Marine Diesel Engine Market is Expected to Grow Significantly by 2026
Canada marine diesel engine market size is anticipated to depict growth at a rate of over 3% through 2026. This growth is attributed mainly to the rapid rise in investments towards marine propulsion system design and technology advancements, in an effort to accommodate growing demand for clean emission reduction solutions. Ongoing efforts towards the development of such systems, alongside the growing presence
Major marine diesel engine market players are taking targeted steps to improve existing product designs, in order to ensure compliance with emerging regulations and demands. These players include GE Transportation Cummins, Caterpillar, Brunswick Corporation, John Deere, Volvo Penta, Rolls Royce, Wärtsilä, Dresser-Rand Group and Man Energy Solutions, among others.
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The global marine diesel engine market share is anticipated to witness considerable growth over the forecast spell, owing to proliferating seaborne trade activities. Furthermore, rising demand for better efficiency, less fuel consumption and economical costs are driving the installation of technologically advanced engines, which will further boost industry trends.
Rapid development in emerging economies and the surging population levels worldwide are amplifying the demand for international trade in recent years. According to reports, over 50,000 merchant vessels are trading across the globe, facilitating the transport of myriad types or cargo.
Technological advancements, higher efficiency and reliability of modern engine systems are likely to add impetus to marine diesel engine industry expansion over the projected timeline.
Also, the growing need for sustainable technologies, and the subsequent shift in focus towards retrofitting of ship diesel engines will significantly drive industry penetration. For instance, in the United States, clean diesel engines are being widely accepted over the recent years, particularly ULSD (ultra-low sulfur diesel fuel) and novel Tier 4 marine engines based on sophisticated emission control systems such as DEF (diesel exhaust fluid) and SCR (selective catalytic reduction). According to new IMO regulations, the use of ULSD will be required in marine propulsion systems from 2020, in an effort to mitigate particulate emission levels from both existing and new vessels.
Improvements in global living standards and the subsequent rise in demand for leisure activities will also have a considerable impact on marine tourism, which could, in turn, foster marine diesel engine market expansion over the coming years.
The ongoing COVID-19 pandemic has asserted a dramatic impact on the global economy, particularly on the marine industry and its peripherals, including the marine diesel engine industry. According to UNCTAD (United Nations Conference on Trade and Development), maritime shipping witnessed a considerable downturn during the early months of 2020, with average number of containers vessels at ports per week falling to 8,722, as a result of stringent government measures to curb the spread of the coronavirus, including restrictions on travel and economic activities.
However, many nations are becoming more attuned to the new business dynamics in the latter half of 2020, which could pave the way for recovery in coming months. Pent up demand over the recent past is expected to contribute greatly to marine diesel engine market recovery over the forecast period. Reports claim that average weekly calls for marine activities are witnessing gradual recovery, reaching nearly 9,265 by early August.
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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 Marine diesel engine 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 Marine diesel engine market 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 Market revenue share by region, 2019 & 2026
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