Marine Diesel Engine Market Size 2020 Industry Analysis by Type, Speed, Stroke, Application, Share, Growth Insights, Development Status, Competitive Landscape, Demand and Forecast to 2023

Global Marine Diesel Engine Market Overview

Market Research Future (MRFR) in its latest study finds that the global marine diesel engine market is set to reach a valuation in excess of USD 6,300 Mn by 2023, growing at a CAGR of 3.83% during the assessment period (2018-2023). Rising preference for energy-efficient engine technologies coupled with enforcement of stricter marine safeguard laws is expected to influence the global marine diesel engine market going forward. The capacity for marine diesel engine varies from 40 kW to 416 kW (54hp to 558 hp). Depending on the requirement, these engines may find application in cargo ships, ferries, cruise ships, industrial and small-scale fishing, military and government boats, landing craft, auxiliary ships, search-and-rescue vessels and patrol boats.

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The market is expanding majorly due to the soaring need for the shipping industry to minimize the emissions of carbon. The shipping industry is extensively emphasizing on the development of higher-efficient diesel engines, which use less diesel and more propulsion to the vessel.

On the contrary, the recent downturn in the shipbuilding and shipping industry has restricted the market growth to a great extent.

Competitive Dashboard

The players operating in the global marine diesel engine market include Cox Marine, Greaves Cotton Limited, STX Engine, China Shipbuilding Industry Group Diesel Engine Co., Ltd., Deere & Company, Hyundai Heavy Industries Co., Ltd., Cummins Inc., Japan Engine Corporation, AGCO Power Inc., Caterpillar, Kirlosker Oil Engines Ltd., Yanmar Co Ltd., and Honda Motor Co., Ltd.

Global Marine Diesel Engine Market: Segmental Analysis

The global marine diesel engine market has been segmented on the basis of type, speed, stroke, and application.

By type, the marine diesel engine market is segmented into propulsion and auxiliary. Of these, the auxiliary segment commanded the most significant share, in terms of revenue. Auxiliary is a vital component in ships and are highly used during long-distance voyages. The segment is predicted to surpass a valuation of USD 4,000 million by the end of 2023.

By speed, the marine diesel engine market is segmented into low-speed, medium-speed and high-speed. Of these, the high-speed segment is predicted to command the largest share and is anticipated to experience steady growth in the next couple of years. High-speed capacity is considered a vital aspect of commercial cruisers. This factor encourages the market growth in a particular segment.

By stroke, the marine diesel engine market is segmented into 2-stroke and 4-stroke. Of these, the 4-stroke segment commanded for two-third market share in 2017. The segment is likely to garner a CAGR of 3.71% by the end of 2023 due to their high-performance capacity.

By application, the market is classified into cruise ship, cargo ship, and others. Of these, cargo ships acquired the lion’s share in 2017 and are predicted to maintain its position in the long run. The major force behind the segment’s growth is that cargo ships are extensively used for international trade between nations.

Regional Frontiers

Geographically, the marine diesel engine market spans across Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America.

Considering the global scenario, the Asia Pacific is considered to be the most attractive region for marine diesel engine market. APAC accounted for 38.98% market share. The trend is considered to continue in the coming few years, mainly due to the seaborne trade, which has flourished in economies like South Korea, China, and India. The advent of new maritime safety policies and marine pollution control laws are some of the primary growth factors of the market. Moreover, modernization of ships and adoption of new maritime technologies are estimated to create new growth opportunities in the region. Improvements in the policy framework for the maritime industry is highly encouraging the market growth in the region.

Industry Updates

July 2019: Finnish Refinery Neste has recently tested their two new oil products successfully. The company believes that it will assist the shipowners in managing their transition to IMO 2020.

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This release was published on openPR.