Marine Diesel Engine Market Size, Price Trend, Competitive Market Share & Forecast, 2016 – 2023: Global Market Insights, Inc.
Global marine diesel engine market size was valued at around USD 6 billion in 2015 and is anticipated to exceed USD 8 billion by 2023, with growth rate at over 4% from 2016 to 2023. Proliferating demand for financially efficient as well as operationally dependable ships is expected to drive the industry. In addition, momentous modernization in marine propulsion is also likely to propel the industry demand over the forecast period. Diesel engine technology is a reliable technology and can also be used for auxiliary power generation.
Increase in maritime tourism coupled with growth in the shipbuilding industry is anticipated to be the key driving factors for the marine diesel engine market size growth over the next seven years. Moreover, expansion in international seaborne trade is likely to favor demand. Several providers such as Wärtsilä, Mitsubishi Heavy Industries, and MAN utilize technology licenses for sale and production. Wärtsilä and MAN are the foremost license providers across the globe; in 2015, they accounted for more than 95% of the global low speed engine market share and over 75% of medium speed engine market share.
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The global marine diesel engine market share can be segmented on the basis of product, application, and region. By product, low speed (two-stroke) and high speed (four-stroke) diesel engines are the major segments. Inland waterways vessels, commercial vessels, and offshore support vessels are the key applications.
The inland waterways vessels application segment is likely to witness significant gains over the forecast period. Rising demand in several regions such as Europe, Africa and South America has led to an increase in production. Majority of these vessels are manufactured in Asia Pacific owing to low labor and manufacturing cost. However, high initial cost is anticipated to hinder the demand over the forecast period. Commercial vessels are expected to be the fastest growing application segment over the next seven years.
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Asia Pacific marine diesel engine market share was the largest in 2015 and is likely to continue its supremacy owing to the existence of key shipbuilding nations such as Japan, South Korea, China, Malaysia, and India. At present, Japan, China, and South Korea collectively account for over 80% of the regional marine diesel engine market size. South Korea holds majority of industry share in low speed segment, while Japan and China lead the medium speed segment. Use of renewable energy sources such as wind energy and solar energy for meeting auxiliary power requirements is expected to increase over the forecast period.
The industry finds application in areas including transportation, recreation and small boats. Companies dominating marine diesel engine market share include Wärtsilä, Caterpillar, Mitsubishi Heavy Industries, Hyundai Heavy Industries, Doosan Engine, Dalian Marine Diesel, Hu Dong Heavy Machinery, MAN Group, Weichai Heavy Machinery, and CSSC-MES Diesel.