Market Size (2016)
2016
$4.95B
Energy & Power
Marine Diesel Engine Market
By Segment, By Region, And Segment Forecasts, 2016 – 2023
Vertical: EnPBase Year: 201710 Sections
Executive Summary
Marine Diesel Engine Market — Snapshot
Projected (2023)
2023
$6.36B
CAGR (2016–2023)
3.6%
3.6%Key Players
110+
The demand for energy efficient marine engine is growing rapidly because of the various advantages, such as efficiency, smoothness and reduced emissions.
The global marine diesel engine market is projected to grow at 3.83% CAGR during the forecast period, 2018–2023. In 2017, the global marine diesel engine market was led by Asia-Pacific with a 38.98% share, followed by Europe and North America with shares of 26.05 % and 20.82 %, respectively.
The global marine diesel engine market has been segmented based on type, stroke, speed, application, and region. On the basis of stroke, the market has been segmented into, 2-stroke and 4-stroke. The 2-stroke is expected to grow at the fastest rate during the forecast period. In 2018, the 4-stroke segment held a 72.15% share of the global marine diesel engine market. On the basis of speed, the market has been segmented into, low-speed, medium-speed, and high-speed. The medium speed is expected to grow at the fastest rate during the forecast period. In 2018, the high-speed segment held a 48.7% share of the global marine diesel engine market. On the basis of application, the market has been segmented into, cargo ship, cruise, and others. In 2018, the cargo ship segment held a 70.0% share of the global marine diesel engine market.
TABLE 1 Market Synopsis
Market Size
· 2017: USD 5,105.0 Million
· 2023: USD 6,360.8 Million
CAGR
· 3.83%
Key Geographies
· Asia-Pacific: 38.98%
· Europe: 26.05%
· North America: 20.82%
· Rest of the World: 14.15%
Key Leading Countries
· US
· Germany
· China
· India
Key Market Drivers
· Rising Investment in Shipbuilding
· Growing International Seaborne Trade
Key Vendors
· Hyundai Heavy Industries Co., Ltd.
· Caterpillar Inc.
· AGCO Power
· Cummins Inc.
· Deere & Company
Source: MRFR Analysis
Key Insight
The Marine Diesel Engine Market market is projected to grow at a CAGR of 3.6% from 2016 to 2023.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansMarket Scope & Coverage
What this report covers
- Geographic Coverage: This analysis covers 4 regions: North America, Europe, Asia Pacific, Rest of the World.
- Market Segmentation: The market is analyzed across 3 segments: High-Speed, Medium-Speed, Low-Speed. Forecasts are provided for each segment from 2016 to 2023.
- Competitive Landscape: 110 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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View Subscription PlansMarket Overview
Marine Diesel Engine Market — Growth Trajectory
Marine diesel engine are the engines that convert thermal energy of the fuel into mechanical energy in water bodies, such as oceans and rivers. The technical specification involves the number of cylinders used, number of strokes, the rating, the power and the RPM of a marine diesel engine, which are based on its speed, fuel, stroke, type, and application. The engines are available from 40 to 416 kW (54 to 558 hp) for use in cargo ships, cruise ships and ferries, military and government boats, industrial and small-scale fishing, auxiliary ships, landing craft, patrol boats, and search-and-rescue vessels. Marine diesel engines have advantages, such as operational flexibility and high efficiency while providing power to the vessels. These engines are also efficient in terms of speed, weight, and are reliable in harsh climatic conditions
Marine Diesel Engine Market — Growth Trajectory
High-Speed
Medium-Speed
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View Subscription PlansMarket Size Trend (USD Mn)
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View Subscription PlansMarket Dimensions
How this market is segmented
- Speed Speed is broken down into: Low-Speed, Medium-Speed, High-Speed.
- Stroke Stroke is broken down into: 2-Stroke, 4-Stroke.
- Application Application is broken down into: Cargo Ship, Cruise Ship, Others.
Geographic Analysis
Regional market breakdown
- North America North America market size reached $1.03B in 2016 and is projected to reach $1.30B by 2023, growing at a CAGR of 3.4%.
- Europe Europe market size reached $1.29B in 2016 and is projected to reach $1.67B by 2023, growing at a CAGR of 3.8%.
- Asia Pacific Asia Pacific market size reached $1.93B in 2016 and is projected to reach $2.52B by 2023, growing at a CAGR of 3.9%.
- Rest of the World Rest of the World market size reached $706.00M in 2016 and is projected to reach $863.20M by 2023, growing at a CAGR of 2.9%.
