Overview and Scope
A marine diesel engine refers to an internal combustion engine with a reciprocating motion that burns either diesel or a combination of fuels. It is used to turn the propeller and move the ship.
Sizing and Forecast
The marine diesel engine market size has grown strongly in recent years. It will grow from $7.83 billion in 2023 to $8.42 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to demand from commercial shipping, growth in cruise industry, rise in offshore oil and gas activities, expansion of naval forces, demand from fishing industry.
The marine diesel engine market size is expected to see strong growth in the next few years. It will grow to $11.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to rising global trade activities, stringent emission regulations, expansion of offshore wind energy, shift towards electrification, rise in cruise and passenger ship demand. Major trends in the forecast period include emissions regulations compliance, fuel efficiency, shift towards hybridization, adoption of lng as fuel, digitalization and smart engines.
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Segmentation & Regional Insights
The marine diesel engine market covered in this report is segmented –
1) By Type: Auxiliary, Propulsion
2) By Speed: Low-Speed, Medium-Speed, High-Speed
3) By Stroke: 2-Stroke, 4-Stroke
4) By Power: <1,000 HP, 1,000-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, >20,000 HP
5) By Application: Merchant, Offshore, Cruise And Ferry, Navy, Other Applications
Asia-Pacific was the largest region in the marine diesel engine market in 2023. North America is expected to be the fastest-growing region in the global marine diesel engine market report during the forecast period. The regions covered in the marine diesel engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increased seaborne trade is expected to boost the growth of the marine diesel engine market going forward. Seaborne trade refers to the transportation of goods abroad between two countries. Shipping is the most fuel-efficient means of transporting goods and marine diesel engines are used for seaborne trades as they are cheap, non-flammable, and energy efficient; hence the increased seaborne trade is a key driver of the marine diesel engine market. For instance, according to a report published by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body, in 2022, international maritime trade grew by 3.2 percent in 2021, with shipments increasing to 11.0 billion tons. In 2021, Asia remained the world’s leading sea cargo region from Asian ports, including developed and developing regions, handling about 4.6 billion tons of cargo, or about 42 percent of all cargo handled in global ports. Some 7.1 billion tons arrived at Asian ports in 2021, equivalent to 64 percent of goods unloaded globally. Therefore, the increased seaborne trade is driving the growth of the marine diesel engine market.
Key Industry Players
Major companies operating in the marine diesel engine market report are Caterpillar Inc., Cummins Inc., HHI Engine & Machinery Co. Ltd., Deere & Company, MAN Energy Solutions SE, AB Volvo Penta, YANMAR Marine International, STX Engine, Daihatsu Diesel Mfg. Co. Ltd., Deutz AG, IHI Power Systems Co. Ltd., Perkins Engines Company, Bergen Engines AS, China Shipbuilding Industry Corporation Diesel Engine Co. Ltd., Japan Engine Corporation, Mitsubishi Heavy Industries Ltd., Wärtsilä Corporation, Hyundai Heavy Industries Co. Ltd., WinGD, Siemens Energy AG, General Electric Company, MTU Friedrichshafen GmbH, Scania AB, Anglo Belgian Corporation, ABC Diesel AG, Fairbanks Morse Engine, Doosan Engine, Yanmar Co. Ltd., Moteurs Baudouin, Cooper Corporation
The marine diesel engine market report table of contents includes:
- Executive Summary
- Marine Diesel Engine Market Characteristics
- Marine Diesel Engine Market Trends And Strategies
- Marine Diesel Engine Market – Macro Economic Scenario
- Global Marine Diesel Engine Market Size and Growth
- Marine Diesel Engine Market Segmentation
- Marine Diesel Engine Market Regional And Country Analysis
…………
- Key Mergers And Acquisitions In The Marine Diesel Engine Market
- Marine Diesel Engine Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Marine Diesel Engine Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Marine Diesel Engine Market, Segmentation By Speed, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Marine Diesel Engine Market, Segmentation By Stroke, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……………
Table 76: Caterpillar Inc. Financial Performance
Table 77: Cummins Inc. Financial Performance
Table 78: HHI Engine & Machinery Co. Ltd. Financial Performance
Table 79: Deere & Company Financial Performance
Table 80: MAN Energy Solutions SE Financial Performance
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