Marine Diesel Engine Market: Global Industry Trends and Regional Forecast to 2026

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.
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The robust expansion of marine tourism industry since the last few years will also help increase the demand for marine diesel engines, given the influx of recreational boats, ships, and other luxury vessels. While the ongoing pandemic has halted tourism to an extent, the post-pandemic era is likely to witness marine tourism regaining its full potential, which would substantially contribute to the rising demand for marine diesel engines.
Marine diesel engine market is slated to witness substantial growth on account of the rising prominence of seaborne trade activities. The robust increase in population across the world will further foster the demand for international trade over the coming years. It was predicted that by Q2 2020, nearly 80% of all international trade in terms of volume will be undertaken through sea routes.
The onset of the pandemic has certainly put a dampener, since trade routes were halted temporarily. Nonetheless, with nationwide lockdown restrictions being lifted and other constraints being eased slightly, seaborne trade activities will continue to increase, lending a positive impetus to marine diesel engine industry outlook.
Global marine diesel engine market share is slated to witness significant growth over the forecast spell. given the surge in seaborne trade activities across the globe. Nearly 80% of all international trade in terms of volume is transported by the sea route. International trade activities are boosted largely owing to the surging populations worldwide, as well as rapid developments in emerging countries, which is in turn, expected to augment the industry outlook in the years ahead.
The intensifying focus on sustainability, through fuel consumption reductions, better efficiency and more cost-effectiveness is triggering demand for technologically advanced diesel engines for ships. For instance, according to new rules published by the International Maritime Organization (IMO), the use of ULSD (ultra-low sulfur diesel fuel) will be required in all ocean-going vehicles, both existing and new, in an effort to mitigate particulate emissions. Such mandates and policies geared towards more efficient and environmentally sound technologies will add impetus to marine diesel engine market trends over the estimated timeline.
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.
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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Data Tables
TABLE 1     Marine diesel engine 3600 synopsis, 2015 – 2026
TABLE 2     Global market, 2015 – 2019, (Revenue)
TABLE 3     Global Marine diesel engine market, 2020 – 2026, (Revenue)
TABLE 4     Global market by technology, 2015– 2019, (USD Million)
TABLE 5     Global market by technology, 2020 – 2026, (USD Million)
TABLE 6     Global Marine diesel engine market by application, 2015 – 2019, (USD Million)
TABLE 7     Global market by application, 2020 – 2026, (USD Million)
TABLE 8     Global market by region, 2015 – 2019, (USD Million)
TABLE 9     Global market by region, 2020 – 2026, (USD Million)
TABLE 10    MARPOL Annex VI NOx emission limits
TABLE 11    Marine Engines Category
TABLE 12    Table: China I marine engine emission standards
TABLE 13    Table: China I marine engine emission standards
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