4 significant trends impacting marine diesel engines market expansion
Publisher : Fractovia | Latest Update: 2019-12-20 | Published Date : 2017-06-09Request Sample
Marine diesel engines market size is expected to be propelled by global seaborne trade, positive outlook towards the shipping industry and increasing efforts for manufacturing more ecofriendly marine vessels. For centuries marine transportation has been the backbone of global logistics and materials movement. In the current scenario, thousands of freighters, large merchant ships and tankers, that support global economy, are switching to safer and eco-friendly means of marine navigation.
The international shipping industry is responsible for the carriage of around 80% of world trade by volume and 70% by revenue. More than 50,000 merchant ships have been trading internationally, transporting variety of cargo and the world fleet is registered in around 150 nations, that are manned by approximately a million seafarers of almost every nationality.
Diesel is a relatively cheaper fuel but has faced much criticism in a world that is actively trying to incorporate the use of more ecofriendly fuels. Therefore marine diesel engines market players are focusing on the engineering of high-performance diesel engines are for better reliability, durability, NOx reduction, low noise, low vibration and environmental considerations.
Some of the major trends that will foster marine diesel engines market outlook are as follows:
Growing free trade among economies to boost marine diesel engines market share
Throughout the last century, the shipping industry has witnessed an overall increase in total trade volume. Growing industrialization coupled with liberalization of national economies have propelled free trade and demand for consumer products. Over the last four decades, total seaborne trade has been estimated to have quadrupled. Advancement in technology have also made shipping an increasingly efficient method of transportation.
Growing free trade is fueling the shipping industry, bringing in larger and ever-growing scope for marine diesel engines market.
Exponential growth in world population will positively influence marine diesel engines industry trends
As global population continues to expand, demand for goods and raw materials in the emerging economies will continue to increase. With roughly 83 million people being added to the total population of the world every year, demand for commodities is projected to register an upward growth curve, the resultant of which is the increasing requirement for ships for safe and efficient transportation of goods across the globe.
Due to growing efficiency of shipping and the competitive logistics costs that seaborne freight offers, shipping industry will continue to expand, bringing benefits for consumers across the world. The prospects for the marine diesel engines industry's growth is also estimated to expand considerably over 2019-2025.
Marine tourism to add impetus to marine diesel engines market share
In the present scenario, demand for travel exhibits greater magnitude and variation than ever in history. Social media and the influence of the internet has essentially transformed travelling which has led the tourism industry to become the largest business on earth. Government policies are being designed to develop marine tourism and as tourists are yearning for vacations that are not only life enriching but also exceptionally Instagram-able, marine tourism business landscape is expected to be strengthened.
Demand for leisure ferries and cruises is expected to increase owing to growing disposable incomes and a current trend among the young to own more experiences than assets. Advanced shipping lines are set to propel marine industry. Marine diesel engines are being technologically upgraded to be more environment friendly and efficient, are therefore being adopted by the marine industry leading to expanding marine diesel engines market.
Increasing shipbuilding activities to drive industry size
Shipbuilding is a highly concentrated industry, geographically, with Korea, China and Japan, accounting for more than 85% of global production. Advanced but cheap technologies, low cost labor and favorable government policies have fostered the shipbuilding industry in China. If the current state of Chinese shipbuilding industry is upheld over 2019-2025 then by the end of the forecast period, China marine diesel engines market is estimated to witness significant growth amounting over $1 billion.
Presence of skilled labor along with increasing shipbuilding activities in countries including India, Taiwan, Vietnam among others will complement the marine diesel engines industry landscape.
In the long term, the fact that shipping is more ecofriendly and most fuel-efficient form of commercial transportation will work in favor of an even greater expansion of world trade being carried by sea and thereby expanding the share of marine diesel engines market. Favorable economic trends from the emerging economies combined with growth of trade further augmented by spread of e-commerce are factors that are estimated to bring an upsurge of revenue in global marine diesel engines market.
As per Global Market Insights estimates, global marine diesel engines market is anticipated to surpass $8 billion by 2025.
