Marine Diesel Engine Market Overview
The global marine diesel engine market is
anticipated surpass a valuation of USD 6,300 million, attaining a CAGR of 3.83%
during the forecast period (2018-2023), Market Research Future (MRFR) unveils
in a detailed report.
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.
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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.
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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.
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.
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