Marine Diesel Engine Market - Industry Revenue & Forecast To 2027
The global marine diesel engine market will touch USD 6,300 million at a 3.83% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Marine diesel engines are a crucial system in a vessel that is dependable and very efficient. Propulsion and auxiliary are its two different types.
Various factors are propelling the global marine diesel engine market share. According to the recent MRFR report, such factors include rising seaborne trade in developing economies, demand for economically feasible units that have features such as durability, reliability, and fuel efficiency, changing preference for diesel engines, focus on system enhancement by the shipping industry, phasing out of traditional steam engines from different utility sectors, cost affordability, fall in crude oil price, increase in research and development towards eco-friendly technology & improved fuel efficiency.
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On the contrary, the current COVID-19 outbreak and the environmental constraints & government restrictions on diesel engines may hamper the global marine diesel engine market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global marine diesel engine market based on type, stroke, speed, and application.
Based on type, the marine diesel engine market is segmented into propulsion and auxiliary. Of these, the auxiliary segment will lead the market over the forecast period.
Based on speed, the marine diesel engine market is segmented into high-speed, medium-speed, and low-speed. Of these, high-speed segment will dominate the market over the forecast period.
Based on stroke, the global marine diesel engine market is segmented into 4 stroke and 2 stroke. Of these, the 4 stroke segment will have a major share in the market over the forecast period.
By application, the global marine diesel engine market is segmented into cruise ship, cargo ship, and others. Of these, the cargo segment will spearhead the market over the forecast period.
By region, the global marine diesel engine market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America & the Middle East, and Africa (LAMEA). Of these, the APAC region will lead the market over the forecast period. Increased export and import activities, industrialization in South Korea, India, and China, and improvement in the policy framework for the maritime sector are adding to the global marine diesel engine market growth in the region.
In Europe, the global marine diesel engine market is predicted to hold the second-largest share over the forecast period. Growing tourism and maritime activities have created a productive market for marine engine manufacturers, and shipping industries coupled with the presence of prominent shipbuilding nations such as Italy, Greece, Germany, France, Finland, Denmark, and Croatia are adding to the global marine diesel engine market growth in the region.
In North America, the global marine diesel engine market is predicted to have a healthy growth over the forecast period. Constant engine retrofitting, increasing tourism, stringent public regulations, rising consumer awareness, growing container cargo export and import, rising exploration operations, increased brand acceptance, rising shipbuilding expenditure, increasing trade methods, adoption of high-end technology, and implementation of environmental norms are adding to the global marine diesel engine market growth in the region.
In the LAMEA, the global marine diesel engine market is predicted to have sound growth over the forecast period.
Leading players profiled in the global marine diesel engine market report include Kirlosker Oil Engines Ltd, Hyundai Heavy Industries Co., Ltd., Japan Engine Corporation, China Shipbuilding Industry Group Diesel Engine Co., Ltd., Caterpillar, Greaves Cotton Limited, Honda Motor Co., Ltd., Yanmar Co Ltd., AGCO Power Inc., Cummins Inc., Deere & Company, STX Engine, and Cox Marine.
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