According to Market Research Future (MRFR), the global marine diesel engine market is projected to surpass a valuation of USD 6,300 Mn at 3.83% CAGR from 2018 to 2023 (forecast period). The report offers a complete and accurate assessment of the effects of the COVID-19 pandemic on the global marine diesel engine market.
Marine diesel engines are used for main propulsion or turning the propeller/s of the normal ships and are normally of 2-stroke engines. In contrast, those used for auxiliary power are usually 4-stroke high-speed diesel engines. The overall operating performance of the marine diesel engine operates at an average efficiency of between 40% and 50% depending on the engine age, the deadweight tonnage, and the size of the vessel.
Market Dynamics
The increased emphasis on the energy-efficient marine engine will continue to impact the market. Marine diesel engines convert the thermal energy of the fuel into mechanical energy in ships. Modern marine diesel engine capacity ranges between 40 and 416 kW (54 to 558 hp) and is used in cargo ships, cruise ships and ferries, military and government vessels, industrial and small-scale fishing, landing craft, auxiliary ships, patrol boats, and search and rescue vessels. In modern ships, these engines have become the norm. These factors help the growth of the sector.
Market Segmentation
The global marine diesel engine market has been segmented into type, speed, stroke, and application.
By type, the global marine diesel engine market has been segmented into auxiliary and propulsion. The auxiliary segment had a market share of 65.83% in 2017, with a valuation of USD 3.360.6 million. In addition, the segment is expected to have a CAGR of 3.88% during the forecast period. Auxiliary engines are part of a ship, particularly in long-distance ships and cruisers. Roughly 75% of all cargo ships have auxiliary engines to help the electrical requirements of the vessel.
By speed, the global marine diesel engine market has been segmented into low-speed, medium-speed, and high-speed. In 2017, the high-speed segment accounted for 49.72% and was valued at USD 2.486.9 million. The segment is expected to experience substantial growth during the assessment period. High-speed marine diesel engines have operating speeds of more than 800 RPM. High-speed engines are widely used in commercial cruisers.
By stroke, the global marine diesel engine market has been segmented into 2-Stroke and 4-Stroke. The 4-stroke segment accounted for 72.18% of the market share and is expected to rise at a CAGR of 3.71% over the assessment period. Most modern ships are driven by 4-stroke engines that maintain propeller speeds between 75 RPM and 100 RPM. 4-stroke marine diesel engines have a higher power-to-weight ratio and typically have a low-stroke to bore ratio between 1.5:1 to 2.2:1.
By application, the global marine diesel engine market has been segmented into cargo ship, cruise ship, and others. The cargo ship segment accounted for 69.95% of the market share in 2017, with a value of USD 3.571 million. In addition, the segment is projected to see a CAGR of 3.89% during the forecast period. In terms of revenue, cargo ship holds a large portion of the share due to increased inter-and intra-continental trade. The main categories of cargo ships include oil tankers, bulk carriers, container ships, and chemical tankers.
Regional Analysis
Region-wise, the global marine diesel engine market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
Asia Pacific (APAC) is the most lucrative market for marine diesel engine, and the trend is likely to continue during the assessment period. In 2017, the region had a market share of 38.98%. The market has seen a substantial increase in APAC over the last two decades; seaborne trade has flourished in China, South Korea, and India. The adoption of emerging maritime technologies and the modernization of ships remain a center point for local policymakers. The advent of new maritime safety policies and marine pollution control regulations are major factors expected to influence the APAC market during the forecast period.
Key Players
Greaves Cotton Limited, Cox Marine, Deere & Company, China Shipbuilding Industry Group Diesel Engine Co., Ltd., Yanmar Co Ltd., STX Engine, Caterpillar, Hyundai Heavy Industries Co., Ltd., Japan Engine Corporation, Cummins Inc., AGCO Power Inc., Kirlosker Oil Engines Ltd., Honda Motor Co., Ltd.
Companies are adopting different growth strategies to boost their market place and to become more competitive. Many of the above listed companies are engaged in partnerships and alliances. The development of new technologies and product innovation is also a key area of focus for market players. In 2017, Caterpillar had the largest market share of 10.9%, followed by Cummins Inc. at 8.3% and Yanmar Co Ltd. at 4.1%.
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