Marine Diesel Engine Market Projected to Witness a Double-Digit CAGR During 2021-2026
Marine Diesel Engine Market is likely to witness a CAGR of 3.6% during the forecast period.
Jan 10, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Marine Diesel Engine Market.
It was estimated prior to this unanticipated outbreak that the Marine Diesel Engine Market is likely to witness a CAGR of 3.6% during the forecast period. Growing seaborne trade across developing economies and increasing demand for economically feasible units with features including fuel efficiency, durability and reliability, shifting inclination of consumers towards diesel engines along with increasing focus of shipping industry on system enhancement, and growing maritime tourism are some of the major factors fueling the market growth during the forecast period.
Marine diesel engines are basically a type of engines which operate on diesel fuel and are used as the primary source to provide main propulsion to ships and turn propellers of a ship. They are the most commonly used type of marine engines and have the highest thermal efficiency, being able to extract energy out of fuel.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the technology type, the market is segmented as low speed, medium speed, and high speed. Low-speed technology is expected to witness significant growth rate in the market during the forecast period owing to the utilization of low-cost fuel, growing long voyage trade and increase in adoption of merchant vessels among others. Factors such as surge in thermal and oxidation stability properties, decreased cost and reduced polluting emission are the other considerable factors driving the market growth during the forecast period. On the other hand, medium-speed marine diesel engine is also estimated to register considerable growth during the forecast period on account of high thermal efficiency and wide application base.
Based on the application type, the market is segmented as merchant, offshore, cruise & ferry, navy, and others. The merchant marine diesel engine market is estimated to register strong growth owing to growing long international voyage and rapid industrialization across the emerging economies during the forecast period. Factors such as technological improvements and ongoing investments in R&D with emphasis on superior product design are expected to boost the segment’s growth during the forecast period.
On the other hand, the offshore application segment is estimated to witness significant growth rate in the market during the forecast period. The growth of the segment is attributed to the growing awareness about environmental sustainability and increase in retrofitting activities of existing ships with the aim for installing clean engines along with reduction in carbon emission. Also, the cruise & ferry application is estimated to witness constant growth due to increase in purchasing power of consumers along with growing requirements for luxury and comfort.
In terms of regions, North America is estimated to account for the major share of the market with the U.S. being the growth engine of the region during the forecast period. Factors such as increasing incidence of retrofitting activities owing to stringent government mandates coupled with increasing tourism within the Caribbean, growing import and export activities and increase in exploration activities, and ongoing investments toward ship building and booming demand for commercial vessels & battle forces are further expected to fuel the regional market growth over the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the global Marine Diesel Engine market are-
Anglo Belgian Corporation
Daihatsu Diesel Mfg. Co., Ltd.
Guangxi Yuchai Group
Hyundai Heavy Industries
IHI Corporation Ltd.
Kawasaki Heavy Industries Ltd
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Marine Diesel Engine analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors
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