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Marine Diesel Engines Market Size

Report ID: GMI158
Published Date: Dec 2024
Report Format: PDF

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Marine Diesel Engines Market Size

The global marine diesel engines market size was valued at USD 5.2 billion in 2024 and is estimated to grow at a CAGR of 4.7% from 2025 to 2034. The increasing global seaborne trade, particularly in developing economies, combined with a favorable outlook for the shipping industry, is expected to drive market demand. According to the United Nations Conference on Trade & Development, the global shipping industry accounts for 80% of world trade by volume and 70% by revenue. The widespread availability and low cost of diesel make it a more viable option for ship owners compared to alternative fuels.

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Marine diesel engines are essential components of ships and vessels providing the power needed for propulsion and electricity generation. These engines are preferred in the maritime industry owing to their fuel efficiency, reliability, and ability to perform in harsh marine environments. These systems operate on various fuel, which is cost-effective and widely available, making them an economical choice for long-distance shipping and commercial operations. The advancements in marine diesel engine technology have focused on improving fuel efficiency, reducing emissions, and enhancing overall performance to comply with stringent environmental regulations.

Marine Diesel Engines Market Report Attributes
Report Attribute	Details
Base Year:	2024
Marine Diesel Engines Market Size in 2024:	USD 5.2 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	4.7%
2034 Value Projection:	USD 8.2 Billion
Historical Data for:	2021 to 2024
No. of Pages:	140
Tables, Charts & Figures:	45
Segments covered:	Technology, Power, Application and Region
Growth Drivers:	Expansion in seaborne trade Increasing maritime tourism Technological advancement in marine engines
Pitfalls & Challenges:	Stringent government regulations against emissions

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of marine diesel engines reached USD 5.2 billion in 2024 and is set to grow at a 4.7% CAGR from 2025 to 2034, driven by the expansion of global seaborne trade and a favorable shipping industry outlook.

The merchant application segment is anticipated to grow at a CAGR of over 4% through 2034, supported by government investments in advanced shipping fleets to enhance national security and rising maritime tourism.

The U.S. market is expected to surpass USD 700 million by 2034, led by abundant raw materials, affordable labor, and retrofitting efforts for eco-friendly engines.

The key players in the industry include AB Volvo, Anglo Belgian, Caterpillar, Cummins, Daihatsu Diesel, Deere & Company, DEUTZ, Hyundai, IHI Corporation, Kawasaki Heavy Industries, MAN Energy Solutions, Rolls-Royce, Scania, Siemens, STX Heavy Industries, Wärtsilä, Yanmar, and Yuchai International.