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What's driving the Marine Diesel Engine Market Size? Anglo Belgian Corporation, BAHRI, Brunswick, BW Group, Caterpillar Inc., Cummins Inc., DEUTZ Corporation, Euronav, Hyundai Heavy Industries Co., Ltd, John Deere
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Growing awareness toward adverse effects of sulfur & nitrogen emissions coupled with rising installation of sustainable units is anticipated to stimulate the marine diesel engine market outlook. Ongoing Research, Development and Design (RD&D) activities for improvement in systems will augment the engines' adoption. Introduction of government mandates to decrease maritime pollution across the Emission Control Areas (ECAs) is set to complement the product penetration. In addition, optimal fuel utilization coupled along with cost affordability are the underline parameters fostering the business scenario.
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.
Merchant will witness a considerable growth on account of swelling crude oil and liquid products consumption accompanied by expansion and opening of major shipping routes specifically the choke points. Mounting container traffic coupled with boosting import and export of container cargo is set to strengthen the business landscape. For instance, according to UNCTAD in 2017, global containerized trade grew by 6.4% when compared to the previous year. In addition, increasing exploration activities across countries is anticipated to augment the product demand. Improved standards of living owing to rising disposable income is further set to boost the business outlook.
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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.
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.
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