Marine Diesel Engine Market Business Opportunities And Strategic Assessment Forecast By 2026
The marine diesel engine market is expected to observe phenomenal growth over the forthcoming time period owing to massive expansion of seaborne trade. With increasing trade activities comes the requirement of advanced diesel engines that are presently deployed on a massive scale across the commercial, navy, recreational, and offshore applications. Considering the growing demand, several industry players are focusing on improving their product portfolios by frequently innovating new solutions.
Citing an instance, in May 2020, Cox Powertrain, a renowned British developer of high-powered diesel outboard engines, reportedly announced that the commencement of the production of the CXO300, a patent protected 300 horsepower diesel outboard engine. This new product is likely to be sold across the global market, thereby supporting UK exports. Such new product launches will further contribute towards industry expansion.
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The marine diesel engine market is estimated to observe impressive growth over the forecast time period due to development of new technologies, improved fuel-efficiency, and reliability. Likewise, growing awareness regarding the need for sustainable technologies will further support the market outlook. Increasing shipping activities have had a massive negative impact on the environment. To that end, manufacturers have been working to develop eco-friendly engines that would reduce the global carbon footprint.
From a regional outlook, the Canada marine diesel engine market is anticipated to record a CAGR of over 3% through 2026. This is attributed largely to the increasing investments towards enhancements in product designs and technologies, amid strong efforts to develop cleaner alternatives with low emissions in the region. Industry dynamics will be further stimulated by the entry of new players in the business landscape.
Overall, new product launches and innovations by key industry players will have a major role to play in augmenting the growth of marine diesel engine market. Citing an instance, in August 2020, Caterpillar Marine, a leading construction machinery and equipment company, reportedly launched a new high performance C32B marine engine with 2000 horsepower and a rated engine speed of nearly 2300 rpm. The new model has exceptional engine performance, is reliable and also helps in reducing engine noise. The product launch is anticipated to bring forth newer inventions in this business space, which would further boost marine diesel engine industry dynamics.
The global marine diesel engine market share is bolstered significantly by the presence of strong players such as Wärtsilä, GE Transportation Cummins, Caterpillar, Volvo Penta, Rolls Royce, John Deere, Dresser-Rand Group, Brunswick Corporation, and Man Energy Solutions, among others.
These players are focused on executing strategic initiatives, such as expansions, product enhancements etc. in order to keep up with the evolving demand and regulation requirements of the marine industry.
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Partial Chapter of the Table of Content
Chapter 4 Marine Diesel Engine Market, By Technology
4.1 Market share by technology, 2019 & 2026
4.2 Low speed
4.2.1 Global market from low speed, 2015 - 2026
4.2.2 Global market from low speed, by region, 2015 – 2026
4.3 Medium speed
4.3.1 Global market from medium speed, 2015 - 2026
4.3.2 Global market from medium speed, by region, 2015 – 2026
4.4 High speed
4.4.1 Global market from high speed, 2015 - 2026
4.4.2 Global market from high speed, by region, 2015 – 2026
Charts & Figures
FIG. 1 Industry segmentation
FIG. 2 Industry ecosystem analysis
FIG. 1 Top 10 countries impacted by COVID- 19, number of cases
FIG. 2 Optimistic view on COVID- 19 effect, 2015 – 2026 (USD Million)
FIG. 3 Realistic view on COVID- 19 effect, 2015 – 2026 (USD Million)
FIG. 4 Pessimistic view on COVID- 19 effect, 2015 – 2026 (USD Million)
FIG. 5 Market share of new orders by major countries, 2016 (%)
FIG. 6 Market share new building deliveries by country, 2018
FIG. 7 Increase in seaborne trade (% of volume)
FIG. 8 World Seaborne trade by country grouping, 2017 (% share of world tonnage)
FIG. 9 Regional cruise ships deployment, 2019 (% of available lower berth day)
FIG. 10 Growth potential analysis
FIG. 11 Porter’s analysis
FIG. 12 PESTEL Analysis
FIG. 13 Marine diesel engine market revenue share by technology, 2019 & 2026
FIG. 14 Marine diesel engine liquid market revenue share by application, 2019 & 2026
FIG. 15 Marine diesel engine market revenue share by region, 2019 & 2026
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