Press release
Marine Diesel Engine Market 2020 How the Business Will Grow in 2025? Prominent Players: Anglo Belgian Corporation, BAHRI, Brunswick, BW Group, Caterpillar Inc., Cummins Inc., DEUTZ Corporation, Euronav, Hyundai Heavy Industries Co., Ltd, John Deere
The international shipping industry is responsible for the carriage of around 80% of world trade by volume and 70% by revenue. More than 50,000 merchant ships have been trading internationally, transporting variety of cargo and the world fleet is registered in around 150 nations, that are manned by approximately a million seafarers of almost every nationality.
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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 engine 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.
China marine diesel engine market in 2018 was worth over 800 million. Growing demand for merchant ships owing to rising merchandise trade across the emerging economies and reduced charter rates is set to drive the industry landscape. Abundant availability of raw materials and cheap skilled labor will strengthen the business landscape. Increasing shipbuilding activities, enhanced import of engines along with healthy orderbook are the key factors further influencing the product penetration in the country.
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 engine market is estimated to witness significant growth amounting over $1 billion.
Presence of skilled labor along with increasing shipbuilding activities in countries including India, Taiwan, Vietnam among others will complement the marine diesel engine market landscape.
Medium speed is anticipated to grow owing to rising maritime tourism and boosting demand for yachts, ferries and cruises. Growth in long voyage trade across the globe along with swelling demand for retrofitting of prevalent vessels is set to drive the marine diesel engine market landscape. Moreover, technological advancements in system design leading to benefits comprising high power to weight and volume ratios, reduced maintenance intervals, reliable functionality & lower operational costs will propel the product adoption.
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Major industry players include Wartsila, A.P. Møller-Maersk, NYK Line, STX Engines, Man D&T, MSC Mediterranean Shipping, Mitsui OSK Lines, SOVCOMFLOT, Rolls Royce, COSCO, Kawasaki Kisen Kaisha, Teekay, China Shipping, Volvo Penta, Euronav NV, BW Group and Sinokor Merchant Marine among others.
Table of Contents (ToC) of the report:
Chapter 4 Marine Diesel Engine Market, By Technology
4.1 Marine diesel engine market share by technology, 2018 & 2025
4.2 Low speed
4.2.1 Global market from low speed, 2014 - 2025
4.2.2 Global market from low speed, by region, 2014 - 2025
4.3 Medium speed
4.3.1 Global market from medium speed, 2014 - 2025
4.3.2 Global market from medium speed, by region, 2014 - 2025
4.4 High speed
4.4.1 Global market from high speed, 2014 - 2025
4.4.2 Global market from high speed, by region, 2014 - 2025
Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/marine-diesel-engine-market
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