Marine Diesel Engine Market Size

Global Marine Diesel Engine Market Overview:

Marine Diesel Engine Market Size was valued at USD 16.22 Billion in 2023. The Marine Diesel Engine market industry is projected to grow from USD 16.98 Billion in 2024 to USD 23.43 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.11% during the forecast period (2024 - 2032). Worldwide shipbuilding activity is expanding at an excessive rate, and people's daily disposable income is rising at an incredibly quick rate, these are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Marine Diesel Engine Market Trends

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  Growing marine transportation across the globe is driving the market growth

  
  

Market CAGR for marine diesel engine is being driven by the rising use of marine transportation across the globe. A marine diesel engine is an internal combustion device that rotates while burning either diesel or a mix of fuels. It is larger and more complex than a petrol engine, yet it operates more efficiently. It produces electricity by combining hot compressed air and fuel. The controlled explosion that follows drives the crankshaft through connections. There are countless applications for this power, including the generation of energy through the spinning of motors, propellers, and alternators. Many companies are funding research and development initiatives to increase the diesel engine's efficiency and lower carbon emissions.

Additionally, International trade relies heavily on maritime transportation. The fundamental vehicle mode for worldwide exchange is sea delivering, and according to UNCTAD, around 80% of the volume of exchange products is conveyed via ocean, and the rate is considerably higher for most emerging nations. maritime is anticipated to continue expanding at a moderate annual rate from 2022 to 2032. Compared to road, rail, and air transportation, this mode of transportation is less expensive and more suitable for international trade. The development of the worldwide transportation armada showed comparable patterns. Oceanic exchange returned in 2021 attributable to the opening of repressed request, as well as restocking and constructing stock. After the dire situation in 2020 caused by the pandemic, the sudden increase in demand in 2021 resulted in a lack of shipping capacity, containers, and equipment, forcing many ship-owners to purchase new or used retrofitted vessels to fill the demand-supply gap.

in view of expanding mindfulness among individuals towards web based shopping, there has been a sharp spike in internet based retail deals movement. Although the increase in trade is welcome, it is expanding at such a rapid rate and scale that port operations and shipping services frequently cannot keep up, creating logistical bottlenecks. Containers, equipment, and shipping capacity are all in short supply across the entire sector. To keep more inventories in stock, retailers must eliminate supply chain uncertainties and logistical bottlenecks. Shipping, warehousing, and distribution facilities at seaports are just some of the new business opportunities that e-commerce fulfillment is providing to maritime trade. On a scale, maritime transport is more feasible and less expensive than rail, air, and road transport. The marine industry's digitalization has also been accelerated by this e-commerce expansion trend. As a result, it is anticipated that the growth of e-commerce and online trade will increase maritime trade and vessel demand, creating an opportunity for the marine engines market to expand. Hence, result in driving the Marine Diesel Engine market revenue.

Marine Diesel Engine Market Segment Insights:

Marine Diesel Engine Type Insights

The marine diesel engine market segmentation, based on type includes auxiliary, and propulsion. The propulsion segment dominated the market. The major supporting structure of a ship, propulsion engines are a crucial component of the propulsion system. As the primary means of propulsion for ships, marine propulsion engines are a very valuable asset. Because of this, there is a significant and predicted future growth in demand for propulsion engines across all engine types.

Marine Diesel Engine Speed Insights

The marine diesel engine market segmentation, based on speed, includes low-speed, medium-speed, and high-speed. The low-speed segment has generated the most income. Low-speed engines produce a lot of torque and power to move the ship forward. These low-speed variations are created to order and not frequently kept in stock. Only a few variations of medium-speed engines are frequently in stock and may be installed in ships and boats with very little lead time.

Marine Diesel Engine Stroke Insights

The marine diesel engine market segmentation, based on stroke, includes 2-stroke, and 4-stroke. 2-stroke segment is generating most income in 2022. The two-stroke engines are more dependable, can operate on worse fuels, and are more efficient and powerful. When longer, oceanic voyages are involved and better power and efficiency are needed, they are favored as primary engines in ships.

Figure 1: Marine Diesel Engine Market, by Distribution Channel, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Marine Diesel Engine Application Insights

The marine diesel engine market segmentation, based on application, includes modern cargo ship, latest cruise ship, and others. Modern cargo ship segment is estimated to grow at the fasted rate. This is due to its sustainability and more efficient way of working. Moreover, cargo ship, often known as a freighter, is a type of merchant ship that transports products, cargo, and materials from one port to another. Every year, thousands of cargo ships navigate the world's seas and oceans, carrying the majority of worldwide trade.

Marine Diesel Engine Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Marine Diesel Engine market area will dominate this market, owing to an increasing use of various cloud-based services across various distribution and production channels.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Marine Diesel Engine Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Marine Diesel Engine market accounts for the second-largest market share due to imposition of stringent regulations, coupled with lack of investment by major shipping companies in the region. Further, the German Marine Diesel Engine market held the largest market share, and the UK Marine Diesel Engine market was the fastest growing market in the European region

The Asia-Pacific Marine Diesel Engine Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to development of effective marine engine technologies, expansion of maritime trade in the area, and expansion of the local shipbuilding sector. Moreover, China’s Marine Diesel Engine market held the largest market share, and the Indian Marine Diesel Engine market was the fastest growing market in the Asia-Pacific region.

