Marine Diesel Engine Market Report

Market Insights

Marine Diesel Engine Market is likely to witness a CAGR of 3.6% during the forecast period 2022-2027. 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.

Segments' Analysis

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Marine Diesel Engine Market Share: By Technology Type

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.

Marine Diesel Engine Market Share: By Application Type

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.

Marine Diesel Engine Market Share: By Region

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.

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Market Scope & Segmentation

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.

The marine diesel engine market is segmented into the following categories. 

Marine Diesel Engine Market Size, Share, & Forecast, by Technology Type:

• Low Speed (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Medium Speed (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• High Speed (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Diesel Engine Market Size, Share, & Forecast, by Application Type:

• Merchant
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll on/Roll off, and Others)
• Offshore
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Drilling Rigs & Ships, Anchor Handling Vessels, Offshore Support Vessels, Floating Production Units, and Platform Supply Vessels)
• Cruise & Ferry
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Cruise Vessels, Passenger Ferries, and Passenger/Cargo Vessels)
• Navy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Diesel Engine Market Size, Share, & Forecast, 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)

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Key Players

Some of the key players in the marine diesel engine 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

Research Methodology

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. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. 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:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• 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
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, 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)

Market Segmentation

• Current market segmentation by any one of the technology types by application type.  

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 at sales@stratviewresearch.com.