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, 2020 – 2026

Industry Trends

Marine Diesel Engine Market size surpassed USD 4 billion in 2019 and is expected to grow at 3.14% CAGR from 2020 to 2026. Rising seaborne trade across developing economies and surging demand for economically feasible units with features including fuel efficiency, reliability and durability will propel the industry growth. Changing preferences toward diesel engines coupled with shipping industry’s focus on system enhancement is set to drive the product adoption.
 

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Declining crude oil prices along with the increasing seaborne passenger traffic is projected to strengthen the industry scenario. Execution of government directives to limit maritime pollution across ECAs will complement the need for low emission engines which may act as a major hinderance for the business. In addition, introduction of emission abatement technologies & utilization with diesel engines to limit pollution will spur the market revenue.
 

The outbreak of COVID-19 virus has adversely influenced the overall value chain in the marine industry. Shipbuilding activities are at a complete standstill and trade volumes are falling thereby challenging the market outlook. Additionally, bracing for the economic slowdown, major manufacturers have drastically ramped down production to minimize loses. Furthermore, a healthy orderbook coupled with positive outlook toward ship building sector will encourage the marine diesel engine market growth.
 

Increasing long international voyage & rapid industrialization across the emerging nations boosting the merchant industry demand

Merchant diesel engine market is anticipated to witness rapid growth through 2026 impelled by bourgeoning trade owing to the favorable government initiatives including export subsidies and low-cost loans. Complying with stringent government directives may result in restraining the market growth. However, technological enhancement overtime is providing lucrative opportunities for the market players. Ongoing investments in R&D with emphasis on superior product design will positively influence the market size.
 

Offshore application segment is estimated to expand at over 3% CAGR during 2020-2026. Rising awareness regarding environment sustainability and surge in retrofitting activities of existing ships with a target to install clean engines will complement the business outlook. Additionally, reduction in carbon emissions along with competitive pricing within the commercially viable areas are some of the major parameters fueling the product installation.
 

Increasing adoption in merchant vessels will augment the low speed engines demand

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Low speed technology will undergo significant growth till 2026 propelled by the utilization of low-cost fuel, increasing long voyage trade and adoption of merchant vessels including bulk carriers, tanker & cargo among others. Increasing thermal and oxidation stability characteristics, reduced cost and lesser polluting emissions are among the primary factors enhancing the industry landscape.
 

Medium speed marine diesel engine market share is poised to increase in value by more than USD 100 billion between 2020 and 2026 driven by the high thermal efficiency and wide application base. Soaring demand for recreational vessels including ferries, passenger vessels, yachts and cruise with increasing marine tourism are some key factors influencing the market outlook. Moreover, various cruise ship manufacturers are currently looking to expand their portfolio by introducing state of the art vessels that are designed to deliver a better passenger experience.
 

Rising purchasing power of consumers has led to lucrative marine diesel engine market growth in the cruise and ferry application

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Cruise & ferry application will undergo steady growth though 2026 due to the rising purchasing power among individuals followed by increasing requirement for luxury and comfort. Growing marine tourism coupled with upsurge in demand for recreational & passenger vessels will complement the market demand. For instance, in 2018, a total of 28.5 million citizens went on a cruise within the U.S. resulting in a significant rise in demand. However, these vessels require high-capacity engines that function on eco-friendly fuel and possess high efficiency.
 

Expanding commercial trade will propel the U.S. market share

The U.S. marine diesel engine market revenue is likely to increase by around USD 40 million between 2021 and 2025. Increasing incidence of retrofitting activities on account of the stringent government mandates along with the rising tourism within the Caribbean will embellish the market expansion. Upsurge in import and export activities and rising exploration activities will fuel the regional market growth. Ongoing investments toward ship building and surging demand for commercial vessels & battle forces will support the product adoption.
 

Rising acquisitions & collaboration and ongoing innovations acting as the crucial point of industry participants

Major players are directing investments toward enhancing existing product portfolios to maintain their competitive advantage. Some of the key marine diesel engine market players are Rolls Royce, Caterpillar, Wärtsilä, Volvo Penta, Cummins, John Deere, Dresser-Rand Group, Man Energy Solutions, GE Transportation, and Brunswick Corporation among others.
 

Ongoing research and development activities, innovation & alliance and product development targeted toward compliance with the internationally accepted directives & mandates will propel the market statistics. Major industry participants are banking on backward integration by engineering the essential components to ensure quality standards and gain competitive edge. Manufacturers are modifying their products and equipping them with scrubbers and SCR systems to ensure regulation compliance across the globe.
 

This market research report on marine diesel engine includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:

Market, By Technology

• Low Speed
• Medium Speed
• High Speed

Market, By Application

• Merchant
  • Container Vessels
  • Tankers
  • Bulk Carriers
  • Gas Carriers
  • RO-RO
• 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
• Others

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • Italy
  • Norway
  • France
  • Russia
  • Denmark
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Vietnam
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Iran
  • Angola
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Mexico