Marine Diesel Engine Market Analysis | 2023-2028

“The Marine Diesel Engine Market was estimated at US$ 4.69 billion in 2022 and is expected to grow at a healthy CAGR of 5.89% during 2023-2028 to reach US$ 220.79 billion by 2028.”

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Market Dynamics

Introduction

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.

Market Drivers

The global marine diesel engine market is expected to increase due to some of the key factors-

• 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.

• Stringent Emission Regulations: According to recent statistics by the Organization 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 the 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.

• 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 have been 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.

• 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

“Low-speed technology is expected to witness a significant growth rate in the market during the forecast period.”

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

By Application Type

“The merchant segment dominates the market during the forecast period.”

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.

Regional Analysis

“North America is estimated to account for the major share of the global 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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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the marine diesel engine market (arranged alphabetically).

• 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

Note: The above list does not necessarily include all the top players in the market.

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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.

What Deliverables Will You Get in this Report?

Target Audience

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

• Marine Diesel Engine Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

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.

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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: 

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