Marine Diesel Engine Global Market Report 2023

Major players in the marine diesel engine market are Caterpillar, Cummins Inc., HHI Engine & Machinery, Deere & Company, MAN Energy Solutions, AB Volvo Penta, YANMAR Marine International, STX Engine, Daihatsu Diesel Mfg.

New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Diesel Engine Global Market Report 2023" - https://www.reportlinker.com/p06480079/?utm_source=GNW Co. Ltd., Deutz AG, IHI Power Systems Co. Ltd., Perkins Engines Company, Bergen Engines, China Shipbuilding Industry Corporation Diesel Engine Co. Ltd. and Japan Engine Corporation.The global marine diesel engine market is expected to grow from $7.32 billion in 2022 to $7.83 billion in 2023 at a compound annual growth rate (CAGR) of 6.99%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The marine diesel engine market is expected to reach $10.51 billion in 2027 at a CAGR of 7.65%.The marine diesel engine market consists of sales of engine flexes, engine oil coolers, heat exchangers, pumps, and related products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.A marine diesel engine refers to an internal combustion engine with a reciprocating motion that burns either diesel or a combination of fuels. It is used to turn the propeller and move the ship.Asia-Pacific was the largest region in the marine diesel engine market in 2022.North America is expected to be the fastest-growing region in the forecast period.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of marine diesel engines are auxiliary and propulsion.An auxiliary engine refers to a marine engine that allows uninterrupted electrical flow from the bow to the stern.It is used to provide electricity to operate the ship’s electrical equipment. Marine diesel engines are available in low-speed, medium-speed, and high-speed 2-stroke and 4-stroke engines. The power of marine diesel engines are <1,000 HP, 1,000-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and >20,000 HP that are used by merchant, offshore, cruise and ferry, navy, and other applications.The increased seaborne trade is expected to boost the growth of the marine diesel engine market going forward.Seaborne trade refers to the transportation of goods abroad between two countries.Shipping is the most fuel-efficient means of transporting goods and marine diesel engines are used for seaborne trades as they are cheap, non-flammable, and energy efficient; hence the increased seaborne trade is a key driver of the marine diesel engine market. For instance, according to a report published by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body, in 2022, international maritime trade grew by 3.2 percent in 2021, with shipments increasing to 11.0 billion tons. In 2021, Asia remained the world’s leading sea cargo region from Asian ports, including developed and developing regions, handling about 4.6 billion tons of cargo, or about 42 percent of all cargo handled in global ports. Some 7.1 billion tons arrived at Asian ports in 2021, equivalent to 64 percent of goods unloaded globally. Therefore, the increased seaborne trade is driving the growth of the marine diesel engine market.Product innovation is the key trend gaining popularity in the marine diesel engine market.Major companies operating in the marine diesel engine market are focusing on developing new products.For instance, in August 2020, Caterpillar, a US-based manufacturer of construction, transportation, and energy equipment, launched Cat C32B, a new marine diesel engine.The unique feature of this engine is the advanced unit injection fuel system, which delivers multiple injections per injection event and provides a 25% noise reduction at low speeds, and the most recent version of Cat’s ADEM electronic engine control module (ADEM 6).The Cat C32B diesel engine develops 2,000 hp at 2,300 rpm, with an output power of 2,025 hp. It expands the power capabilities of the high-performance C32 series, increasing power by 5% over existing C32 engines, with only a 2% increase in weight.In January 2022, Langley Holdings Plc, a UK-based provider of engineering services, acquired Bergen Engines for a deal of 99 million dollars.The acquisition of Bergen Engines is a significant development toward Langley’s net zero goals.The company has a good reputation and is proven to be incredibly innovative in converting its engines to low-carbon and non-fossil fuels.In addition, the developing microgrid industry effectively complements Langley’s long-term environmental objectives.Bergen Engines is a Norway-based manufacturer of medium-speed gas and diesel propulsion engines as well as generator sets for use in commercial marine applications.The countries covered in the marine diesel engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The marine diesel engine market research report is one of a series of new reports that provides marine diesel engine market statistics, including marine diesel engine industry global market size, regional shares, competitors with a marine diesel engine market share, detailed marine diesel engine market segments, market trends and opportunities, and any further data you may need to thrive in the marine diesel engine industry. This marine diesel engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06480079/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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