Marine Diesel Engines Market worth over USD 7 billion by 2024: Fractovia.Org

Marine diesel engines market are extensively used across cruise & ferry, merchant, and offshore ships. Marine diesel engines industry share in merchant ships sector is expected to grow at a CAGR of more than 5% over 2017-2024, owing to the rise in the sea trade of LNG items coupled with the escalating demand for bulk & gas transporters. Cruise and ferry ships sector, which contributed to more than 20% of marine diesel engines industry size in 2016, is expected to demonstrate a substantial growth over the next few years.

High spending capacity along with the rise in living standards will push the revenue. Rise in the shale oil & gas exploration & production offshore activities resulting in high demand for offshore support ships will also propel the expansion of marine diesel engines market.

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Mounting preference toward the use of cost-effective engines along with high popularity of marine tourism will upswing marine diesel engines market revenue. Alternative use of marine diesel engines as auxiliary engines will boost the business trends. Of late, there has been a definite increase in the number of sea trade activities across the globe, which is likely to create a profitable roadmap for marine diesel market in the future. Global Market Insights, Inc., reports that marine diesel engines industry is slated to surpass USD 7 billion by 2024, and is expected to grow at a CAGR of more than 5% over 2017-2024.

Considering the regional trends, Germany marine diesel engines market size, worth USD 150 million in 2016, is forecast to expand considerably over the years to come. High government funding for military boats coupled with the rising popularity of specialized marine vessels will boost the revenue. The flourishing shipbuilding sector, which contributed a revenue of USD 37.3 billion to the U.S. economy in 2015 will notably contribute toward the growth of U.S. marine diesel engines industry growth in the years ahead. In addition, the rise in R&D activities to develop eco-friendly technologies will spur the regional market trends.

China industry, which accounted for more than 25% of APAC marine diesel engines industry share in 2016, is projected to witness a significant surge over the coming years. The presence of reputed shipbuilding firms, thriving sea transport, easy availability of skilled manpower, and an ample supply of raw materials will propel the revenue.

Marine diesel engines make use of high speed, low speed, and medium speed technologies. Low speed marine diesel engines industry size will grow at a CAGR of 4% over 2017-2024, driven by rise in the global ship bound trading activities. Medium speed marine diesel engines market value is forecast to surpass USD 3 billion by 2024, subject to the growing need of passenger, cargo, and commercial ships. High requirement to construct tugboats, naval ships, and freight carriers will enhance the use of high speed technology across the industry.

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Euronav, Wartsila, Mitsui OSK Lines, Kawasaki Kisen Kaisha Ltd., BW Group, and A.P. Møller-Maersk are the key players of marine diesel engines market.

Browse key industry insights spread across 250 pages with 228 market data tables & 9 figures & charts from the report, “Marine Diesel Engines Market Size By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs And Ships, Anchor Handling Vessels, Offshore Research Vessels, Floating Production Units, Platform Supply Vessels], Cruise And Ferry [Cruise Vessels, Passenger Ferries, Cargo Ferries, Fast Ferries, Yachts], Navy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, Norway, UK, France, Russia, Denmark, China, Japan, South Korea, India, Australia, Vietnam, UAE, Saudi Arabia, Iran, Angola, Egypt, South Africa, Mexico, Brazil, Argentina) Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.fractovia.org/news/industry-research-report/marine-diesel-engine-market

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