Marine Diesel Engine Market to cross $7.5 Bn by 2032

Marine Diesel Engine Market size is anticipated to reach USD 7.5 billion by 2032, according to recent research report by Global Market Insights, Inc.
 

The rapid proliferation of the marine tourism sector will play a key role in the industry expansion. According to the Office for Coastal Management, ocean-based tourism and recreation is responsible for nearly USD 143 billion in gross domestic product to the U.S. economy per year. The increasing preference of tourists on ferry and cruise travel has spurred the popularity of recreational vessels. The improved standard of living along with the rising household incomes have made way for a better-informed public and the incessant need for greater leisure time. The growing demographic changes worldwide will also drive the demand for marine tourism, subsequently complementing the market.
 

Scaling preference for medium speed marine diesel engines

The medium speed segment will hold more than 25% of the marine diesel engine market share by 2032. The growth can be attributed to the rise in investments directed towards the development of modern as well as state-of-the-art cruise vessels to offer enhanced experience to customers. The surging demand for recreational vessels, such as passenger vessels, yachts, cruises, and ferries will also drive the adoption of medium speed marine diesel engines. The growing number of fundings across the tourism sector will favour the sector growth.
 

Rising popularity of cargo vessels to propel the adoption of < 1,000 HP marine diesel engines

< 1,000 HP marine diesel engine industry size will exhibit 4.5% CAGR from 2023-2032. These types of engines are extensively installed in the passenger and container ships for deploying propulsion to the vessel and to generate power. The rising prominence of passenger vessels as well as medium-sized container ships and the subsequently increasing adoption of these engines are other factors influencing the market development.
 

Browse key industry insights spread across 700 pages with 1242 market data tables & 36 figures & charts from the report, “Marine Diesel Engine Market Size By Technology (Low Speed, Medium Speed, High Speed), By Power, By Application (Merchant, Offshore, Cruise & Ferry [Cruise Vessels, Passenger Ferries, Passenger Cargo Vessels], Navy) & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-diesel-engine-market
 

Thriving deep-water exploration to drive product demand in offshore applications

Offshore marine diesel engine market will capture 11.5% of the global share by 2032. The increasing demand for anchor handling, drilling platforms, and platform supply vessels is driving the utilization of offshore vessels. The high availability and the ease of access to unexploited huge deep-water hydrocarbon reserves has prompted the rise in exploration and production (E&P) activities. The growing investment in deep-water exploration is another factor accelerating the product adoption.
 

Europe to emerge as a profitable avenue for the industry development

The Europe marine diesel engine industry is slated to reach over USD 1.3 billion by 2032 due to the increasing economic stability in the region. The rising penchant for comfort & luxury along with the proliferating seaborne transport have propelled the growing requirements for reliable engines. The rising focus on developing the engine capacities is driving the adoption of next-gen and advanced tanker vessels. The scaling demand for operationally reliable ships to facilitate emission reductions will further boost the regional market trends.
 

Innovations to bolster the uptake of marine diesel engines

MAN Energy Solutions, Rolls-Royce, Cummins, Siemens, Caterpillar, IHI Corporation, Hyundai, Anglo Belgian Corporation, Wartsila, Deere & Company, Daihatsu Diesel Mfg. Co., Ltd., Yanmar, Yuchai International, Scania, DEUTZ, Kawasaki Heavy Industries, STX Heavy Industries, and AB Volvo are the leading companies in the marine diesel engine market scenario. These firms are working on product launches for new engine design and developments.