Global Marine Diesel Engine Market
Scenario
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).
The global marine diesel
engine market is all set to steer forward due to the surging emphasis on
energy-efficient marine engine. Marine diesel engines help to convert thermal
energy into mechanical energy in ships. The rising preferences for energy-efficient
engine technologies and enforcement of strict marine safeguard norms are some
of the major factors encouraging the growth of the marine diesel engine market
globally. Marine diesel engine capacity generally ranges from 40 kW to 416 kW.
Depending on the needs, such
engines finds application in ferries, cargo ships, industrial and small-scale
fishing, cruise ships, landing craft, military, and government boats, search-and-rescue
vessels, auxiliary ships, and patrol boats. Such engines have become a standard
among the modern ships. Such factors are estimated to create growth
opportunities for the market.
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.
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.
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.
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.
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.
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.
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.
List of Tables
Table 1 Market Synopsis
Table 2 List Of Assumptions
Table 3 Global Marine Diesel
Engine Market, By Type, 2016 To 2023 (USD Million)
Table 4 Global Marine Diesel
Engine Market, By Speed, 2016 To 2023 (USD Million)
Table 5 Global Marine Diesel
Engine Market, By Stroke, 2016 To 2023 (USD Million)
Table 6 Global Marine Diesel
Engine Market, By Application, 2016 To 2023 (USD Million)
Table 7 North America Marine
Diesel Engine Market, By Country, 2016 To 2023 (USD Million)
Table 8 North America Marine
Diesel Engine Market, By Type, 2016 To 2023 (USD Million)
Continued….
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