Marine Diesel Engine Market to Grow 3.9%
The global marine diesel engine market is estimated to grow at CAGR above 3.9% over the forecast time frame and reach the market value around US$ 8.1 billion by 2026.
The worldwide market for marine diesel engines has expanded mainly as shipping industry needs to decrease carbon emissions, said Acumen Research and Consulting.
The shipping industry focuses on developing higher-efficient diesel engines that use less diesel while offering more ship propulsion. However, the latest shipping and shipbuilding downturn has impaired the market.
Shipbuilding orders decreased with lower shipping prices. Recovery is anticipated during the forecast period; however, it would rely on several variables, such as crude oil prices and multiple nations' financial development.
Rising seaborne trade across emerging economies along with growing demand for economically viable engines due to benefits including durability, reliability, and fuel efficiency will stimulate market growth for marine diesel engines.
The swift change from residual fuel motors to diesel engines along with shifting shipping industry focus is laid to drive consumer penetration. Key advantages, including easy accessibility and small diesel costs, make ship-owners acceptance viable over other alternative fuels.
Technological advances and advances in product design leading to small operating costs will further increase the landscape. Marine diesel engine is an inner combustion engine in which ignition of the fuel introduced into the combustion chamber is triggered by the elevated temperature a gas achieves when heavily squeezed in a vessel.
The marine diesel engine is extremely focused, producing top sixteen manufacturers account for 90% of worldwide manufacturing, and high-end products originate primarily from China and Korea.
Medium velocity is expected to expand due to increased marine tourism and increased demand for recreational ships including cruises, ferries, yachts and passenger vessels. Increasing worldwide imports and exports of countless commodities including ores, merchandise, and minerals will favorably affect item assembly.
Moreover, multiple cruise ship businesses including Costa Asia, Royal Caribbean and Star Cruise are increasing their portfolio by including fresh, state-of-the-art cruise boats that are more luxurious and can provide stronger passenger experience.
Some vital players in the marine diesel engine market includes artily, Teekay Corporation, Hyundai Heavy Industries, John Deere, Kawasaki Heavy Industries, MAN Energy Solutions, STX Engines, Sinokor Merchant Marine, Mediterranean Shipping Company S.A., IHI Corporation, Volvo Penta, Rolls Royce, Scania, Shoei Kisen, Mitsui O.S.K. Lines, Neptune Orient Lines, and SOVCOMFLOT among others.