May 24, 2017 - 6:30 AM EDT
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Marine Diesel Engines Market to Hit $7bn by 2024: Global Market Insights, Inc.

OCEAN VIEW, Delaware, May 24, 2017 /PRNewswire/ --

The research report "Marine Diesel Engines Market Size By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs And Ships, Anchor Handling Vessels, Offshore Research Vessels, Floating Production Units, Platform Supply Vessels], Cruise And Ferry [Cruise Vessels, Passenger Ferries, Cargo Ferries, Fast Ferries, Yachts], Navy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, Norway, UK, France, Russia, Denmark, China, Japan, South Korea, India, Australia, Vietnam, UAE, Saudi Arabia, Iran, Angola, Egypt, South Africa, Mexico, Brazil, Argentina) Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" by Global Market Insights, Inc. says Marine Diesel Engine Market share is poised to surpass USD 7 billion by 2024. Growing demand for economic viable engines coupled with rise in seaborne trade will drive marine diesel engines market.

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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.

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.

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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.

Offshore in 2016 accounted for over 18% of the marine diesel engines market. Increasing shale exploration and production in offshore areas will enhance the demand for offshore support vessels including drill ships, FPSO and rigs. Growing demand for tanker and container vessels, bulk and gas carriers used for transportation of natural gas and other cargos will propel the merchant marine diesel engine market. According to Eurostat's in 2015, the ports of Germany handled over 126 million tons of container cargo.

Browse key industry insights spread across 250 pages with 228 market data tables & 9 figures & charts from this 2017 report Marine Diesel Engines Market in detail along with the table of contents at:    

https://www.gminsights.com/industry-analysis/marine-diesel-engine-market

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.

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.

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. Møller-Maersk.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/158

Browse Related Reports: 

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Marine Propulsion Engine Market size was over USD 9 billion in 2015, and is anticipated to grow at 4.3% CAGR from 2016 to 2024. Use of renewable energy sources such as solar and wind energy to meet auxiliary power requirements will increase, thereby augmenting industry growth.

https://www.gminsights.com/industry-analysis/marine-propulsion-engine-market

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Automotive Aftermarket Size was valued at over USD 450 billion in 2015, increasing at CAGR over 4.5% from 2016 to 2024. Strong automotive outlook coupled with surge in manufacturing of auto components will drive the automotive aftermarket industry demand by 2024.

https://www.gminsights.com/industry-analysis/automotive-aftermarket

About Global Market Insights 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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Source: PR Newswire (May 24, 2017 - 6:30 AM EDT)

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