Global Marine Diesel Engine Market Size 2024, Forecast To 2033
6 Mar, 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.
Global Marine Diesel Engine Market Key Driver
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.
Get A Free Sample Of The Global Marine Diesel Engine Market ReportGlobal Marine Diesel Engine Market Segments
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
By Geography:The regions covered in the marine diesel engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the marine diesel engine market in 2023. North America is expected to be the fastest-growing region in the global marine diesel engine market report during the forecast period. The regions covered in the marine diesel engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Marine Diesel Engine Industry Players
Caterpillar Inc., Cummins Inc., HHI Engine & Machinery Co. Ltd., Deere & Company, MAN Energy Solutions SE, AB Volvo Penta, YANMAR Marine International, STX Engine, Daihatsu Diesel Mfg. Co. Ltd., Deutz AG, IHI Power Systems Co. Ltd., Perkins Engines Company, Bergen Engines AS, China Shipbuilding Industry Corporation Diesel Engine Co. Ltd., Japan Engine Corporation, Mitsubishi Heavy Industries Ltd., Wärtsilä Corporation, Hyundai Heavy Industries Co. Ltd., WinGD, Siemens Energy AG, General Electric Company, MTU Friedrichshafen GmbH, Scania AB, Anglo Belgian Corporation, ABC Diesel AG, Fairbanks Morse Engine, Doosan Engine, Yanmar Co. Ltd., Moteurs Baudouin, Cooper Corporation
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Marine Diesel Engine Market Overview
A marine diesel engine refers to an internal combustion engine with a reciprocating motion that burns either diesel or a combination of fuels. It is used to turn the propeller and move the ship.
Marine Diesel Engine Global Market Report 2023 provides data on the global marine diesel engine market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The marine diesel engine market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.