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Marine Diesel Engine Market Size Projected to Reach $ 7.90 Billion by 2025

Marine Diesel Engine

iCrowdNewswire   Dec 7, 2020  1:17 AM ET

Marine Diesel Engine Market size is projected to reach $ 7.90 billion by 2025 from $6.15 Billion in 2018, with a CAGR of 3.98% during 2020-2025. Modern ships use a reciprocating diesel engine as their prime mover due to their ease of operation, robustness and fuel efficiency compared to most other prime mover mechanisms. The rotating crankshaft can be directly mounted to the engine-turning a propeller for slow-speed engines, by means of a reduction gearbox for medium and high-speed engines, or by means of an alternator and electric motor in diesel-electric ships. Also, the Stirling engines are also used in commercial application which uses diesel as a fuel. The stirring engine is due to its quiet nature (both audibly and in terms of radio interference) and its ability to run on a variety of heat sources. Increasing preference for energy-efficient engine technologies coupled with implementation of more stringent maritime safeguard laws is expected to drive the future global demand for marine diesel engines. Also, the international marine diesel engine market has grown primarily with the shipping industry focusing towards reduced carbon emissions.

By Speed – Segment Analysis

The high-speed segment of Marine Diesel Engine market is expected to experience a CAGR of 4.67% during forecast period. High speed capacity is an important factor for commercial cruisers. Increasing demand for tugboats would fuel the adoption of high-speed marine diesel engines. Similarly, with the ongoing expansion and development of regional seaports, the marine diesel is likely to witness significant demand from high speed segment. Engines are mounted mainly on ferries or warships, small boats, fishing vessels and yachts. This segment will be further enriched by underline factors including compact size, improved engine performance & efficiency. According to Cruise Lines International Association (CLIA), the Global Ocean Cruise Passengers is expected to reach almost 30 million by 2019 from 23.06 million in 2015. This rise would result in increased demand for high speed marine diesel engines.

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By Application – Segment Analysis

It is anticipated that the market of marine diesel engines for merchant application will have the CAGR Of 4.22% during 2020-2025. Increasing crude oil and other liquid products usage will foster the demand for marine diesel engine in this segment. Continuous expansion of choke points along with increasing container traffic will further drive demand for container vessels. In addition, Improving living standards along with increasing people’s disposable income in developing economies is also likely to encourage the adoption of marine diesel engine. Similarly, Marine Diesel engines for Merchant Application are used in large-scale international trade between countries, which is a major driving force behind the growth of the segment. For instance, According to European Statistical Office (EUROSTAT), in 2018, maritime transport accounted for just over half of all merchandise traded between the European Union and the rest of the world. This show that most of the trade is through Ocean and will thereby increase the demand for marine diesel engines for merchant applications.

By Geography – Segment Analysis

Over the forecast years, the Marine Diesel Engine market share for the APAC Region will be 31.54%. In 2017, APAC accounted for more than one-third of the industry and is set to grow at a steady pace in the coming years. Improved activities in import and export are boosting the region’s maritime market. Industrialization has fueled seaborne commerce in and around APAC in countries like China, India, and South Korea. Also, the marine diesel engine is incredibly focused, with top sixteen producers responsible for 90 % of production worldwide, with high-end products predominantly from China and Korea. According to India Brand Equity Foundation (IBEF), From Fiscal year 2013 to 2018 there was an increase of 196.86% in the net profit at major port. Also, In March 2018, an amended Model Concession Agreement (MCA) was approved by Indian Government to make port initiatives more investor-friendly and make investment climate in the sector more attractive. Apart from this, Under the Sagarmala Project, the Indian government has planned a total of 189 ports modernization projects involving US$ 22 billion investment by 2035. Such efforts by the APAC countries ‘ governments would push the growth of marine diesel engines.

Drivers – Marine Diesel Engine Market

Increased Seaborne trade between emerging economies

Escalating seaborne trade through emerging economies as well as increasing demand for economically feasible engines due to benefits like durability performance, and fuel efficiency would improve market growth for marine diesel engines. The market will be further increased by technological advances and advances in product design leading to low operating costs. According to the World Statistical Organization’s Statistical review, World Sea transport exports had a 5% increase in annual percentage change in 2017 from 2016. This increase shows that the maritime trade between economies are driving the marine diesel engine market.

Reduction of carbon dioxide emission

The marine diesel engines are typically used as an auxiliary power unit (APU).The international marine diesel engine market has grown mainly as the shipping industry seeks to reduce carbon emissions. The shipping industry is focused on developing higher-efficiency diesel engines that use less fuel while providing more energy for vessels. Together with changing shipping industry focus, the rapid shift from residual fuel motors to diesel engines is expected to accelerate market penetration. Key benefits, including easy accessibility and low cost of diesel, make accepting ship-owners viable compared to other alternative fuels. According to International Chamber of Shipping, in almost 10 years starting from 2008, there is a decrease of almost 11.35% in the Total International Shipping CO2 Emission. This decrease can be accounted as a result of shift from residual fuel motor to diesel engine. So stringent policies established by different international associations for the reduction of CO2 emission will positively drive the marine diesel engine market.

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Challenges – Marine Diesel Engine Market

Government Restrictions And Environmental Constraints On Diesel Engines

Government restrictions on diesel engines and environmental restrictions act as barriers to the growth of the market for marine diesel engines. For instance, United States Environmental Protection Agency (EPA), has adopted exhaust emission standards for marine diesel engines installed in a variety of marine vessels ranging in size and application from small recreational vessels to tugboats and large ocean-going vessels. EPA finalized emission standards for new marine diesel engines mounted on U.S. ships with a per-cylinder displacement of 30 liters or more (called Category 3 marine diesel engines). EPA also finalized a switch in diesel fuel program which will require 1,000 parts per million (ppm) of sulfur fuel to be produced and sold for use in marine vessels of category 3. In other nations, too, there are such stringent rules that will impede the growth of the marine diesel engine industry.

Market Landscape

Product launches, partnership and R&D activities are key strategies adopted by players in the Marine Diesel Engine market. In 2018, the market of Marine Diesel Engine has been consolidated by the top five players accounting for 37% of the share. Marine Diesel Engine top 10 companies are Artily, Teekay Corporation, Hyundai Heavy Industries, John Deere, Kawasaki Heavy Industries, MAN Energy Solutions, STX Engines, Caterpillar, Evergreen Marine Corp. and Sinokor Merchant Marine.

Partnership/Product Launches

In July 2019, a three-year partnership was signed between YANMAR MARINE INTERNATIONAL and the Nautical Institute of Brittany (INB) to provide training on YANMAR engines and new technologies.

Volvo Penta introduced the D8 engine and post-treatment concept in June 2019 to meet the Tier III requirements of the International Maritime Organization (IMO).

Key Takeaways

Asia Pacific Region holds the largest Marine Diesel Engine Market share during the forecast period.

The Merchant Segment is expected to grow at a CAGR of 4.22% in the Global Marine Diesel Engine Market.

By Speed, High speed is expected to grow at a high CAGR as a result of massive marine tourism along with rising demand for leisure vessels such as cruises, ferries, yachts and passenger vessels.

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Keywords:    Marine Diesel Engine Market, Marine Diesel Engine Market size, Marine Diesel Engine industry, Marine Diesel Engine Market share, Marine Diesel Engine top 10 companies, Marine Diesel Engine Market report, Marine Diesel Engine industry outlook

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