Rapid Advancements In Engine Technologies To Impel Marine Diesel Engine Market Trends Over 2020-2026
The intensifying focus on sustainability, through fuel consumption reductions, better efficiency and more cost-effectiveness is triggering demand for technologically advanced diesel engines for ships. For instance, according to new rules published by the International Maritime Organization (IMO), the use of ULSD (ultra-low sulfur diesel fuel) will be required in all ocean-going vehicles, both existing and new, in an effort to mitigate particulate emissions. Such mandates and policies geared towards more efficient and environmentally sound technologies will add impetus to marine diesel engine market trends over the estimated timeline.
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According to authentic reports, the global marine diesel engine market size is poised to surpass over 5 thousand units in annual installations by 2026.
The drastic impact of the COVID-19 pandemic is being felt across various factions of the global economy, including the marine industry and its distribution channels. In this situation, market players are facing myriad challenges such as shortages, and are having to restart their operations on considerably scaled down capacities, which could be problematic for the marine diesel engine industry outlook. However, with various nations starting to adapt to the economic impact of the pandemic, and the presence of pent up demand, the market situation may witness opportunities for recovery in the forthcoming future.
Escalating need for sustainable technologies, alongside a rapid rise in retrofitting activities will also contribute heavily to marine diesel engine market expansion. For instance, in 2019, the Bremerhaven ferry in Germany underwent a retrofitting process wherein the ferry’s old engines were replaced with two novel MTU Series 4000 marine propulsion systems, designed to be fueled synthetically and remain compliant with the increasingly strict policies implemented by local authorities. Furthermore, a considerable upsurge in global marine tourism, stemming from better standards of living and rising propensity towards leisure activities will also accelerate the adoption of diesel engines for ships.
From a regional outlook, the Canada marine diesel engine market is anticipated to record a CAGR of over 3% through 2026. This is attributed largely to the increasing investments towards enhancements in product designs and technologies, amid strong efforts to develop cleaner alternatives with low emissions in the region. Industry dynamics will be further stimulated by the entry of new players in the business landscape.
The global marine diesel engine market share is bolstered significantly by the presence of strong players such as Wärtsilä, GE Transportation Cummins, Caterpillar, Volvo Penta, Rolls Royce, John Deere, Dresser-Rand Group, Brunswick Corporation, and Man Energy Solutions, among others.
These players are focused on executing strategic initiatives, such as expansions, product enhancements etc. in order to keep up with the evolving demand and regulation requirements of the marine industry.
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For instance, in 2020, Yanmar Marine International launched its new marine propulsion systems, dubbed 6LF and 6LT at the Boot Düsseldorf event. These new launches, which are the latest additions to Yanmar’s existing common rail marine diesel engine portfolio, demonstrate a 40 mhp to 640 mhp output range and are designed for both leisure as well as commercial marine applications.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.2 Market definitions
1.3 Market estimates and forecast parameters
1.4 Data Sources
220.127.116.11 Paid sources
18.104.22.168 Public sources
Chapter 2 Executive Summary
2.1 Marine diesel engine 3600 synopsis, 2015 – 2026
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Marine Diesel Engine Market, Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Vendor matrix
3.3 Technology landscape
3.3.1 Low speed
3.3.2 Medium speed
3.3.3 High speed
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