Marine Diesel Engines Market expected to grow strongly by 2024
Date: 2018-09-05   Author: Ronak Bora  Category: #market

Marine Diesel Engines Market expected to grow strongly by 2024

Marine Diesel Engines Market is set to grow over 5% and surpass USD 7 billion by 2024. Upsurge in investment towards shipbuilding sector along with upsurge in demand for economically viable systems will augment marine diesel engines market. In the U.S., the shipbuilding industry contribution was over USD 37.3 billion in 2015 towards the country GDP.

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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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.

Growing R & D in the direction of environment friendly technology along with increase in seaborne trade will propel the marine diesel engines market. As per the United Nations Conference on Trade and Development (UNCTAD), in 2014, the global seaborne trade expanded by 3.4% when compared to 2013. However, introduction of Emission Control Areas (ECA) regions and IMO emissions standards will act as a restraint for the industry.

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.

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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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.

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

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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline 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.

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