Marine Diesel Engines Market Forecast Showing 5% CAGR to 2024 : Analysis of Key Players, Trends & Drivers
Category: #world  By Sachin Pashte  Date: 2019-01-22
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Marine Diesel Engines Market Forecast Showing 5% CAGR to 2024 : Analysis of Key Players, Trends & Drivers

The Marine Diesel Engines market dynamics, forces, companies and trends have been determined after conducting a detailed study of the industry for this newly released research report now available with Market Study Report LLC.

Rise in investment towards shipbuilding sector coupled with increasing research and development towards environment friendly technology will stimulate the U.S. marine diesel engines market size. In 2015, the U.S. shipbuilding industry contributed over USD 37.3 billion in the country’s GDP. However, introduction of emission norms by MARPOL and IMO may act as industry restraint. Global Marine Diesel Engines Market size is set to exceed USD 7 billion by 2024, according to a new research report.

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Growing demand for economic viable engines coupled with rise in seaborne trade will drive marine diesel engines market. According to United Nations Conference on Trade & Development (UNCTAD), global seaborne trade in 2014 expanded by 3.4% when compared to 2013. High reliability and alternative use as an auxiliary engine will further propel the business landscape.

Optimum utilization of fuel coupled with cost affordability will enhance marine diesel engines market share. Decline in crude oil price with a positive outlook toward shipbuilding industry may further stimulate the product demand. Major shipbuilding hubs including China and South Korea have witnessed an upsurge in the demand for these products owing to easy fuel availability and affordable pricing.

High speed systems in 2016 accounted for over 20% of marine diesel engines market share. Healthy orderbook toward construction of navy vessels, tugboats and freight carriers will further complement the industry outlook. Growing demand for cruise and ferries owing to improvement in standard of living coupled with rise in disposable income will boost the medium speed diesel engines market. Recreational vessels account for a large share of the medium speed products. In 2016, MAN D&T signed an agreement with Star Cruise to supply two medium size engines for their cruise ships. 

China marine diesel engines market will witness strong growth owing to increasing number of shipbuilding companies coupled with rising investment towards manufacturing ecologically safe diesel engines. In 2014, the Government of China issued a financial stimulus package which has facilitated the money stock. Fast reduction in interest rates of short-term instruments created profitable financing prospects for the shipbuilding industry. The China State Shipbuilding Corporation (CSSC) successfully issued bonds worth over USD 700 million with a 4.6% annual rate of return, significantly reducing financing costs.

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Increasing governmental expenditure towards strengthening naval forces will fuel the navy marine diesel engines market. Russia has laid down its ambitious plan to increase its military support fleet by building more than 60 ships including aircraft carriers and submarines by 2020.

In 2016, Germany marine diesel engines market was valued over USD 150 million. Growing government initiatives and strategies including National Master Plan for Marine Technology (NMMT) will positively impact the industry size. According to NMMT, the revenue from shipbuilding industry in 2015 was USD 19.9 billion and is projected to reach USD 25.48 billion by 2018.

Key players in the marine diesel engines market include Wartsila, NYK Line, Man D&T, Mitsui OSK Lines, Kawasaki Kisen Kaisha, COSCO, CMA CGM Holding, China Shipping Development, Teekay and A.P. M?ller-Maersk.

Table of Content:

Chapter 1. Marine Diesel Engines Market Methodology and Scope

Chapter 2. Marine Diesel Engines Market Executive Summary

Chapter 3. Marine Diesel Engines Market Industry Insights

Chapter 4. Marine Diesel Engines Market, By Technology

Chapter 5. Marine Diesel Engines Market, By Application

Chapter 6. Marine Diesel Engines Market, By Region

Chapter 7. Marine Diesel Engines Market Company Profiles

For more information on this report at: https://bit.ly/2MnDJtL

Related Report:

United States Marine Diesel Engines Market Report 2017

In this report, the United States Marine Diesel Engines market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.

https://www.marketstudyreport.com/reports/united-states-marine-diesel-engines-market-report-2017?utm_source=RR-SP

Read more at: https://www.marketwatch.com/press-release/at-46-cagr-automotive-interior-ambient-lighting-systems-market-projected-to-surpass-usd-2400-million-by-2023-2019-01-14

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About Author

Sachin Pashte

Email: [email protected]   

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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