Marine Diesel Engine Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Marine Diesel Engine market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Marine Diesel Engine industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Marine Diesel Engine industry to benefit clients and increase the market sector. In recent years, the Marine Diesel Engine industry has offered some of the most significant advantages to Marine Engine Industry. Major players in the Marine Diesel Engine market, including Cox Marine, STX Engine., Deere & Company, Cummins Inc., AGCO Power Inc., Yanmar Co Ltd., Honda Motor Co.. Ltd., Greaves Cotton Limited, Caterpillar, and others, are attempting to increase market demand by investing in research and development operations.

Cummins Inc. is an American company that creates, produces, and sells equipment for power generation, filtration, and engines. Cummins also offers maintenance and repair services for engines and related devices, such as trucks, fuel systems, controls, air handling, filtration, and pollution control. With its corporate headquarters in Columbus, Indiana, Cummins sells its products through a network of more than 600 company-owned and independent distributors, as well as over 7,200 dealers, in about 190 countries and territories. On sales of $28 billion in 2022, Cummins reported a net profit of $2.15 billion. The Mid-Range, Heavy-Duty, and High-Power Engines are all part of the Cummins Engine Business Unit, along with Aftermarket Support. Heavy- and medium-duty trucks, buses, RVs, light-duty cars, and a variety of industrial purposes such railroad, construction, mining, maritime, oil and gas, and military equipment are among its markets. In 2022, The Cummins facility in Fridley, Minnesota, was visited by President Joe Biden. A stop on his "Investing in America" tour, it was. In order to produce renewable energy technology, such as electrolysers for hydrogen cells in Fridley, Cummins had announced a US$1 billion plan.

Caterpillar Inc. is an American producer of construction machinery. The company is the largest manufacturer of construction equipment in the world. In addition to manufacturing equipment, engines, and generator sets in India, Caterpillar also licences and markets a collection of apparel and work boots under the Cat / Caterpillar name. Caterpillar has three locations: Thiruvallur and Hosur in Tamil Nadu; Aurangabad in Maharashtra. In 2022, According to "the best strategic interest of the company," the business announced plans to relocate its worldwide headquarters from Deerfield, Illinois, to Irving, Texas, beginning later in the year.

Key Companies in the Marine Diesel Engine market include

• Cox Marine


• STX Engine.


• Deere & Company


• Cummins Inc.


• AGCO Power Inc.


• Yanmar Co Ltd.


• Honda Motor Co. Ltd.


• Greaves Cotton Limited


• Caterpillar


• China Shipbuilding Industry Group Diesel Engine Co., Ltd.


• Japan Engine Corporation.


• Hyundai Heavy Industries Co. Ltd.


• Kirlosker Oil Engines Ltd

Marine Diesel EngineIndustry Developments

In April 2022, Bergen Engines launched the ambitious Ammonia Zero Emission research project (AMAZE) to develop technology for a fuel-flexible internal combustion engine with carbon-free ammonia as the primary fuel. The development goal is a multi-fuel engine that able to switch seamlessly from ammonia to diesel or other low-carbon fuels such as biofuels.

In August 2020, Caterpillar announced the launch of the Cat C32B marine diesel engine. It is a 12-cylinder, vee-configuration engine and is rated at 2000 hp to 2300 rpm, with a metric rating of 2025 hp. Furthermore, the engine featured the latest version of Cat’s ADEM electronic engine control module (ADEM 6) as well as an advanced unit injection fuel system.

In June 2022, Daihatsu Diesel Mfg. Co., Ltd. signed a contract with Hapag-Lloyd AG, a German international shipping and container transportation company to supply the dual fuel engines 6DE35DF and 8DE35DF for its TEU container vessel. These engines could switch operations between gas and diesel mode depending on the requirement.

In February 2024, Caterpillar and Solstad Offshore ASA (Solstad) and Cat® dealer Pon Power AS comes into partnership where Caterpillar Marine is committed to helping vessel owners increase fuel efficiency and reduce GHG emissions and offer pathways to support these operational and sustainability targets by providing a range of solutions for alternative fuels and powertrain integration.

In December 2023, MAN Energy Solutions has announced an agreement with Alfa Laval, the Swedish industrial concern, to develop a methanol fuel-supply solution for MAN four-stroke engines and its fuel-injection technology. As a result, the first four- stroke engine types will be capable of retrofitting to methanol operation from 2025.

In August 2022, Leisure, and Volvo Penta joined forces to develop near-silent, eco-friendly boats. Leiser's sleek designs paired with Volvo's hybrid electric technology aim to reduce emission. This collaboration pushes boundaries in sustainable boating, offering a glimpse into the future of the industry.

In November 2020,  BMW, and Cimco Marine AB have a supply and development relationship. The business will provide a BMW TwinPower Turbo Inline 6 Cylinder Diesel Engine as well as a few extra parts and pieces.

Marine Diesel Engine Market Segmentation:

Marine Diesel Engine Type Outlook

• Auxiliary


• Propulsion

Marine Diesel Engine Speed Outlook

• Low-Speed


• Medium-Speed


• High-Speed

Marine Diesel Engine Capacity Outlook

• 300 to 500 Hp


• 501 to 1000 Hp


• 1001 to 2000 Hp


• 2001 to 5000 Hp


• More than 5000 Hp

Marine Diesel Engine Stroke Outlook

• 2-Stroke


• 4-Stroke

Marine Diesel Engine Application Outlook

• modern Cargo Ship


• latest Cruise Ship


• Others


• Bulk Carriers


• Container Ship


• Oil Tankers

Marine Diesel Engine Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America