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Marine Diesel Engines Market 2025: Brunswick Corporation, BW Group, Caterpillar, COSCO Group, Cummins Inc, Daihatsu Diesel Mfg. Co. Ltd., DEUTZ AG, Euronav, Evergreen Marine Corp., Guangxi Yuchai Group
Marine Diesel Engines Market
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Diesel is a relatively cheaper fuel but has faced much criticism in a world that is actively trying to incorporate the use of more ecofriendly fuels. Therefore marine diesel engines market players are focusing on the engineering of high-performance diesel engines are for better reliability, durability, NOx reduction, low noise, low vibration and environmental considerations.
Throughout the last century, the shipping industry has witnessed an overall increase in total trade volume. Growing industrialization coupled with liberalization of national economies have propelled free trade and demand for consumer products. Over the last four decades, total seaborne trade has been estimated to have quadrupled. Advancement in technology have also made shipping an increasingly efficient method of transportation. Growing free trade is fueling the shipping industry, bringing in larger and ever-growing scope for marine diesel engines market.
Shipbuilding is a highly concentrated industry, geographically, with Korea, China and Japan, accounting for more than 85% of global production. Advanced but cheap technologies, low cost labor and favorable government policies have fostered the shipbuilding industry in China. If the current state of Chinese shipbuilding industry is upheld over 2019-2025 then by the end of the forecast period, China marine diesel engines market is estimated to witness significant growth amounting over $1 billion.
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In the long term, the fact that shipping is more ecofriendly and most fuel-efficient form of commercial transportation will work in favor of an even greater expansion of world trade being carried by sea and thereby expanding the share of marine diesel engines market. Favorable economic trends from the emerging economies combined with growth of trade further augmented by spread of e-commerce are factors that are estimated to bring an upsurge of revenue in global marine diesel engines industry.
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