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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Competitive Landscape
Cox Marine, STX Engine,
Deere & Company, Cummins Inc., AGCO Power Inc., Yanmar Co Ltd., Honda Motor
Co., Ltd., Greaves Cotton Limited, Caterpillar, China Shipbuilding Industry
Group Diesel Engine Co., Ltd., Japan Engine Corporation, Hyundai Heavy
Industries Co., Ltd. and Kirlosker Oil Engines Ltd. are some of the leading
companies mentioned in MRFR’s report.
Segmental Analysis
MRFR’s report include a
thorough segmental analysis of the market based on type, speed, stroke,
application and region.
By type, the market has been
segmented into auxiliary and propulsion. In 2017, the auxiliary segment
commanded for the most significant market share in terms of revenue.
By speed, the market has
been segmented into low-speed, medium-speed and high-speed. The high-speed
segment currently commands the largest market share.
By stroke, the market has
been segmented into 2-stroke and 4-stroke. The 4-stroke segment commanded for
close to two-third market share in 2017 and is set to post 3.71% CAGR between
2018 and 2023.
By application, the market
has been segmented into cargo ship, cruise ship and others. In 2017, the cargo
ship segment held the lion’s share in term of value. The segment is expected to
maintain its dominant position in 2019 and beyond.
Global Marine Diesel Engine Market: Regional Outlook
The market has been assessed
in regions such as North America, Europe, Asia Pacific (APAC), the Middle East
& Africa (MEA) and Latin America. The market is likely to be led by APAC
during the projected years. APAC represented more than one-third share of the
market in 2017 and is set to grow at a healthy pace in the forthcoming years.
Increased import and export activities is driving the maritime sector in the
region. Industrialization in countries such as China, India and South Korea has
propelled the seaborne trade in and around APAC. At the same time, improvement
in policy framework for the maritime sector is partly influencing the market
growth APAC. Europe and North America hold the second and third position,
respectively.
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