Marine Diesel Engine Market - Forecast(2024 - 2030)
Overview
Marine Diesel Engine Market size is projected to reach $ 7.90 billion by 2025 from $6.15 Billion in 2018, with a CAGR of 3.98% during 2020-2025. Modern ships use a reciprocating diesel engine as their prime mover due to their ease of operation, robustness and fuel efficiency compared to most other prime mover mechanisms. The rotating crankshaft can be directly mounted to the engine-turning a propeller for slow-speed engines, by means of a reduction gearbox for medium and high-speed engines, or by means of an alternator and electric motor in diesel-electric ships. Also, the Stirling engines are also used in commercial application which uses diesel as a fuel. The stirring engine is due to its quiet nature (both audibly and in terms of radio interference) and its ability to run on a variety of heat sources.? Increasing preference for energy-efficient engine technologies coupled with implementation of more stringent maritime safeguard laws is expected to drive the future global demand for marine diesel engines. Also, the international marine diesel engine market has grown primarily with the shipping industry focusing towards reduced carbon emissions.
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Marine Diesel Engine Industry Outlook
The report: “Marine Diesel Engine Market Report– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Marine Diesel Engine Market.?
Key Takeaways
By Speed - Segment Analysis
The high-speed segment of Marine Diesel Engine market is expected to experience a CAGR of 4.67% during forecast period. High speed capacity is an important factor for commercial cruisers. Increasing demand for tugboats would fuel the adoption of high-speed marine diesel engines. Similarly, with the ongoing expansion and development of regional seaports, the marine diesel is likely to witness significant demand from high speed segment. Engines are mounted mainly on ferries or warships, small boats, fishing vessels and yachts. This segment will be further enriched by underline factors including compact size, improved engine performance & efficiency. According to Cruise Lines International Association (CLIA), the Global Ocean Cruise Passengers is expected to reach almost 30 million by 2019 from 23.06 million in 2015. This rise would result in increased demand for high speed marine diesel engines.
By Application - Segment Analysis
It is anticipated that the market of marine diesel engines for merchant application will have the CAGR Of 4.22% during 2020-2025. Increasing crude oil and other liquid products usage will foster the demand for marine diesel engine in this segment. Continuous expansion of choke points along with increasing container traffic will further drive demand for container vessels. In addition, Improving living standards along with increasing people's disposable income in developing economies is also likely to encourage the adoption of marine diesel engine. Similarly, Marine Diesel engines for Merchant Application are used in large-scale international trade between countries, which is a major driving force behind the growth of the segment. For instance, According to European Statistical Office (EUROSTAT), in 2018, maritime transport accounted for just over half of all merchandise traded between the European Union and the rest of the world. This show that most of the trade is through Ocean and will thereby increase the demand for marine diesel engines for merchant applications.
By Geography - Segment Analysis
Over the forecast years, the Marine Diesel Engine market share for the APAC Region will be 31.54%. In 2017, APAC accounted for more than one-third of the industry and is set to grow at a steady pace in the coming years. Improved activities in import and export are boosting the region's maritime market. Industrialization has fueled seaborne commerce in and around APAC in countries like China, India, and South Korea. Also, the marine diesel engine is incredibly focused, with top sixteen producers responsible for 90 % of production worldwide, with high-end products predominantly from China and Korea. According to India Brand Equity Foundation (IBEF), From Fiscal year 2013 to 2018 there was an increase of 196.86% in the net profit at major port. Also, In March 2018, an amended Model Concession Agreement (MCA) was approved by Indian Government to make port initiatives more investor-friendly and make investment climate in the sector more attractive. Apart from this, Under the Sagarmala Project, the Indian government has planned a total of 189 ports modernization projects involving US$ 22 billion investment by 2035. Such efforts by the APAC countries ' governments would push the growth of marine diesel engines.
Drivers – Marine Diesel Engine Market
Escalating seaborne trade through emerging economies as well as increasing demand for economically feasible engines due to benefits like durability performance, and fuel efficiency would improve market growth for marine diesel engines. The market will be further increased by technological advances and advances in product design leading to low operating costs. According to the World Statistical Organization’s Statistical review, World Sea transport exports had a 5% increase in annual percentage change in 2017 from 2016. This increase shows that the maritime trade between economies are driving the marine diesel engine market.
The marine diesel engines are typically used as an auxiliary power unit (APU).The international marine diesel engine market has grown mainly as the shipping industry seeks to reduce carbon emissions. The shipping industry is focused on developing higher-efficiency diesel engines that use less fuel while providing more energy for vessels. Together with changing shipping industry focus, the rapid shift from residual fuel motors to diesel engines is expected to accelerate market penetration. Key benefits, including easy accessibility and low cost of diesel, make accepting ship-owners viable compared to other alternative fuels. According to International Chamber of Shipping, in almost 10 years starting from 2008, there is a decrease of almost 11.35% in the Total International Shipping CO2 Emission. This decrease can be accounted as a result of shift from residual fuel motor to diesel engine. So stringent policies established by different international associations for the reduction of CO2 emission will positively drive the marine diesel engine market.