The Marine Diesel Engine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Marine Diesel Engine Global Market Report 2024, 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.
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.
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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
Major companies in the marine diesel engine market are focusing on developing a technologically advanced engine built on platforms such as a modular technology platform to achieve decarbonized operations and maximize their profits in the market. A modular technology platform involves a design approach using independent, interchangeable components or modules. For instance, in September 2022, Wärtsilä Corporation, a Finland-based company, launched the Wärtsilä 25 medium-speed 4-stroke engine, designed to accelerate and support the maritime sector’s efforts in achieving decarbonized operations. Based on Wärtsilä’s modular technology platform, this engine enhances flexibility for shipowners and operators. It operates on diesel, LNG, or carbon-neutral biofuels and is upgradeable to future carbon-free fuels. Wärtsilä 25 aims to be the first engine to run on ammonia. Featuring efficient turbocharging, common-rail high-pressure fuel injection technology, and advanced control systems, it ensures optimal combustion, fuel-injection settings, and smoke-free operation, supported by Wärtsilä’s Expert Insight service for predictive maintenance.
The marine diesel engine market report table of contents includes:
1. Executive Summary
2.Marine Diesel Engine Market Characteristics
3.Marine Diesel Engine Market Trends And Strategies
4.Marine Diesel Engine Market Macro Economic Scenario
5.Marine Diesel Engine Market Size And Growth
6.Marine Diesel Engine Segmentation
7.Marine Diesel Engine Regional And Country Analysis
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27.Marine Diesel Engine Competitive Landscape And Company Profiles
28.Marine Diesel Engine Key Mergers And Acquisitions
29.Marine Diesel Engine Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Caterpillar Inc.
- Cummins Inc.
- HHI Engine & Machinery Co. Ltd.
- Deere & Company
- MAN Energy Solutions SE
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