Marine Diesel Engine Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Marine Diesel Engine Market Research Report, Type ,Speed ,Stroke, Application and Region - Forecast till 2027” the market is projected to be worth USD 10.57 billion by 2027, registering a CAGR of 4.15% during the forecast period (2021 - 2027), The market was valued at USD 6.10 billion in 2020.
The marine diesel engine market outlook appears promising, witnessing the continually growing demand for uninterrupted and reliable power supply for maritime operations Diesel engines offer more torque and horsepower range and extended life benefits than similar gas engines. Today’s marine engines are easy-to-use and are widely utilized to meet daily power needs in ships like large commercial vessels and plenty of offshore support vessels.With rising uses in major cargo ships, cruise ships & ferries, military & government boats, commercial & small-scale fishing sectors, modern auxiliary ships, landing crafts, patrol boats, and several search-and-rescue vessels, diesel engines have become a basic necessity in modern ships nowadays.
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List of the Key Companies Profiled in the Marine Diesel Engine Market Research Report are:
- STX Engine
- Cox Marine
- Deere & Company
- AGCO Power Inc.
- Cummins Inc.
- Yanmar Co Ltd.
- Greaves Cotton Limited
- Honda Motor Co. Ltd.
- Japan Engine Corporation
- China Shipbuilding Industry Group Diesel Engine Co. Ltd.
- Kirlosker Oil Engines Ltd.
- Hyundai Heavy Industries Co. Ltd, among others.
The marine diesel engine market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Major industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 19, 2021, IIT Roorkee and Indian Maritime University (IMU Visakhapatnam) announced the development of environmentally friendly, and fuel and cost-efficient maritime transportation solution. India’s broad coastline witnesses several new ports and expansion of existing ports meeting increased volumes of marine traffic and facilitate future maritime trade.
Growing seaport infrastructure requires more Short Endurance Marine Vessels (SEMV) for effective port operations and administration. The usable life of a diesel-engine-driven SEMV is nearly 20 years. During its operating life, the vessel requires regular maintenance with expensive operational costs and releases harmful carbon emissions.
To provide sustainable solutions and reduce carbon footprint at Indian seaports, diesel-engine-driven marine vessels must be replaced with zero-emission electric vessels. However, replacing diesel engines with electric ones is a costly affair. Therefore, these researchers have successfully improved the fuel efficiency of diesel-electric tugboats. Fuel savings obtained by the above methods were 29.86% and 26.42% respectively, as against the traditional diesel-mechanical tugboat propulsion system.
Rapid & Excessive Growth in Marine Trades is a Major Driving Force
Besides, product standardization enhanced research & innovation, and increased lab & field tests are significant marine diesel engine market trends ensuring market growth. Huge R&D investments made by industry players in developing efficient engines that can reduce harmful gases emitted from diesel engines would influence the market growth.
The worldwide rise in economy and excessive demand for various commercial vessels such as different bulk carriers and several gas carriers has undoubtedly spurred the marine diesel engine market growth. Emerging markets worldwide are expected to present untapped opportunities for marine diesel engine uses. With their favorable government policies for diesel engine manufacturing, emerging countries offer significant opportunities to international players.
Stringent Government Regulations and Maintenance Issues are Major Setbacks
Despite significant growth prospects, the market witnesses major setbacks such as, stringent government regulations against harmful carbon emissions from diesel engines and maintenance issues related to diesel engines. Also, the growing preference for natural gas generator technology acts as a major challenge for the market growth.
Browse In-depth Market Research Report (139 pages) on Marine Diesel Engine
Like most industries, the marine diesel engine industry was severely hit by the COVID 19 pandemic. With various industrial operations and maritime trades coming to a standstill, the demand for diesel generators was affected. However, as various business and industrial activities are rapidly returning to normalcy and marine trades are increasing, the marine diesel engine market demand is too gradually picking up.
Considering growing opportunities, industry players are forming strategic partnerships and agreements with all financing partners involved in the refinancing and the shareholders. Major industry players are substantially investing in innovative product developments and improving their existing product line efficiencies. All these factors are cumulatively boosting the marine diesel engine market size.
The market is segmented into types, speeds, strokes, applications, and regions. The type segment is sub-segmented into auxiliary and propulsion. The speed segment is sub-segmented into low-speed, medium-speed and high-speed. The stroke segment is sub-segmented into 2-strokes and 4-strokes. The application segment is sub-segmented into cargo ship, cruise ship, and others.
North America dominates the global marine diesel engine market. Factors such as increasing investments in developing technologically advanced diesel engines and the growing demand for steady & reliable power supply in various cargo ships and cruise ships drive the market growth.
Besides, the presence of major industry players and the massive availability of diesel due to the rising oil & gas activities increase the region's marine diesel engine market share. Relaxed approach and lenient government regulations against gas emissions from diesel engines positively impact the marine diesel engine market size in the region.
Segmentation of Market covered in the research:
Information 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 Others) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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