Marine Diesel Engine Market Size By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs & Ships, Anchor Handling Vessels, Offshore Support Vessels, Floating Production Units, Platform Supply Vessels], Cruise & Ferry [Cruise Vessels, Passenger Ferries, Passenger Cargo Vessels], Navy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Industry Trends

Marine Diesel Engine Market size in 2018 valued around USD 5 billion and is set to grow at over 4% CAGR from 2019 to 2025.
 

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Rising seaborne trade across emerging economies along with growing demand for economically viable engines owing to benefits including durability, reliability and fuel efficiency will stimulate the marine diesel engine market growth. Swift shift from residual fuel engines to diesel engines along with changing focus of shipping industry to develop advanced engines is set to drive the product penetration. Key benefits including ease of availability and low diesel cost makes the adoption feasible over other alternate fuels for ship owners. Technological advancements and developments in product design leading to low operational costs will further augment the industry landscape.
 

Decline in the crude oil prices coupled with the increasing seaborne passenger traffic is set to encourage the product adoption. Implementation of government policies to decrease maritime pollution primarily across emission control areas has augmented the requirement for low emission engines. Major industry players have modified their product lines to engines equipped with scrubbers and catalytic reactors which will, in turn, strengthen the production deployment.
 

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Marine Diesel Engine Market, By Technology

Low Speed technology segment valued at USD 1 billion in 2018. Key factors including increasing long voyage trade, utilization of low-cost fuel and adoption of engines in merchant vessels including cargo, tankers, and bulk carriers will augment the industry landscape. Reduced costs, lesser polluting emissions and increased thermal & oxidation stability characteristics are amongst the underline parameters enhancing the industry outlook.
 

Medium speed is projected to grow owing to increasing marine tourism along with soaring demand for recreational vessels including cruise, ferries, yachts, and passenger vessels. Rising global imports and exports of numerous commodities comprising ores, merchandise, and minerals will positively influence the product installation. Moreover, various cruise ship companies comprising Costa Asia, Royal Caribbean and Star Cruise are expanding their business portfolio by including new, state-of-art cruise ships that are more luxurious and can provide a better experience to passengers.
 

Marine Diesel Engine Market, By Application

Merchant marine diesel engine market is anticipated to grow over USD 2 billion by 2025. Increasing consumption of crude oil and other liquid products will favor the product demand. Ongoing expansion of choke points along with rising container traffic will further propel the container vessels demand. Improvement in the standard of living along with growing disposable income of people in the developing economies will encourage the product adoption.
 

Offshore is anticipated to observe significant growth owing to positive outlook toward deep water drilling activities combined with robust Exploration and Production (E&P) activities leading to enhanced demand for gas carriers, oil tankers & drill ships among others. The implementation of government regulations to reduce marine pollution will drive the product adoption in OSVs. Moreover, the reviving of oil & gas industry will further stimulate the demand for offshore vessels across the globe.
 

Marine Diesel Engine Market, By Region

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The U.S. marine diesel engine market size in 2018 was valued over USD 800 million. Ongoing retrofitting of engines owing to stringent government mandates grouped with rising tourism across the Caribbean industry will embellish the product penetration. Increasing import and export of container cargo along with growing exploration activities will fuel the business landscape. Increasing spending toward the shipbuilding activities is one of the major factors augmenting the product adoption. Implementation of environmental standards, high end technology adoption coupled with growing trade practices is further fostering the product adoption.
 

UAE will grow substantially on account of increasing international marine freight transport coupled with penetration of smart engines for situational awareness and safety. Rising demand for dual fuel engine across the region along with growing exploration of crude oil and gas will boost the demand for ships, thereby enhancing the business scenario. Rapid innovation in the industry along with energy efficient product development will augment the industry landscape.
 

For instance, leading players comprising MAN D&T and Wärtsilä are continuously spending on R&D in order to enhance and innovate their product category and enhancing capacity handling requirements.
 

Competitive Market Share

Key manufacturing players in the market include Wärtsilä, Teekay Corporation, Volvo Penta, Hyundai Heavy Industries, IHI Corporation, John Deere, Kawasaki Heavy Industries, MAN Energy Solutions, Mitsui O.S.K. Lines, Mediterranean Shipping Company S.A., STX Engines, Rolls Royce, Scania, Shoei Kisen, Neptune Orient Lines, Sinokor Merchant Marine and SOVCOMFLOT among others.
 

Industry Background

The marine diesel engine are used to propel a ship and help generate power for board vessels comprising commercial vessels, offshore support vessels, and other marine vessels functioning on varied fuels including gas oil, diesel oil among others. Factors comprising greater fuel efficiency, low fuel consumption, low harmful emissions, easy maintenance, durability, quiet operation and high performance will augment the product deployment. Improved compatibility with the vessel requirements combined with fuel availability are the underline factors further driving the business scenario.