Marine Diesel Engine Market size to exceed $4 Bn by 2026
Published Date: September 1, 2020 Authors: Ankit Gupta, Asmita Semwal
Marine Diesel Engine Market size is projected to surpass USD 4 billion by 2026, as reported in the latest study by Global Market Insights Inc.
Dynamic trends in the maritime transportation industry coupled with rising global seaborne trade volumes are expected to complement the marine diesel engine industry growth. Ongoing investments targeted toward development of fuel-efficient engines along with the significant expansion of global transportation by sea will augment the business landscape. The onset of the economic standstill brought on by the COVID-19 virus is poised to restrain the market growth. However, favorable government policies and economic trends from the emerging economies will propel the market statistics.
Introduction of government policies with an aim to combat marine pollution has complemented the demand for sustainable engines. The MEPC under Annexure VI established a mandate to reduce the NOx by the less than 130 kW output diesel engines. Therefore, in order to comply to underlined norms, market players have advanced their product lines with enhanced engines that include scrubbers & catalytic reactors.
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Low speed engines will dominate the market owing to the cost efficiency and easy availability
Low speed engines is likely to grow on account of comparative low cost and ease of availability. Decline in the crude oil prices coupled with rising maritime passenger traffic will drive the product adoption. The product demand may witness a slight downturn owing to the growing environmental awareness and regulatory pressure. However, high cost associated with low sulfur fuel along with growing popularity of conventional engines used with emission control systems will augment the market forecast.
Installation of auxiliary engines to augment the medium speed engine demand
Medium speed marine diesel engines industry is set to observe significant growth owing to the high reliability and low ownership cost. These units are compatible with a vast range of fuel sources including diesel. Surge in global imports & exports of numerous commodities including minerals, ores, merchandise will strengthen the product installation.
Browse key industry insights spread across 480 pages with 779 market data tables & 33 figures & charts from the report, “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”in detail along with the table of contents:
Dependence of international trade on the marine industry will boost the commercial application
Commercial accounts for a significant share led by the increasing dependence of international trade on the marine transport industry. Rising disposable income among institutions and individuals provides additional growth in revenue majorly driven by the rising spending on importing commodities from international manufacturers. Expansion of choke points along with rising container traffic will positively impact the demand for container vessels.
Established infrastructure will allow the European region to overcome the COVID -19 pandemic
The Germany marine diesel engine market size is anticipated to see 16% of the europe market share in 2026. Rising retrofitting of existing diesel engines with emission control systems owing to the strict government mandates & directives along with increasing tourism will propel the product growth. New application areas being discovered and considered on a regular basis along with development of green fuel technologies is strengthening the product adoption. Major ports acquiring consequential shares in global maritime trade is a major factor driving the market landscape.
Few of the key companies are already directing investments toward enhancing exiting product portfolio to eventually change based on the regulation needs. Major players in the marine diesel engine industry are Volvo Penta, Wärtsilä, Cummins, John Deere, Rolls Royce, Caterpillar, Brunswick Corporation, Dresser-Rand Group, GE Transportation, and Man Energy Solutions among others.