Pune, India, Apr-2019/MRFR Press Release/- Market Research Future published a Cooked research report on “Global Marine diesel engine Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR) in its latest study finds that the global marine diesel engine market is set to reach a valuation in excess of USD 6,300 Mn by 2023, growing at a CAGR of 3.83% during the assessment period (2018-2023). Rising preference for energy-efficient engine technologies coupled with enforcement of stricter marine safeguard laws is expected to influence the global marine diesel engine market going forward. The capacity for marine diesel engine varies from 40 kW to 416 kW (54hp to 558 hp). Depending on the requirement, these engines may find application in cargo ships, ferries, cruise ships, industrial and small-scale fishing, military and government boats, landing craft, auxiliary ships, search-and-rescue vessels and patrol boats.
Global Marine Diesel Engine Market: Segmental Analysis
MRFR’s report include a thorough segmental analysis of the market based on type, speed, stroke, application and region.
By type, the market has been segmented into auxiliary and propulsion. In 2017, the auxiliary segment commanded for the most significant market share in terms of revenue. Auxiliary are a must-have component in ships that are used for long-distance voyages. A majority of cargo ships that are presently active have auxiliary engines. Such factors are likely to drive the segment’s growth in projected years. By the 2023, the segment is expected to surpass a market valuation of USD 4,000 Mn.
By speed, the market has been segmented into low-speed, medium-speed and high-speed. The high-speed segment currently commands the largest market share. The segment is expected to witness a steady growth over the next several years. High-speed capacity is an important aspect for commercial cruisers. This is an important factor driving the growth of the segment.
By stroke, the market has been segmented into 2-stroke and 4-stroke. The 4-stroke segment commanded for close to two-third market share in 2017 and is set to post 3.71% CAGR between 2018 and 2023. 4-stroke engines witness a strong preference owing to their high-performance capacity. The 2-stroke segment is expected to witness a relatively higher CAGR during the forecast period.
By application, the market has been segmented into cargo ship, cruise ship and others. In 2017, the cargo ship segment held the lion’s share in term of value. The segment is expected to maintain its dominant position in 2019 and beyond. Cargo ships are used for international trade between countries at scale, which is a primary force behind the segment’s growth. There are several types of cargo ships such as bulk carrier, chemical tanker, container ships, oil tankers etc.
Global Marine Diesel Engine Market: Regional Outlook
The market has been assessed in regions such as North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and Latin America. The market is likely to be led by APAC during the projected years. APAC represented more than one-third share of the market in 2017 and is set to grow at a healthy pace in the forthcoming years. Increased import and export activities is driving the maritime sector in the region. Industrialization in countries such as China, India and South Korea has propelled the seaborne trade in and around APAC. At the same time, improvement in policy framework for the maritime sector is partly influencing the market growth APAC. Europe and North America hold the second and third position, respectively.
Global Marine Diesel Engine Market: Competitive Landscape
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. and Kirlosker Oil Engines Ltd. are some of the leading companies mentioned in MRFR’s report.