Marine Diesel Engine Market to cross 5 thousand units installation annually by 2026: Global Market Insights, Inc.
Global Market Insights, Inc
6 min read
Canada marine diesel engine market share is poised to witness above 3% growth rate during 2020 to 2026 as the country is undergoing rise in investments toward technological enhancement and product design owing to the increasing demand for cleaner emission reduction alternatives.
Global Market Insights, Inc. has recently added a new report on marine diesel engine market which estimates the global market valuation for marine diesel engine will cross US$ 4.6 billion by 2026. Growing imports from the emerging economies along with the expanding seaborne trade is set to strengthen the product installation. Mounting demand for technologically advanced engines owing to factors including reduced fuel consumption, low cost and enhanced efficiency will complement the industry scenario.
Marine diesel engine market is projected to witness rapid growth coming out of the second quarter of 2020 on account of approximately 80% of all international trade by volume being transported by sea. Rising population across the globe and growth of emerging economies is further inducing demand for international trade, thus boosting the market growth.
The world economy has witnessed a significant impact of the spread of COVID-19, with various industries including marine and its distribution channel completely in tatters. The market players are facing major challenges including shortages across the board and recommencing operations on scaled down capacity. Although, countries are currently realizing the impact of COVID 19 pandemic, coming out of the second quarter of 2020, pent up demand is anticipated to aid the industry landscape.
Marine diesel engine market value will undergo rapid surge owing to the reliability, technological advancement and high efficiency. Rising awareness toward the need for sustainable technologies accompanied by surging retrofitting activities will propel the business scenario. Increasing international marine tourism on account of improved living standards allowing for greater leisure time will further complement the business landscape.
For North America, Canada is set to witness a growth of over 3% by 2026. The country is undergoing rise in investments toward technological enhancement and product design owing to the increasing demand for cleaner emission reduction alternatives. Development of emission reduction systems along with entrance of new players in the industry is set to further boost the market growth.
Browse key industry insights spread across 480 pages with 779 market data tables & 33 figures & charts from the report, “Marine Diesel Engine Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Key manufacturers are investing on enhancing existing product designs to stay on top of the changing regulation and demand requirements.
Some prime findings of the marine diesel engine market report include:
The demand for diesel engines is rising across recreational, commercial, offshore and navy application.
Rising investments toward development of product portfolio in compliance with government mandates is anticipated to drive the business scenario.
Low speed engines are experiencing considerable rise in installations on account of regulatory pressure and increased demand from the commercial segment.
Few major industry players are Caterpillar, John Deere, Wärtsilä, Man Energy Solutions, GE Transportation Cummins, Dresser-Rand Group, Brunswick Corporation, Rolls Royce, and Volvo Penta among others.
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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