The global marine diesel engine market value is expected to reach around US$ 8.1 billion by 2026 and expected to grow at a CAGR of 3.9% over forecast period 2019 to 2026.
The report provides analysis of global marine diesel engine market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Growing worldwide seaborne trade mainly across emerging countries along with favorable shipping prospects will boost market demand for marine diesel engines. According to the UN Conference on Trade & Development, the worldwide transport sector covers 80% of world trade by quantity and 70% by income. Easy accessibility along with small diesel costs makes shipowners ' implementation feasible over other alternative fuels. The implementation of marine pollution reduction legislation across ECAs has encouraged demand for low-emission motors. To satisfy highlighted standards, sector competitors have altered their product lines with sophisticated motors, including motors with catalytic inhibitors and scrubbers. Technological advances to produce sophisticated motors due to variables including higher effectiveness and decreased operating costs will boost company development. Furthermore, favourable financial developments from emerging economies, coupled with a rise in retrofitting operations to attain greater operating norms, are expected to increase the business landscape of marine diesel engines.
High speed systems are mostly mounted in yachts, tiny ships, ferry boats and fishing vessels. They are small, using high-quality marine diesel fuel to enhance engine performance and effectiveness. Innovations, sophisticated product design and advances in diesel engines resulting in advantages including low fuel consumption and operating costs will complement product acceptance. For instance, in 2018, Wärtsilä launched its high-speed motor intended to meet reduced capital expenditure demands, restricted room & weight, and meet the continuing worldwide emission laws. Rising seaborne trade across emerging economies along with increasing demand for economically feasible motors due to advantages including durability, reliability, and fuel efficiency will boost market growth for marine diesel engines. The swift change from residual fuel motors to diesel engines along with shifting shipping industry focus is laid to drive consumer penetration. Key advantages, including easy accessibility and small diesel costs, make shipowners' acceptance viable over other alternative fuels. Technological advances and advances in product design leading to small operating costs will further increase the landscape.
Declining crude oil prices, combined with rising seaborne passenger traffic, are laid to encourage item acceptance. Implementing public measures to reduce marine pollution mainly across emission control fields increased the demand for low-emission motors. Major sector competitors have changed their product lines to motors fitted with scrubbers and catalytic reactors which, in turn, will enhance manufacturing implementation.
Low-speed technology sector dominated in 2018. Key factors, including enhancing long-distance travel traffic, using low-cost petrol and adopting motors in merchant ships, including cargo, tankers and bulk carriers, will increase the business landscape. Reduced expenses, lower polluting emissions, and enhanced heat & oxidation resistance features are among the parameters that enhance business perspective.
Medium velocity is expected to expand due to increased marine tourism and increased demand for recreational ships including cruises, ferries, yachts and passenger vessels. Increasing worldwide imports and exports of countless commodities including ores, merchandise, and minerals will favorably affect item assembly. Moreover, multiple cruise ship businesses including Costa Asia, Royal Caribbean and Star Cruise are increasing their portfolio by including fresh, state-of - the-art cruise boats that are more luxurious and can provide stronger passenger experience. Increased consumption of crude oil and other liquid products favors consumer requirement. Extending choke points along with increasing container traffic will further drive demand from container vessels. Improving living standards along with increasing disposable income in emerging countries will encourage consumer acceptance.
Offshore development is expected due to favorable perspective for profound water exploration operations coupled with solid exploration and production (E&P) operations leading to increased demand for gas carriers, petroleum tankers and drill vessels, among others. Implementing public laws to decrease marine pollution will fuel OSV brand acceptance. Moreover, reviving the oil & gas sector will further boost demand for offshore ships worldwide.
In 2018, U.S. marine diesel engine industry dominated. Continuous engine retrofitting due to stringent public regulations combined with increasing tourism across the Caribbean sector will embellish consumer awareness. Increasing container cargo import and export along with increasing exploration operations will boost company landscape. Increasing shipbuilding expenditure is one of the main variables that increase brand acceptance. Implementing environmental norms, adopting high-end technology, combined with increasing trade methods further fosters item acceptance.
UAE will expand significantly due to growing international marine freight, combined with penetration of intelligent motors for situational awareness and safety. Rising demand for dual-fuel engines across the region, along with growing exploration of crude oil and gas, will boost ship demand, enhancing business scenario. Rapid industry innovation and energy-efficient product development will enhance the industry landscape. For example, major teams involving MAN D&T and Wärtsilä are continually investing on R&D to improve and innovate their brand range and improve capability processing demands.
Global Marine Diesel Engine Market, by Technology
Global Marine Diesel Engine Market, by Application
Global Marine Diesel Engine Market, by Geography
The market research study on “Marine Diesel Engine Market Size, Share & Trends Analysis Report By Technology, Application, By Region - Global Industry Size, Share, Trends and Forecast 2019 - 2026” offers detailed insights on global Marine Diesel Engine market segments with market dynamics and their impact. The report also covers basic technology development policies.
The study provides a extensive industry assessment. This is done through in-depth qualitative observations, historical information and verifiable business size estimates. The predictions in the study were obtained from well-established study methodologies and expectations. This study document acts as an assessment and data resource for every aspect of the industry including, but not restricted to, regional economies, technology, kinds and apps.
Key Players & Strategies
Some vital players in the marine diesel engine market include Wärtsilä, Teekay Corporation, Hyundai Heavy Industries, John Deere, Kawasaki Heavy Industries, MAN Energy Solutions, STX Engines, Sinokor Merchant Marine, Mediterranean Shipping Company S.A., IHI Corporation, Volvo Penta, Rolls Royce, Scania, Shoei Kisen, Mitsui O.S.K. Lines, Neptune Orient Lines, and SOVCOMFLOT among others.