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The enormous economic growth across the world is the key factor for driving world shipping demand. The international shipping industry is responsible for around 90% of world trade. It is the most convenient and cost-effective way to exchange goods between countries. Seaborne trade continues to grow over the years due to economic expansion and increasing consumer demand. Several types of engines are used to propel the marine industry. A diesel engine is one of that which used by several shipping companies across the world. It has the highest thermal efficiency than any present engine in the market. In addition, diesel engines are highly reliable, with an operating efficiency of around 55-60%. Several companies are investing in research and development activities to optimize the performance of the diesel engine to lower the emission. Also, the phase-out of the steam engine may boost the demand for diesel engine owing to rising seaborne activities throughout the globe.
The marine diesel engine market is segmented based on speed and propulsion systems. Speed is further classified as low speed, medium speed, and high speed. The low-speed segment is projected to dominate owing to the growing demand for yacht, tankers, ferries, cargo, bulk carriers. The ship propulsion system is either based on two-stroke or four-stroke. However, the two-stroke diesel engine is widely adopted by several shipping companies due to its ability to burn low-grade fuel oil and high power to weight ratio.
The rapid economic shift, expansion of industries, technological advancement, and rising consumer expenditure leveraging the seaborne trade across the world. Several companies and countries are extensively investing in seaborne trade activities due to low-cost transportation and high load-carrying capacity. Furthermore, the major oil and gas companies are massively investing in offshore E&P activities, which may proliferate the marine diesel engine market.
International Maritime Organization took a bold step by drafting sulfur 2020 regulation in which limit sulfur in fuel will be reduced to 0.50% m/m (mass by mass) from 3.50m/m that may retard the growth of the marine diesel engine.
Key Market Driver -
Exponential growth in seaborne trade
Key Market Restraint -
Stringent international emission norms
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The global marine diesel engine market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The increasing seaborne trade, coupled with rising investment in exploration and production activities, is projected to leverage the marine diesel engine market in North America. Europe is likely to grow at a steady rate due to stringent emission rules and lack of investment by giant shipping industries. Asia Pacific is the hub for shipbuilding in the world. South Korea is a leading country in the world for shipbuilding, which has several clients across the world. In addition, the emerging economies in the region, such as China and India, are making huge investments in trading, energy, and power sector, which may boost the marine diesel engine market in APAC. MEA is gaining momentum in recent times owing to the expansion of shipbuilding companies. UAE has several ship manufacturers who provide various containers, tankers, yachts, and ferries, among others, that may boost the marine diesel engine market in MEA.
By Propulsion System
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