Marine diesel engines can be defined as engines that operate on diesel fuel. These are used as the primary source of providing main propulsion to ships and turn propellers of a ship. There are various types of marine engines; for example, some marine engines use gas as fuel. Of the many marine engines, marine diesel engines have the highest thermal efficiency, i.e. the ability to extract energy out of fuel. Hence, it is a commonly used type of marine engine.
The global marine diesel engines market has been expanding primarily due to the need for the shipping industry to reduce carbon emissions. The shipping industry is focusing on the development of higher-efficient diesel engines, which use less diesel while providing more propulsion to the vessel. On the other hand, the recent downturn in the shipping and shipbuilding industry has hampered the market. Shipbuilding orders have declined along with the decrease in shipping rates. A recovery is expected during the forecast period; however, it would depend on several factors such as the price of crude oil and the economic growth rate of various countries.
The global marine diesel engines market can be segmented based on type, speed, vessel, and region.
In terms of type, the global marine diesel engines market can be classified into 2-stroke engines and 4-stroke engines. 2-stroke engine is a commonly used type of engine despite the fact that it causes more pollution. This trend is expected to continue during the forecast period. The 4-stroke engine is mostly used for providing auxiliary power to vessels.
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In terms of speed, the global marine diesel engines market can be segregated into low speed, medium speed, and high speed engines. Low speed engines are commonly used for recreational purposes, while medium speed engines are used commonly in inland waters. On the other hand, high speed engines are employed by the navy and for commercial purposes on the high seas.
In terms of vessel, the global marine diesel engines market can be divided into merchant, offshore, navy, and recreational vessels. Various types of merchant vessels include containers, tankers, bulk carriers, gas carriers, and roll-on/roll-off vessels. Offshore vessels include drilling rigs and ships, anchor handling vessels, offshore research vessels, floating production units, and platform supply vessels. Recreational vessels comprise cruise vessels, passenger ferries, and yachts. Navy vessels include warships, submarines, and other research vessels.
In terms of region, the global marine diesel engines market can be split into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Developed countries in North America and Latin America are the traditional markets for marine vessels; hence, these are also the traditional regions of the marine diesel engines market. However, demand for marine diesel engines is expected to be higher in emerging regions during the forecast period.
The global marine diesel engines market is vast; many local and global companies operate in the market. Key players operating in the market include Yanmar Marine International B.V. (the Netherlands), John Deere (the U.S.), Wartsila (Finland), Mitsubishi Corporation (Japan), Caterpillar (the U.S.), Cummins Inc. (the U.S.), MAN SE (Germany), BMW AG (Germany), International Diesel Engines (the U.S.), and Daimler AG (Germany).
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
Companies in the Marine Diesel Engines market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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