Sellbyville, DE -- (SBWIRE) -- 01/25/2019 -- Marine Diesel Engines Market is set to grow over 5% CAGR with to exceed USD 7 billion by 2024. Merchant vessels are one of the prominent application domains that is prominently contributing toward the global industry size. Growing inclination toward LNG along with a significant rise in the sea borne trade have resulted in an increasing deployment of marine diesel engines in merchant vessels, thereby contributing to the industry share. As per estimates, marine diesel engines market from merchant vessels application is expected to chart a profitable road map at a CAGR of 5% over 2016-2024.

The global low speed marine diesel engines market is set to grow at a rate of 4% over the period of 2016-2024. Growing demand for merchant vessels and cargo ships will further provide a positive thrust to overall marine diesel engines industry over the coming years.

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Europe marine diesel engines market led by Germany, has witnessed an increase in government spending on military ships and specialized ships. Germany accounted for 20% of the total industry share of Europe in 2016 and further aims to amplify its revenue share.

Regionally, China has established strong grounds enhancing the market dynamics. The country, counted as one of the most developing nations across the world, is significantly increasing its investment in strengthening the naval force. In 2014, Chinese Government had issued a financial stimulus package that facilitated the money stock. The escalating growth of the regional market can be majorly credited to the rigorous number of business activities that have significantly uplifted the marine diesel engines market outlook. In 2015, for instance, MAN Diesel & Turbo had signed a 10-year agreement with CISC and CSSC to manufacture low speed diesel engines in China. Statistics depict that China accounted for one-fourth of the APAC marine diesel engines market in 2016. Such examples of promising initiatives by the government along with growing import of marine diesel engines in the country which almost accounted for USD 1.05 billion in 2015, is projecting a lucrative growth prospect for China marine diesel engines market in the years ahead.

Global Marine Diesel Engines Market, 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 & Ferries

- Cruise Vessels
- Passenger Ferries
- Cargo Ferries
- Fast Ferries
- Yachts

Rising seaborne trade has provided considerable traction to the global marine diesel engines industry share. As per 2015's report presented by the UNCTAD, there has been a substantial increase in the seaborne trade (4%) between 2012 to 2014, owing to the significant rise in dry bulk trade and the positive outlook toward China's economic development. China being one of the most progressive nations across the globe, has ambitious plans to strengthen its navy by introducing nuclear missiles carriers, submarines, and aircraft carriers. Also, the U.S. Navy increased its naval ships from 288 in 2014 to 308 by 2015. Such examples of increasing government spending toward deployment of navy ships for strengthening the security have displayed a positive impact on marine diesel engines market size.

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Despite the fact that the marine diesel engines are environmentally not so viable owing to the harmful carbon emissions from these, increasing research investments by the market players in the development of fuel efficient engines is likely to leave a positive impact on the marine diesel engines industry expansion in the years ahead. Some of the prominent companies engaged in marine diesel engines market include Rolls Royce, Caterpillar Inc., Cummins Engines, GM Powertrain and Wartsila Corporation.

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