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Marine Diesel Engine Market Forecast | 2023-2028
Marine Diesel Engine Market Size, Share, Forecast, Industry, and Growth Analysis (2023-2028)
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.
The marine diesel engine market is expected to grow from USD 4.69 Bn in 2022 to USD 220.79 Bn by 2028.
The market is expected to grow at a CAGR of 5.89 % during the forecast period.
Some of the major players in the market are- Anglo Belgian Corporation, Brunswick Corporation, Caterpillar Inc., Cummins Inc., and Daihatsu Diesel Mfg. Co., Ltd., DEUTZ AG, Guangxi Yuchai Group, Hyundai Heavy Industries, IHI Corporation Ltd., and Kawasaki Heavy Industries Ltd.
North America is estimated to account for the major share of the market.
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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