Insights Into The Marine Diesel Engine Market’s Growth

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The Marine Diesel Engine Global Market Report 2023 by The Business Research Company, provides marine diesel engine market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/marine-diesel-engine-global-market-report

According to The Business Research Company’s Marine Diesel Engine Global Market Report 2023, the global marine diesel engine market size is expected to grow from $7.32 billion in 2022 to $7.83 billion in 2023 at a compound annual growth rate (CAGR) of 6.99%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global marine diesel engine market size is expected to reach $10.51 billion in 2027 at a CAGR of 7.65%.

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.

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The marine diesel engine market 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

Product innovation is the key trend gaining popularity in the marine diesel engine market. Major companies operating in the marine diesel engine market are focusing on developing new products. For instance, in August 2020, Caterpillar, a US-based manufacturer of construction, transportation, and energy equipment, launched Cat C32B, a new marine diesel engine. The unique feature of this engine is the advanced unit injection fuel system, which delivers multiple injections per injection event and provides a 25% noise reduction at low speeds, and the most recent version of Cat’s ADEM electronic engine control module (ADEM 6). The Cat C32B diesel engine develops 2,000 hp at 2,300 rpm, with an output power of 2,025 hp. It expands the power capabilities of the high-performance C32 series, increasing power by 5% over existing C32 engines, with only a 2% increase in weight.

The marine diesel engine market report table of contents includes: