Marine Diesel Engine Market is likely to witness a CAGR of 3.6% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Marine Diesel Engine Market
Marine Diesel Engine Market is likely to witness a CAGR of 3.6% during the forecast period. Growing seaborne trade across developing economies and increasing demand for economically feasible units with features including fuel efficiency, durability and reliability, shifting inclination of consumers towards diesel engines along with increasing focus of shipping industry on system enhancement, and growing maritime tourism are some of the major factors fueling the market growth during the forecast period.
North America is estimated to account for the major share of the market with the U.S. being the growth engine of the region during the forecast period. Factors such as increasing incidence of retrofitting activities owing to stringent government mandates coupled with increasing tourism within the Caribbean, growing import and export activities and increase in exploration activities, and ongoing investments toward ship building and booming demand for commercial vessels & battle forces are further expected to fuel the regional market growth over the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Report Scope & Market Segmentation
Marine Diesel Engine Market Share: By Technology Type
Based on the technology type, the market is segmented as low speed, medium speed, and high speed. Low-speed technology is expected to witness significant growth rate in the market during the forecast period owing to the utilization of low-cost fuel, growing long voyage trade and increase in adoption of merchant vessels among others. Factors such as surge in thermal and oxidation stability properties, decreased cost and reduced polluting emission are the other considerable factors driving the market growth during the forecast period. On the other hand, medium-speed marine diesel engine is also estimated to register considerable growth during the forecast period on account of high thermal efficiency and wide application base.
Marine Diesel Engine Market Share: By Application Type
Based on the application type, the market is segmented as merchant, offshore, cruise & ferry, navy, and others. The merchant marine diesel engine market is estimated to register strong growth owing to growing long international voyage and rapid industrialization across the emerging economies during the forecast period. Factors such as technological improvements and ongoing investments in R&D with emphasis on superior product design are expected to boost the segment’s growth during the forecast period.
On the other hand, the offshore application segment is estimated to witness significant growth rate in the market during the forecast period. The growth of the segment is attributed to the growing awareness about environmental sustainability and increase in retrofitting activities of existing ships with the aim for installing clean engines along with reduction in carbon emission. Also, the cruise & ferry application is estimated to witness constant growth due to increase in purchasing power of consumers along with growing requirements for luxury and comfort.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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