Marine Diesel Engine Market Forecast | 2023-2028

Market Insights

The Marine Diesel Engine Market is expected to grow from USD 4.69 Billion in 2022 to USD 220.79 Billion by 2028 at a healthy CAGR of 5.89% during the forecast period of 2023-2028.

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What is a marine diesel engine?

Marine diesel engines are a type of engine that operates on diesel fuel and are used as the primary source to provide main propulsion to ships and turn the propellers of a ship.

They are the most used type of marine engines and have the highest thermal efficiency, being able to extract energy out of fuel.

Key Players

Some of the major players in the market are-

• Anglo Belgian Corporation
• Brunswick Corporation
• Caterpillar Inc.
• Cummins Inc.
• Daihatsu Diesel Mfg. Co., Ltd.
• DEUTZ AG
• Guangxi Yuchai Group
• Hyundai Heavy Industries
• IHI Corporation Ltd.
• Kawasaki Heavy Industries Ltd

Market Drivers

The market is expected to increase due to some of the key factors-

1. Growing Shipping Industry: The shipping industry is an integral part of global commerce, with more than 80% of traded goods being transported through oceans. Marine craft such as cargo ships, container ships, tankers, etc. are used extensively driving the demand for marine diesel engines.
2. Stringent Emission Regulations: According to recent statistics by the Organisation for Economic Co-operation and Development (OECD) ~858 million tonnes of CO2 emissions globally come from the shipping industry in 2022, which is more than the amount of CO2 emitted by air transport. Governments across the globe, including a few international organizations like International Transport Forum (ITF), etc. are aiming to decarbonize maritime transport by 2035. Marine diesel engines have evolved to meet emission standards, leading to the replacement of older engines with more efficient and eco-friendly ones.
3. Rising fuel prices demand fuel efficiency: Depending on the type and service of watercraft, fuel costs represent ~50-60% of total ship operating costs. While fuel prices are increasing over the years, consumers are looking for fuel-efficient options. Marine diesel engines offer higher fuel efficiency and are in demand as they help cut operational costs and reduce the environmental impact.
4. Growth in Offshore Industries: The offshore industries are flourishing due to the rising demand for oil and gas exploration. International Energy Agency (IEA) estimates the demand for oil and gas to reach 105.7 million barrels per day (mb/d) by 2028. Such an increase in fuel increased the demand for various types of marine vessels equipped with diesel engines.

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Segments Analysis

By Technology Type

The market is segmented as low speed, medium speed, and high speed. 

Low-speed technology is expected to witness a significant growth rate in the market during the forecast period owing to the utilization of low-cost fuel, growing long-voyage trade, and an increase in the adoption of merchant vessels among others.

Factors such as a surge in thermal and oxidation stability properties, decreased cost, and reduced polluting emissions are the other considerable factors driving the market growth during the forecast period.

On the other hand, the 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.

Marine Diesel Engine Market Share: By 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 voyages and rapid industrialization across emerging economies during the forecast period.

Factors such as technological improvements and ongoing investments in R&D with an 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 a 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 the increase in retrofitting activities of existing ships to install clean engines along with a reduction in carbon emission.

Also, the cruise & ferry application is estimated to witness constant growth due to the increase in purchasing power of consumers along with growing requirements for luxury and comfort.

Marine Diesel Engine Market Share: By Region

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 shipbuilding 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.

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The market is segmented into the following categories. 

By Product Type

• Trihydrate (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Anhydrous (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By End-User Type

• Leather & Textile (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Food (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Medical & Pharmaceuticals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a 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. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis.
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: 

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.