, Wartsila, MAN Diesel & Turbo

Marine Diesel Engines Market size is set to exceed USD 7 billion by 2024, according to a new research report by Global Market Insights, Inc. Growing demand for economic viable engines coupled with rise in seaborne trade will drive marine diesel engines market. According to United Nations Conference on Trade & Development (UNCTAD), global seaborne trade in 2014 expanded by 3.4% when compared to 2013. High reliability and alternative use as an auxiliary engine will further propel the business landscape.

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Industry Growth drivers:

1. Expansion in seaborne trade
2. Cost effective usage
3. Increasing maritime tourism

High speed systems in 2016 accounted for over 20% of marine diesel engines market share. Healthy orderbook toward construction of navy vessels, tugboats and freight carriers will further complement the industry outlook. Growing demand for cruise and ferries owing to improvement in standard of living coupled with rise in disposable income will boost the medium speed diesel engines market. Recreational vessels account for a large share of the medium speed products. In 2016, MAN D&T signed an agreement with Star Cruise to supply two medium size engines for their cruise ships.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. A.P. Moller
2. MAN Diesel & Turbo
3. Wartsila
4. Mitsui OSK Lines
5. COSCO
6. MSC Mediterranean Shipping
7. Anangel Shipping
8. Kawasaki Kisen Kaisha
9. China Shipping Group
10. Teekay
11. Carnival
12. Shoei Kisen Kaisha
13. BAHRI
14. NITC
15. SOVCOMFLOT
16. Zodiac Maritime
17. BW Group
18. Euronav
19. Sinokor Merchant Marine
20. Nissen Kaiun
21. Neptune Orient Lines
22. China Shipping Development

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Offshore in 2016 accounted for over 18% of the marine diesel engines market. Increasing shale exploration and production in offshore areas will enhance the demand for offshore support vessels including drill ships, FPSO and rigs. Growing demand for tanker and container vessels, bulk and gas carriers used for transportation of natural gas and other cargos will propel the merchant marine diesel engine market. According to Eurostat’s in 2015, the ports of Germany handled over 126 million tons of container cargo.

In 2016, Germany marine diesel engines market was valued over USD 150 million. Growing government initiatives and strategies including National Master Plan for Marine Technology (NMMT) will positively impact the industry size. According to NMMT, the revenue from shipbuilding industry in 2015 was USD 19.9 billion and is projected to reach USD 25.48 billion by 2018.

China marine diesel engines market will witness strong growth owing to increasing number of shipbuilding companies coupled with rising investment towards manufacturing ecologically safe diesel engines. In 2014, the Government of China issued a financial stimulus package which has facilitated the money stock. Fast reduction in interest rates of short-term instruments created profitable financing prospects for the shipbuilding industry. The China State Shipbuilding Corporation (CSSC) successfully issued bonds worth over USD 700 million with a 4.6% annual rate of return, significantly reducing financing costs.

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Key players in the marine diesel engines market include Wartsila, NYK Line, Man D&T, Mitsui OSK Lines, Kawasaki Kisen Kaisha, COSCO, CMA CGM Holding, China Shipping Development, Teekay and A.P. Møller-Maersk.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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