Marine Diesel Engine Market to Accrue $14.8 Bn, Globally, by 2031 at 4.9% CAGR: Allied Market Research

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Oct 27, 2022, 10:00 ET

A prominent rise in global marine freight transportation and rise in water sports & leisure activities to drive the growth of the global marine diesel engine market.

PORTLAND, Ore., Oct. 27, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Marine Diesel Engine Market by Ship Type (Bulk Carriers, General Cargo Ship, Container Ship, Ferries and Passenger Ships, Oil Tankers, Others), by Technology (Low Speed, Medium Speed, High Speed), by Capacity (300 to 500 Hp, 500 to 1000 Hp, 1001 to 2000 Hp, 2001 to 5000 Hp, More Than 5001 Hp), by Type (2-Stroke, 4-Stroke): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global marine diesel engine industry was estimated at $9.1 billion in 2021, and is set to reach $14.8 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, restraints, and opportunities

A prominent surge in global marine freight transportation and rise in water sports & leisure activities to drive the growth of the global marine diesel engine market. In addition, escalating use of two stroke marine diesel engines will further expand the scope of the global market growth. Nevertheless, increase in acceptance of fully electric vehicles along with oscillations in cost of transportation as well as growing inventory costs will put brakes on the growth of the global industry. However, embedding of new features in engine technology along with growing use of dual fuel-driven marine engines is projected to open new vistas of growth for the global market.

Covid-19 scenario:

The COVID-19 pandemic resulted in disruptions in shipping activities such as ship building and repairing. Furthermore, the pandemic compelled large number of firms to shut their shipping operations across various countries. This impeded the expansion of the global marine diesel engine industry.
The pandemic severely affected global maritime trading activities and supply chain network of shipping firms, thereby truncating the global market growth.

The bulk carriers segment to dominate the global market in terms of revenue by 2031

Based on the ship type, the bulk carriers segment contributed to the highest market share in 2021, accounting for more nearly two-fifths of the global marine diesel engine market share. This segment is predicted to contribute majorly toward overall market share by 2031. The growth of this segment over the forecast period can be attributed to rise in demand for commodities such as iron, steel, grains, coal, and cement across a slew of industries. Moreover, a decrease in trade barriers among bordering countries will boost the segmental surge. However, the general cargo ship segment is predicted to record the highest CAGR of 10.07% over the forecast period. The segmental growth can be credited to eco-friendly feature of general cargo ships along with growing need for transporting goods from one location to its destination through general cargo ships.

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The low speed segment to hold the major market share over 2022-2031

On basis of the technology, the low speed segment accounted for the highest share of the global market in 2021, contributing nearly half of the global marine diesel engine market share. Moreover, the same segment is set to contribute majorly toward overall market share by 2031. The segmental growth over the forecast timeline can be attributed to the rise in manufacture of small boats across the globe. In addition, key players operating in the industry provide a plethora of boats equipped with low speed diesel engines, thereby spearheading the segmental surge. However, the high speed segment is set to register the highest CAGR of 5.93% during the forecast period due to escalating demand for high-speed boats for long-distance journey as well as growing yacht chartering globally.

The 4-stroke segment to dominate the global market share in 2031

In terms of type, the 4-stroke segment accounted for the highest share of the global market in 2021, contributing more than two-thirds of the global marine diesel engine market share. Moreover, the same segment is set to contribute majorly toward overall market share by 2031. The growth of the segment over the forecast period can be credited to ability of 4-stroke marine diesel engines in offering efficiency and reliability along with its ability of minimizing fuel emissions. However, the 2-stroke segment is expected to register the highest CAGR of 5.72% during the forecast period. The segmental growth can be attributed to the ability of 2-stroke marine diesel engine in providing one power stroke per revolution of the crankshaft.

Asia-Pacific to maintain global market domination in 2022-2031

Based on the region, the Asia-Pacific region contributed notably toward the global marine diesel engine market share in 2021, and is projected to continue its dominance during the forecast timespan. The region accounted for nearly half of the global market share in 2021 and is set to continue its domination of the market in the next ten years. The growth of the market in the region can be attributed to lower wages, supportive government policies, and presence of strong forward & backward linkage industries in the region. In addition, the market across LAMEA is predicted to register the highest CAGR of 8.51% from 2022 to 2031. The growth of the regional market over the forecast period can be credited to growing inclination of countries toward the improved naval sector in countries such as the UAE.

Major market players

Bergen Engines AS
Caterpillar Inc.
Cummins Inc.
Daihatsu Diesel Mfg. Co., Ltd.
Deere & Company
Deutz AG
Fairbanks, Morse and Company
Hyundai Heavy Industries Co., Ltd
IHI Power Systems Co.,Ltd.
MAN SE
Mercury Marine
Mitsubishi Corporation
Rolls Royce plc
Volvo Penta
Wabtec Corporation
Wärtsilä Oyj Abp
Yanmar Marine International B.V.

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The report analyzes these key players in the global marine diesel engine market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market growth.

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