February 07, 2020
According to the research report titled ‘Marine Diesel Engine Market Size By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs & Ships, Anchor Handling Vessels, Offshore Support Vessels, Floating Production Units, Platform Supply Vessels], Cruise & Ferry [Cruise Vessels, Passenger Ferries, Passenger Cargo Vessels], Navy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, Norway, UK, France, Russia, Denmark, China, Japan, South Korea, India, Australia, Vietnam, UAE, Saudi Arabia, Iran, Angola, Egypt, South Africa, Mexico, Brazil, Argentina) Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global marine diesel engine market is predicted to grow with a CAGR of 4% during the period of 2019-2025.
According to the report, increasing import activities in developing nations and surging investments in shipping industry has boosted seaborne trade which in turn is driving the marine diesel engine industry growth. There has been an upsurge in the demand for advanced marine engines since they offer better efficiency, reduced fuel consumption, and low cost properties. This factor coupled with rising number of commercial vessels including bulk & gas carriers are fostering the demand for marine diesel engines across the globe.
Increasing awareness pertaining to adverse effects of nitrogen and sulfur emissions along with rising adoption of sustainable units are further aiding the market expansion. Adding to this, rising RD&D activities along introduction of government regulations pertaining to depleting maritime pollution are stimulating the industry outlook.
In terms of technology, the report states that medium speed segment is expected to register substantial growth during the estimated timeframe. Growing maritime tourism and rising demand for cruises, ferries, and yachts are contributing towards the popularity of medium speed marine diesel engines across the globe.
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As per the regional analysis, the report cites that China marine diesel engine industry was worth USD 800 million in the year 2018 and is expected to register continuous growth in the forthcoming years. Increasing merchandise trade has led to rising demand for merchant ships in the country. This factor coupled with reduced charter rates and availability of raw material and cheap labor are augmenting the demand for marine diesel engines across China.
Zodiac Martime, Yanmar Holdings Co. Ltd., Weichai Power Co. Ltd., Wärtsilä, Volvo Penta, Teeky Corp., STX Engine, SOVFCOMFLOT, Sinokor Merchant Marine Co. Ltd., Shoei Kisen Co. Ltd., Scania, Rolls-Royce, Neptune Orient Lines, MSC Mediterranean Shipping Co. S.A., Mitsui O.S.K. Lines, MAN Energy Solutions, Kawasaki Heavy Industries, John Deere, IHI Corporation Ltd., Hyundai Heavy Industries, Guangxi Yuchai Group, Evergreen Marine Corp., Euronav, DEUTZ AG, Daihatsu Diesel Mfg. Co. Ltd., Cummins Inc., COSCO Group, Caterpillar, BW Group, Brunswick Corp., BAHRI, Anglo Belgian Corp, and A.P. Moller – Maersk are the prominent companies operating in the marine diesel engine market.
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