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Low speed Marine Diesel Engines Market is projected to grow at over 4% CAGR To 2024

Author : Ronak Bora | Published Date : 2019-04-01 

High speed engines accounted for over 20% of the marine diesel engines market in 2016. Increasing orders for tug boats, freight carriers, and navy vessels will foster the industry outlook. Increasing demand for recreational vessels including ferries and cruise on account of enhancement in standard of living and increasing disposable income will positively encourage the medium speed engines market. MAN D&T in 2016, contracted with Star Cruise to deliver medium speed engines for cruise ships.

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Decline in crude oil prices coupled with positive outlook towards shipping sector will further propel the business landscape. Major shipbuilding hubs including South Korea, Japan, and China have witnessed an increase in demand of ship production including container vessels, tanker vessels, and bulk carriers owing to easy fuel availability and cost affordability.

Increasing demand for economically viable engines that are best fit to fulfill reliability, durability, and fuel optimization is further complementing marine diesel engines market penetration. Over the past few years, the shipping industry has been largely emphasizing on developing advanced engines that improve the fuel efficiency and reduce carbon dioxide emission. Marine diesel engines operate at an average efficiency of 40% to 50% depending upon the age of the engine, deadweight tonnage, and vessel size.  Phasing out of traditional steam engines from various utility sectors is further providing a significant push to marine diesel engines market.

In 2016, marine diesel engines market from Germany was valued over USD 150 million. Increasing government strategies and initiatives towards development of engine technology will complement the industry outlook. As per the National Master Plan for Marine Technology (NMMT), shipbuilding industry in 2015 was valued at USD 19.9 billion and is predicted to reach USD 25.48 billion by 2018.

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Offshore application accounted for over 18% in global marine diesel engines market share in 2016. Increasing demand for offshore vessels including FPSO, drill ships and rigs owing to rise in shale exploration will augment the business landscape. Upsurge in demand for tankers, container vessels, bulk carriers, and gas carriers will fuel the marine diesel engines Market for merchant application. According to the Eurostat’s in 2015, Germany ports handled 126 million tons of container cargo.

Merchant vessels are one of the prominent application domains that is prominently contributing toward the global industry size. Growing inclination toward LNG along with a significant rise in the sea borne trade have resulted in an increasing deployment of marine diesel engines in merchant vessels, thereby contributing to the industry share. As per estimates, marine diesel engines market from merchant vessels application is expected to chart a profitable road map at a CAGR of 5% over 2016-2024.

Increasing shipbuilding companies along with growing investments towards manufacturing of environmentally safe engines will positively impact the marine diesel engines market in China. In 2014, the government of China issued a financial package to simplify the money stock. In 2015, MAN D&T signed an agreement for ten-year with CSSC and CISC to produce low speed diesel engines in China.

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Key industry players include Wartsilla, MAN D&T, Teekay, NYK Lines, OSK Lines, COSCO, Kawasaki Kisen Kaisha and China Shipping Development.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org 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. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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