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Marine Diesel Engine Market 2020: Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast To 2026

Author : Ronak Bora | Published Date : 2020-09-17 

With the ongoing growth of the logistics industry, the marine diesel engine market is set to register a period of tremendous growth over the coming years. Essentially, marine diesel engines are quite similar to self-ignition engines that are used in heavy-duty vehicles; however these engines are generally bigger, more complex, and capable of operating with a higher efficiency.

Approximately 75% of the overall diesel-powered marine engines are four-stroke engines; but, over 75% of the overall installed power is generated by two-stroke engines. Recently, four-stroke diesel-powered marine engines have been gaining tremendous importance both in marine as well as inland shipping, especially within smaller container as well as bulk carrier ships. This shifting trend is expected to influence the overall industry expansion over the coming years.

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Today, low exhaust gas emissions and fuel consumption of ship engines is an integral parameter potential customers are looking for. Increasing environmental awareness and the subsequent introduction of initiatives that promote efficiency and sustainability would shape market outlook over the forthcoming years.

Considering the rapidly increasing global trade, ecommerce, and logistics activities, several industry players are focusing on consolidating their respective positions in the market. In fact, recently Mitsubishi Heavy Industries, announced its plan to acquire the shipbuilding unit of Mitsui E&S, MHI. Additionally, Hyundai Heavy Industries is also inkling closer to its merger with fellow South Korean conglomerate, Daewoo Shipbuilding & Marine Engineering. Such industry activities would greatly compliment industry revenue shares over the coming years.

The global marine diesel engine market is bifurcated into different segments such as technology, applications, and regional landscape.

On the basis of technology, the market is divided into low speed, medium speed, and high speed engines. Among these, the medium speed segment is forecast to register remunerative gains by the end of the analysis period. In 2019, the segment was valued at more than $1 billion.

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In terms of application, the industry is classified into merchant, offshore, cruise & ferry, navy, and others. Among these, the offshore segment is anticipated to witness momentous gains owing to the growing demand for anchor handling vessels, which are expected to grow over to $30 million by the end of the analysis period.

From a regional reference frame, the Europe marine diesel engine industry is anticipated to showcase distinguished growth. The regional growth is expected to be led by UK as the country's geographic position ensures that demand for marine shipping services remains high. In 2019, the UK accounted for more than 8% of the overall e=Europe market share. With growing demand from the country's offshore industry, the UK market is likely to carve out a bigger chunk of the overall industry on coming time period.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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