Marine Diesel Engine Market: Key Players, Regional Trends and Growth Analysis to 2026
The marine diesel engine market is set to grow from its current market value of more than USD 4.7 billion to over USD 4.6 billion. Global marine diesel engine industry 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.
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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.
contribute heavily to marine diesel engine market expansion. For instance, in 2019, the Bremerhaven ferry in Germany underwent a retrofitting process wherein the ferry’s old engines were replaced with two novel MTU Series 4000 marine propulsion systems, designed to be fueled synthetically and remain compliant with the increasingly strict policies implemented by local authorities. Furthermore, a considerable upsurge in global marine tourism, stemming from better standards of living and rising propensity towards leisure activities will also accelerate the adoption of diesel engines for ships.
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 drastic impact of the COVID-19 pandemic is being felt across various factions of the global economy, including the marine industry and its distribution channels. In this situation, market players are facing myriad challenges such as shortages, and are having to restart their operations on considerably scaled down capacities, which could be problematic for the marine diesel engine market outlook. However, with various nations starting to adapt to the economic impact of the pandemic, and the presence of pent up demand, the market situation may witness opportunities for recovery in the forthcoming future.
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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Some Point from Table of Contents:
Data Tables
TABLE 1 Marine diesel engine 3600 synopsis, 2015 – 2026
TABLE 2 Global marine diesel engine market, 2015 – 2019, (Revenue)
TABLE 3 Global 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
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