Market Overview
The marine diesel engine market is a global industry that provides diesel engines for use in marine vessels. Marine diesel engines are used to power a wide range of vessels, including commercial ships, recreational boats, and military vessels.
The global marine diesel engine market is expected to grow at a compound annual growth rate (CAGR) of 4.70% from 2023 to 2032, reaching a value of $ 23.43 billion by 2032.
There has been a rise in concentration on handling energy-efficient Marine Diesel Engines, which will spread quickly to affect the market.
Marine diesel engines change a lot of thermal energy fuel to mechanical energy in ships; this is helping a lot.
Modern marine diesel engine measurements can easily vary between 40 and 416 kW and are generally used in main cargo ships, most of the national military and government boats, cruise ships and ferries, industrial and small-scale fishing segments, modern supplementary ships, modern patrol boats, landing craft and some search-and-rescue vessels of present times.
These Marine Diesel Engines have typically become an elementary requirement in modern ships. Various aspects are backing up the spread of the market.
There has been a continuous rise in claims for modern regeneration and generation of clean energy, which enlarges the main claim for renewable marine diesel engines, there are many benefits over traditional ones, and increasing demand, also because of deficiency of appropriate infrastructure these are some of the main drivers for the marine diesel engine market. A large part of Europe is valued to be the fastest rising zone.
The outburst of the pandemic has brutally knocked out the increasing rate of marine diesel engines because of compulsory conclusions of consumer markets and factories all over the globe. The turnover share of the businesses has been decreasing as the pandemic has disturbed the whole supply chain.
Key Players:
- Cox Marine
- STX Engine.
- Deere & Company
- Cummins Inc.
- AGCO Power Inc.
- Yanmar Co Ltd.
- Honda Motor Co. Ltd.
- Greaves Cotton Limited
- Caterpillar
- China Shipbuilding Industry Group Diesel Engine Co., Ltd.
- Japan Engine Corporation.
- Hyundai Heavy Industries Co. Ltd.
- Kirlosker Oil Engines Ltd
Market segmentation
By Ship Type
- Bulk Carriers
- General Cargo Ships
- Container Ships
- Ferries & Passenger Ships
- Oil Tankers
- Others
By Capacity
- 300 To 500 Hp
- 500 To 1000 Hp
- 1001 To 2000 Hp
- 2001 To 5000 Hp
- More Than 5001 Hp
By Fuel Type
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Regional analysis
The regional analysis of numerous Marine propulsion systems market size is being segregated and researched, such as North America, European countries, Asia Pacific, and other countries. According to regional, North America is expected to be the largest market in order of revenue contribution owing to the augmented implementation of some cloud-based services. Furthermore, Asia Pacific nations are expected to rise quickly in the marine diesel engine market owing to growing investment. Also, there has been an increase in demand in main emerging nations.
For example, India and China are expected to dominate development in various markets in different Asia-Pacific regions. North America dominates the market owing to the outstanding international players in this specific region and increased technical development in these regions.
Industrial news
in 2021, Wartsila technology group inaugurated its two-stroke future fuel conversion technology.
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