Global Marine Diesel Engine Market: By Type (Auxiliary and Propulsion), By Speed (Low-Speed, Medium-Speed and High-Speed), By Stroke (2-Stroke and 4-Stroke), By Application (Cargo Ship, Cruise Ship), and Region.



Marine Diesel Engine Market Research Report- Global Forecast till 2023

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. Rising preference for energy-efficient engine technologies coupled with enforcement of stricter marine safeguard laws is expected to influence the global marine diesel engine market going forward. The capacity for marine diesel engine varies from 40 kW to 416 kW (54hp to 558 hp).

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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Global Marine Diesel Engine Market: 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 Outlook

The market has been assessed in regions such as North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and Latin America. The market is likely to be led by APAC during the projected years. APAC represented more than one-third share of the market in 2017 and is set to grow at a healthy pace in the forthcoming years. Increased import and export activities is driving the maritime sector in the region. Industrialization in countries such as China, India and South Korea has propelled the seaborne trade in and around APAC. At the same time, improvement in policy framework for the maritime sector is partly influencing the market growth APAC. Europe and North America hold the second and third position, respectively.

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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