-- As per a report by Global Market Insights, Inc., “Marine Diesel Engine Market is slated to exceed a revenue of USD 8 billion by the end of 2025, with a CAGR projection of 4% over 2019-2025.” Increasing seaborne trade activities on account of growing imports from the developing economies coupled with rising investments in the shipping industry will foster the business landscape. Mounting demand for technically advanced engines owing to factors including low cost, reduced fuel consumption and enhanced efficiency is set to boost the industry scenario. Surging penetration of commercial vessels comprising gas & bulk carriers is one of the key factors enhancing the product adoption.
Increasing demand for economically viable engines that are best fit to fulfill reliability, durability, and fuel optimization is further complementing marine diesel engine market penetration. Over the past few years, the shipping industry has been largely emphasizing on developing advanced engines that improve the fuel efficiency and reduce carbon dioxide emission. Marine diesel engines operate at an average efficiency of 40% to 50% depending upon the age of the engine, deadweight tonnage, and vessel size. Phasing out of traditional steam engines from various utility sectors is further providing a significant push to marine diesel engine market.
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Medium speed is anticipated to grow owing to rising maritime tourism and boosting demand for yachts, ferries and cruises. Growth in long voyage trade across the globe along with swelling demand for retrofitting of prevalent vessels is set to drive the industry landscape. Moreover, technological advancements in system design leading to benefits comprising high power to weight and volume ratios, reduced maintenance intervals, reliable functionality & lower operational costs will propel the product adoption.
Merchant will witness a considerable growth on account of swelling crude oil and liquid products consumption accompanied by expansion and opening of major shipping routes specifically the choke points. Mounting container traffic coupled with boosting import and export of container cargo is set to strengthen the business landscape. For instance, according to UNCTAD in 2017, global containerized trade grew by 6.4% when compared to the previous year. In addition, increasing exploration activities across countries is anticipated to augment the product demand. Improved standards of living owing to rising disposable income is further set to boost the business outlook.
Considering the technical designing, the overall marine diesel engine market is predominantly segmented into low speed, medium speed, and high-speed systems. High speed systems accounted for more than 20% of the global share in 2016. With the significant improvement in the living standards of the consumers, the demand for cruise and ferries is accelerating, which in turn is driving this high-speed marine diesel engine market. Medium speed diesel engines which are mainly deployed in cargo ships, passenger ships, fast ferries are also witnessing a heavy adoption. This category based diesel engines market is expected to hit a revenue of more than USD 3 billion by the end of 2024. Low speed marine diesel engine market will also grow substantially at an annual rate of 4% over the coming seven years.
Browse key industry insights spread across 250 pages with 228 market data tables & 9 figures & charts from the report, “Marine Diesel Engine Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/marine-diesel-engine-market
China marine diesel engine market in 2018 was worth over 800 million. Growing demand for merchant ships owing to rising merchandise trade across the emerging economies and reduced charter rates is set to drive the industry landscape. Abundant availability of raw materials and cheap skilled labor will strengthen the business landscape. Increasing shipbuilding activities, enhanced import of engines along with healthy orderbook are the key factors further influencing the product penetration in the country.
Major industry players include Wartsila, A.P. Møller-Maersk, NYK Line, STX Engines, Man D&T, MSC Mediterranean Shipping, Mitsui OSK Lines, SOVCOMFLOT, Rolls Royce, COSCO, Kawasaki Kisen Kaisha, Teekay, China Shipping, Volvo Penta, Euronav NV, BW Group and Sinokor Merchant Marine among others.
Glimpse of Table of Content (ToC)
Chapter 3 Marine Diesel Engine Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2014 – 2025
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technology landscape
3.4.1 Low speed
3.4.2 Medium speed
3.4.3 High speed
3.5 Innovation & sustainability
3.5.1 Wärtsilä
3.5.2 Caterpillar
3.5.3 Volvo Penta
3.5.4 Other innovations
3.6 Regulatory landscape
3.6.1 IMO
3.6.1.1 MARPOL
3.6.1.1.1 NOx Emissions Standards
3.6.1.1.2 Sox Emission Standards
3.6.1.1.3 Greenhouse Gas Emissions
3.6.2 U.S.
3.6.2.1 1999 Marine Engine Rule
3.6.2.2 2002 Recreational Engine Rule
3.6.2.3 2003 Category 3 engine rules
3.6.2.4 2008 Category ½ Engine Rules
3.6.2.5 Environment Control Areas
3.6.3 China
3.6.3.1 China, I/II Standards
3.6.3.2 Domestic Emission Control Areas
3.6.4 Japan
3.6.5 Europe
3.6.5.1 Directive 2004/26/EC
3.6.5.2 Directive 1999/32/EC
3.6.6 Marine Fuel
3.7 Shipbuilding industry trends & forecast
3.8 Global operated fleet, by operators, 2016
3.9 Industry impact forces
3.9.1 Growth drivers
1.1.1.1 Expansion in seaborne trade
1.1.1.2 Cost effective usage
1.1.1.3 Increasing maritime tourism
1.1.2 Industry pitfalls & challenges
1.1.2.1 Stringent regulations against emissions
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 Competitive landscape, 2018
3.12.1 Company market share, 2017
3.12.2 Strategy dashboard
3.12.2.1 Wärtsilä
3.12.2.2 MAN Energy Solutions
3.12.2.3 Volvo Penta
3.12.2.4 Caterpillar
3.12.2.5 Yamaha
3.12.3 Mergers & acquisition landscape
3.13 PESTEL analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/marine-diesel-engine-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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