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Marine Diesel Engines Market Trends

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

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Marine Diesel Engines Market Trends

The industry has experienced a notable transformation over the past decade, driven by advancements in technology and design. The shift from traditional residual fuel engines to diesel engines owing to their lower operating costs and higher efficiency is set to boost the adoption of marine engines. Growing demand for seaborne trade coupled with the rising emphasis on sustainability will augment the industry landscape. Additionally, the growing fleet of container ships, bulk carriers, and tankers especially in emerging economies will energize the business dynamics.

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.