Global Marine Diesel Engine Market Overview:
The global Marine Diesel Engine Market is anticipated surpass a valuation of USD 6300 million by 2023, where the CAGR will touch 3.83% during the forecast period of 2018 to 2023. However, the market may find the COVID-19 crisis a major hindrance as it has jolted the manufacturing sector and disrupted supply chains.
The global marine diesel engine market will profit from the rising demand for the product in the manufacturing of cargo ships, a surge in the inclusion of energy-efficient engines, enforcement of various safeguard laws by governments, rising business with cruise ships, and others. 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.
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Marine Diesel Engine Market Segmentation:
MRFR’s report includes segments of the marine diesel engine market that focuses on providing a detailed analysis of type, speed, stroke, and application. This is to help in getting information that can be used in strategic moves.
By type, the global study of the marine diesel engine market includes auxiliary and propulsion. The auxiliary segment had the maximum share registered in 2017, as the segment is known for its high revenue generation. Its inclusion in ships that are bound to travel long can help is expected to provide tailwind during the forecast period.
By speed, the Marine Diesel Engine Industry comprises medium-speed, low-speed, and high-speed. The high-speed segment has the largest market share. The segment has the opportunity to register high growth in the coming years as its demand in the commercial cruisers is expected to rise.
By stroke, the market includes a study of 2-stroke and 4-stroke. The 4-stroke segment commanded around two-third of the global market share in 2017 and can garner 3.71% CAGR between 2018 and 2023.
By application, the market study reveals segments like a cruise ship, cargo ship, and others. The cargo ship segment had the maximum market share in 2017. Its impact is rising as the demand for transporting goods is rising in several countries.
Regional Analysis:
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.
Competitive Landscape:
Greaves Cotton Limited, Cox Marine, China Shipbuilding Industry Group Diesel Engine Co., Ltd., STX Engine, Hyundai Heavy Industries Co., Ltd., Deere & Company, Japan Engine Corporation, Cummins Inc., Caterpillar, AGCO Power Inc., Yanmar Co Ltd., Kirloskar Oil Engines Ltd., Honda Motor Co., Ltd. are companies impacting the global market with their strategic mechanisms.
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Industry Related News:
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.
In August 2020, Scania, known for being one of the world’s eminent manufacturers of engines for trucks, boats, buses, and industrial applications, revealed the launching of new powerful and lightweight engines – that got its emission certificate from the U.S. pleasure craft market. This portfolio includes devices like 13-liter in-line, six-cylinder, 900 HP, and a 1,150 HP 16-liter V8. Scania’s devices are known for its better power-to-weight ratio, exceptional performance and reliability, and unparalleled ownership experience. These products were also certified by the EPA to help them meet the Tier 3 Recreational standard associated with marine diesel engines.
In July 2020, Wabtec Corporation received a MARAD contract valued at more than $10 million to deliver the 16V250MDC EPA Tier 4, IMO Tier III main diesel sets that would be joined with the first two National Security Multi-Mission Vessels (NSMVs) at Philly Shipyard. The diesel-electric ships will comprise four main engines and it will include two engine rooms and Wabtec’s marine diesel engines.
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