Marine Diesel Engine Market Size & Share | North America, Europe, & APAC Industry Forecasts 2027: Graphical Research
Major marine diesel engine market players include AB Volvo, Wärtsilä, Cummins Inc., Caterpillar, Scania, Deutz AG, Rolls Royce plc, Brunswick, Anglo Belgian Corporation, John Deere, and Wartsilla.
Pune, India, Nov. 30, 2021 (GLOBE NEWSWIRE) --
The global marine diesel engine market size is predicted to expand at substantial CAGR during the forecast timeframe, as the shipbuilding activities are rising. Maritime tourism is also witnessing a steady growth in many countries. Governments across the world are advocating the use of green fuels and are placing strict rules and regulations to ensure their proper use. The trends that are anticipated to create a positive industry forecast are mentioned below:
North America:
Maritime tourism boosts the use of diesel engines:
Maritime tourism is witnessing vigorous progress in the region as the number of people participating in water sports and other recreational activities is growing. Many cruise line manufacturing companies are concentrating on expanding their product portfolios by producing high-end vessels that showcase improved diesel engine performance. These developments are expected to enhance the overall cruising experience of passengers.
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Marine diesel engines find use in several merchant applications:
The North America marine diesel engine market size from merchant applications will register a strong CAGR through 2027 as the governments are showing their support by offering export subsidies and low-cost loans. These incentives have played a key role in increasing the maritime trading activities.
Moreover, the organizations are focusing on creating highly functional and advanced product designs. The firms are also increasing their investments to discover and integrate advanced technologies into their products and upgrade the scrubber systems, thereby boosting the use of marine diesel engines.
Use of high-speed diesel engines grows:
High-speed marine diesel engine technology may hold a significant share of the regional market by 2027. The recreational ships are installing these engines on a large scale as they are highly efficient in operation and fuel consumption as compared to their counterparts. While both the business owners and customers are becoming aware of the harmful environmental effects of using diesel engines in ships, the engine makers are using high-end technologies to mitigate CO2 emissions.
Asia Pacific:
China marine diesel engine market size grows:
China market share may notably increase as the demand for retrofitting various ship components is growing. The rules set by the government with respect to the efficiency of marine diesel systems have become stringent. Oil and gas exploration activities are increasing at a strong pace as there is a high demand for petroleum products like diesel, thereby augmenting the adoption of diesel engines.
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Use of diesel engines in cruises and ferries:
The Asia Pacific market size from cruise and ferry applications is anticipated to expand at an appreciable rate. Passenger vessels are being extensively adopted to cater to the recreational and travelling demands of the population.
As per the Australian Superyacht Industry, a wealthy Australian citizen spends nearly $780,000 a week on a chartered yacht to indulge in recreational activities. Customers with a rich per-capita income can splurge on luxury-chartered yachts and cruises, thereby increasing the installation of diesel engines.
Low-speed marine diesel engines gain traction:
Low-speed marine diesel engines may hold a major share of the regional industry over 2021-2027 as the manufacturers are integrating advanced technologies to develop high-quality engines. Some of the advantages of using these components include offering sufficient propeller speed without having to recourse to a speed-reducing gear and ability to consume lesser fuel as compared to their alternatives. Long-voyage trading activities are on the rise, which will amplify the use of low-speed diesel engines in tankers, cargo ships, merchant vessels, and bull carriers.
Europe:
Germany marine diesel engine market share grows:
A strong rise in shipbuilding and retrofitting activities will boost Germany market forecast. The government is introducing stringent norms to ensure high system efficiency. Oil & gas exploration activities are increasing in the country to meet the demand for diesel products, thereby supplementing the use of diesel engines in marine vessels.
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High demand for low-speed marine diesel engines:
The low-speed marine diesel engines will register a high CAGR through 2027 as the need to use cost-effective and energy efficient systems is growing. These engines will be widely deployed in ships meant for long route trading activities. They offer high thermal stability, are cost-efficient and will be majorly used in merchant ships, such as bulk cargo carriers and tankers.
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