COVID-19 Outbreak Impact on Marine Engine Market Size, Share Analysis 2020 | Industry Segmented by Type, Speed, Stroke, Application, Demand and Trends by Forecast 2023

COVID-19 Outbreak Impact on Marine Engine Market Size, Share Analysis 2020 | Industry Segmented by Type, Speed, Stroke, Application, Demand and Trends by Forecast 2023

Marine Diesel Engine Market
The COVID-19 outbreak has negatively affected the global economy as the operations of various sectors have come to a standstill. Global Marine Engines Market Report Segmented by Power (Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP, Above 20,000 HP), by Application (Commercial Vessels, Offshore Support Vessels), by Fuel and By Region (North America, Europe, Asia-Pacific, and Rest of the World) – Analysis and Forecast till 2023

Global Marine Diesel Engine Market Overview:

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.

Market Research Future (MRFR) predicts a growth by 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.

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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.

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Regional Analysis:

Asia Pacific would ensure the market gets maximum support from the region. This is due to the rising demand for the product from countries like India, China, and others. The region accounted for one-third of the global market in 2017.

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.

Industry News:

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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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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