Marine Diesel Engine Market Overview
Marine Diesel Engine Market is projected to be worth USD 16.25 billion, registering a CAGR of 4.70% during the forecast period (2022 - 2030), The market was valued at USD 6.10 billion in 2020.
A greater emphasis has been placed on managing energy-efficient Marine Diesel Engines, which will have a rapid impact on the market. In ships, marine diesel engines transfer a large amount of heat energy from the fuel into mechanical energy, which is quite beneficial. Modern marine diesel engines have a power range of 40 to 416 kW (54 to 558 hp) and are found in major cargo ships, most cruise ships and ferries, national military and government boats, the industrial and small-scale fishing sector, modern auxiliary ships, landing craft, modern patrol boats, and several search-and-rescue vessels. These Marine Diesel Engines have mostly become a basic requirement in today's ships. Many variables are assisting the market's spread.
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Report Attribute/Metric
Details
CAGR
4.70% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type ,Speed ,Stroke, Application
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
COVID 19 has impacted 215 countries, as well as the Marine Diesel Engine Market. To counteract the negative impacts, countries have implemented lockdowns that have harmed the market. The epidemic poses several issues for the industry, as it affects people all around the world. Many variables have influenced continued demand and supply, including the risk of interrupted manufacturing, supply chain, distribution, a lack of workforce employees, and significantly reduced development efforts. People are not as active as they were previously. There are major strategic shifts taking place. MNCs are boosting their market growth investments in response to rising customer demand around the world.
Market Segmentation
- Based on the Type Service, the market has been segmented as Auxiliary and Propulsion.
- Based on the Speed Service, the market has been segmented as Low-Speed, Medium-Speed, and High-Speed.
- Based on the Stroke Service, the market has been segmented as 2-Stroke and 4-Stroke.
- Based on the Application, the market has been segmented as Modern Cargo Ship, Latest Cruise Ship, and Others.
- Based on the Geographic segmentation, the market has been classified as North America, Europe, Asia-Pacific, South America, and Middle & East Africa.
Regional Classification
Due to the usage of numerous cloud-based services by way of production systems and distribution channels, North America is expected to be the largest market in terms of profit contribution. Furthermore, due to increased investment, the Asia Pacific countries are expected to rise rapidly in the marine diesel engine market. In addition, demand has increased in key developing countries. India and China, for example, are expected to lead growth in a variety of Asia-Pacific economies. There is no doubt that North America is the market leader, owing to the presence of major global companies as well as enhanced technical improvement.
Industry News
Cox Marine, STX Engine, Deere & Company, Cummins Inc., AGCO Power Inc., Yanmar Co Ltd., Honda Motor Co., Ltd., Japan Engine Corporation, Hyundai Heavy Industries Co., Ltd., Caterpillar, Greaves Cotton Limited, China Shipbuilding Industry Group Diesel Engine Co., Ltd., and Kirloskar Oil Engines Ltd. are the major key players of the marine diesel engine market. The market is expanding because of government assistance and client enthusiasm. The growth is mostly attributed to small and medium-sized businesses or firms that require fewer effort arrangements.
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The Marine Diesel Engine market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the marine diesel engine market include Rolls Royce, Caterpillar, Wärtsilä, Volvo Penta, Cummins, John Deere, Dresser-Rand Group, Man Energy Solutions, GE Transportation, and Brunswick Corporation among others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Marine Diesel Engine Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/marine-diesel-engine-market/download-sampleMarket DynamicsGrowing marine freight transport and rising maritime tourism are the predominant drivers of the global marine diesel engine.
The other market boosters are higher efficiency and durability of marine diesel engines, inclining preferences toward diesel engines, advancement in technology, and growing attempts by the shipping industry to enhance the system.
The other factors that are supporting the market include decreasing crude oil prices and rising global commercial trade.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
