Need to Minimize Carbon Emission Contributed to the Growth of Marine Diesel Engine Market, Global Marine Diesel Engine Market By Type (Auxiliary and Propulsion), Speed (Low, Medium and High-Speed), Stroke (2-Stroke and 4-Stroke), Application (Cargo Ship, Cruise Ship) and Region - Forecast Till 2023
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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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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.
Global Marine Diesel Engine Market: 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.
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.
Industry Updates
July 2019: Finnish Refinery Neste has recently tested their two new oil products successfully. The company believes that it will assist the shipowners in managing their transition to IMO 2020.
Competitive Dashboard
The players operating in the global marine diesel engine market include Cox Marine, Greaves Cotton Limited, STX Engine, China Shipbuilding Industry Group Diesel Engine Co., Ltd., Deere & Company, Hyundai Heavy Industries Co., Ltd., Cummins Inc., Japan Engine Corporation, AGCO Power Inc., Caterpillar, Kirlosker Oil Engines Ltd., Yanmar Co Ltd., and Honda Motor Co., Ltd.
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