Marine Diesel Engine 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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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.

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Competitive Landscape

Cox Marine, STX Engine, Deere & Company, Cummins Inc., AGCO Power Inc., Yanmar Co Ltd., Honda Motor Co., Ltd., Greaves Cotton Limited, Caterpillar, China Shipbuilding Industry Group Diesel Engine Co., Ltd., Japan Engine Corporation, Hyundai Heavy Industries Co., Ltd. and Kirlosker Oil Engines Ltd. are some of the leading companies mentioned in MRFR’s report.

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.

Also Read @ https://www.marketwatch.com/press-release/marine-diesel-engine-market-2019-global-industry-segmented-by-type-speed-stoke-application-trends-growth-and-regional-forecast-to-2023---14-aug-2019-2019-08-14

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