High-speed Marine Diesel Engine
- High-speed marine diesel engines have rated speeds of 900 revolutions per minute to 1,200 revolutions per minute. They are primarily used in power boats, yachts, cruisers, and high-speed ferries.
- High-speed diesel engines are turbocharged. This raises the power output of the engine without an increase in its size.
- Growth in recreational, fishing, and tourism activities is anticipated to boost the demand for high-speed marine diesel engines, as boats, yachts, and cruisers are widely used for such activities
- Considerable investments are being made in research and development activities for better hydrodynamics, more energy-efficient engines, and lower carbon fuels and carbon-free fuels for ships
Key Drivers of Global High-speed Marine Diesel Engine Market
- Demand for high-speed marine diesel engine has been increasing owing to rise in tourism activities and per capita income of the people around the world. Steady rise in demand for pleasure and recreational activities around the globe is also anticipated to propel the demand for high-speed marine diesel engine during the next few years.
- In August 2018, MITSUBISHI HEAVY INDUSTRIES, LTD. introduced new models of its MET turbochargers for diesel engines. The MET-MBII axial-flow turbocharger series, primarily used for two-stroke engines, is smaller and lighter than the existing MET-MB series, with a 16% greater air flow capacity. The MET-ER radial turbocharger for four-stroke engines is more compact, with fewer components for improved maintainability. Axial-flow turbochargers are primarily used for large two-stroke marine propulsion diesel engines.
- The marine sector has been adversely affected by the COVID-19 pandemic. Most of the manufacturing companies have partially shut their manufacturing plants. Decrease in global demand for ships/boats and unavailability of labor have hampered the high-speed marine diesel engine market.
- Many marine engine suppliers have halted their operations owing to lockdowns imposed by various countries to curtail the pandemic
Asia Pacific to Hold Major Share of Global High-speed Marine Diesel Engine Market
- Based on region, the global high-speed marine diesel engine market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global high-speed marine diesel engine market in 2019. The market in the region is expected to expand at a rapid pace during the forecast period. China, Japan, and South Korea held 90% share of global shipbuilding in 2018. China accounted for 40% share, while Japan and South Korea each held 25% share in the year. Governments of countries in Asia have taken various initiatives to support the shipbuilding industry in the region.
- North America constituted vital share of the global market in 2019 owing to the large fleet size and increase in demand for pleasure boats in the region. Rise in tourism and recreational activities is estimated to boost the demand for high-speed marine diesel engines in the region during the forecast period.
- The market in Europe is estimated to expand at a fast pace during the forecast period. The marine sector in the region is well established. Europe has the highest number of powerboats, yachts, and superyachts in the world. Furthermore, boat shows and recreational activities are rising in the region. The pleasure boat industry in France has 5,435 companies that employ a total of 40,510 employees. France accounts for nearly one-third share of sales and one-fifth share of the fleet in Europe.
- Latin America and Middle East & Africa held relatively minor share of the global high-speed marine diesel engine market in 2019. The market in these regions is estimated to expand at a sluggish pace during the forecast period, as the marine sector in these regions is still developing.
Key Players in High-speed Marine Diesel Engine Market
Major players operating in the global high-speed marine diesel engine market include:
- YANMAR HOLDINGS CO., LTD.
- MAN Diesel & Turbo
- DAIHATSU DIESEL MFG. CO., LTD.
- Hyundai Heavy Industries Co., Ltd.
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Volvo Group
- Rolls-Royce plc
- Cummins Inc
Global High-speed Marine Diesel Engine Market: Research Scope
Global High-speed Marine Diesel Engine Market, by Ship Type
Global High-speed Marine Diesel Engine Market, by Engine
Global High-speed Marine Diesel Engine Market, by Type
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