Global Marine Diesel Engine Market Scenario
Market Research Future (MRFR) in its latest study finds that the global marine diesel engine market is set to reach a valuation in excess of USD 6,300 Mn by 2023, growing at a CAGR of 3.83% during the assessment period (2018-2023).
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.
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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.
Competitive Dashboard:
- 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.
Global Marine Diesel Engine Market Segmental Analysis
MRFR’s report include a thorough segmental analysis of the Marine Diesel Engine Market based on type, speed, stroke, application and region.
By type, the market has been segmented into auxiliary and propulsion. In 2017, the auxiliary segment commanded for the most significant market share in terms of revenue. Auxiliary are a must-have component in ships that are used for long-distance voyages. A majority of cargo ships that are presently active have auxiliary engines. Such factors are likely to drive the segment’s growth in projected years. By the 2023, the segment is expected to surpass a market valuation of USD 4,000 Mn.
By speed, the market has been segmented into low-speed, medium-speed and high-speed. The high-speed segment currently commands the largest market share. The segment is expected to witness a steady growth over the next several years. High-speed capacity is an important aspect for commercial cruisers. This is an important factor driving the growth of the segment.
By stroke, the market has been segmented into 2-stroke and 4-stroke. The 4-stroke segment commanded for close to two-third market share in 2017 and is set to post 3.71% CAGR between 2018 and 2023. 4-stroke engines witness a strong preference owing to their high-performance capacity. The 2-stroke segment is expected to witness a relatively higher CAGR during the forecast period.
By application, the market has been segmented into cargo ship, cruise ship and others. In 2017, the cargo ship segment held the lion’s share in term of value. The segment is expected to maintain its dominant position in 2019 and beyond. Cargo ships are used for international trade between countries at scale, which is a primary force behind the segment’s growth. There are several types of cargo ships such as bulk carrier, chemical tanker, container ships, oil tankers etc.
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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