Marine Diesel Engine Market 2022 Global Industry Trends, Share, Gross Margin and Forecast to 2030

marine diesel engine market

Market analysis

The Global marine diesel engine market is expected to be worth USD 16.25 billion by 2027, registering a CAGR of 4.70% during the forecast period, according to the recent Market Research Future (MRFR) analysis. Marine diesel engines are a crucial system in a reliable and highly efficient vessel. Propulsion and Auxiliary are its two different types.

Various factors are propelling the global marine diesel engine market share. According to the recent MRFR report, these factors include increasing maritime trade in developing economies, demand for economically viable units with features such as durability, reliability and energy efficiency, changes in preference for diesel engines, emphasis on system improvement by the shipping industry, phasing out of traditional steam engines from different utility sectors, cost affordability, lower price of crude oil, increasing research and development towards environmentally friendly technology and improved energy efficiency.

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On the contrary, the current COVID-19 outbreak and environmental restraints and government restrictions on diesel engines may hinder the growth of the global marine diesel engine market during the forecast period.

Market segmentation

The MRFR report highlights inclusive segmental analysis of the global marine diesel engine market based on type, stroke, speed, and application.

Based on type, the marine diesel engine market is segmented into propulsion and auxiliary. Among these, the ancillary segment will lead the market during the forecast period.

Based on speed, the marine diesel engine market is segmented into high speed, medium speed and low speed. Among these, the high-speed segment will dominate the market during the forecast period.

Based on stroke, the global marine diesel engine market is segmented into 4-stroke and 2-stroke. Among these, the 4-stroke segment will have a major share of the market during the forecast period.

By application, the global marine diesel engine market is segmented into cruise ships, freighters and others. Among these, freight segment will spearhead the market during the forecast period.

Regional analysis

By region, the global marine diesel engine market covers growth opportunities and recent trends in Europe, North America, Asia-Pacific (APAC), Latin America, and the Middle East and Africa (LAMEA). Among these, APAC region will lead the market during the forecast period. Rising export and import activities, industrialization in South Korea, India and China, and improved policy framework for the maritime sector are contributing to the growth of the global marine diesel engine market in the region .

In Europe, the global marine diesel engine market is expected to hold the second largest share during the forecast period. The growth of tourism and maritime activities has created a productive market for manufacturers of marine engines, and maritime transport industries associated with the presence of leading shipbuilding countries such as Italy, Greece, Germany , France, Finland, Denmark and Croatia add to the global marine diesel engine. market growth in the region.

In North America, the global marine diesel engine market is expected to witness healthy growth during the forecast period. Constant modernization of engines, increase in tourism, strict government regulations, increased consumer awareness, increasing export and import of containers, increase in exploration operations, increase in brand acceptance, increase in shipbuilding expenditure, increase in business methods, Adoption of high-end technologies and implementation of environmental standards are contributing to the growth of the global marine diesel engine market in the region.

In LAMEA, the global marine diesel engine market is expected to witness solid growth during the forecast period.

Key players

Leading players profiled in the global marine diesel engine market report include Kirlosker Oil Engines Ltd, Hyundai Heavy Industries Co., Ltd., Japan Engine Corporation, China Shipbuilding Industry Group Diesel Engine Co., Ltd., Caterpillar, Greaves Cotton Limited, Honda Motor Co., Ltd., Yanmar Co Ltd., AGCO Power Inc., Cummins Inc., Deere & Company, STX Engine and Cox Marine.

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