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View Subscription PlansResearch Methodology
Marine Diesel Engine Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2017
Historical Period
2016 – 2017
Forecast Period
2017 – 2023
Primary Interviews
150+
Research Process
Historical data (2016–2017) and forecast period (2017–2023)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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Regional Breakdown
Regional market breakdown for Marine Diesel Engine Market.
Regional Market Size (USD Mn)
Market estimates by geography (2023)
USD Mn
InsightAsia Pacific leads with $2.52B by 2023.
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View Subscription PlansRegional Market Data
| REGION | 2016 | 2017 | 2023 | CAGR | SHARE |
|---|---|---|---|---|---|
| North America | $1.03B | $1.17B | $1.30B | 3.4% | 21% |
| Europe | $1.29B | $1.48B | $1.67B | 3.8% | 26% |
| Asia Pacific | $1.93B | $2.22B | $2.52B | 3.9% | 40% |
| Rest of the World | $706.00M | $782.90M | $863.20M | 2.9% | 14% |
| Total | $4.95B | $5.65B | $6.36B | 3.6% | 100% |
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View Subscription PlansSegment Revenue (2023)
High-Speed
Medium-Speed
Low-Speed
0835167025053340
Segment Market Share
- High-Speed48%
- Medium-Speed33%
- Low-Speed19%
Total Market Size
$6.36B
Market by Segment (2023)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| High-Speed | $3.04B | 3.6% | 67% |
| Medium-Speed | $2.13B | 3.6% | 66% |
| Low-Speed | $1.19B | 3.6% | 60% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytics
Marine Diesel Engine Market — Key Findings
Analytical insights on Marine Diesel Engine Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
The Marine Diesel Engine Market market is projected to reach $6.36B by 2023, growing at 3.6% CAGR. The High-Speed segment holds the largest share.
Market Dynamics
The global marine diesel engine market is expected to witness high growth during the forecast period, owing to the factors such as offshore wind energy production, and increasing marine tourism, which have raised the growth of the shipbuilding industry. The marine diesel engine is efficient as it has a higher compression ratio than petrol engines, which is expected to drive the marine diesel engine market. The increased use of inland waterways transport and inter-trade between countries are opportunities in marine diesel engine market. However, the stringent emission norms by the government, might hinder the growth of the market
Market Drivers
There have been rising investments in shipbuilding due to the extensive research and development activities in order to develop environment-friendly technologies for diesel engines. Moreover, developing countries such as India, Bangladesh, and Indonesia, and developed countries such as the US, Germany and the UK are realizing the strategic importance of building and maintaining robust ships with the latest technologies, leading to the growth of marine diesel engine market. The below graph depicts the investments in the shipbuilding market in 2017 in major countries.
According to the Organisation for Economic Co-operation and Development (OECD), in 2017, the number of shipbuilding contracts were 80% higher than those of 2016 and the major contracts were in Asia-Pacific countries such as China, Japan and Korea, where China had 35% share followed by Japan and Korea with 31% and 20% shares of the total number of contracts. Asia-Pacific held the largest market share for shipbuilding, due to which the production of marine diesel engines has also increased in this region. China had accounted for USD 18 billion of the shipbuilding market and Korea accounted for USD 16 billion of market in the year 2017.
In the year 2018, the International Marine Organisation (IMO), a part of the United Nations, implemented new regulations to achieve 50% reduction in carbon emission to protect the environment. Countries across the globe are taking steps for decarbonization by significantly investing in research and development activities. The shipping industry is also investing in battery-powered ferries, which would require efficient engines and low carbon fuels.
Thus, the rising investments in shipping industry, along with the increase in the use of energy efficient components in ships would drive the marine diesel engine market, globally
Market Opportunities
Increasing use of Inland Water WaysInland Waterway Transport (IWT) is an efficient, safe and environment-friendly mode of transport. According to economic and ecological comparison of sea transport, the amount of energy consumed in inland waterways is less than 30% of that consumed in road transport and 80% less than that of rail transportation. According to the Economic Commission, Europe has established a classification based on the waterways and the load carrying capacity of the ship. These classes include, class 1 with 400 ton of capacity, class 2 with 650 ton of capacity, and class 3 with 1000 ton of capacity. They mainly cater to passenger ships, fishing and cargo ships, and ships that are used to carry military equipment. The American Society of Civil Engineers (ASCE) in North America have started working on the development process into the modernization of waterways and expansion of seaports for future transportation needs, which would create opportunities and international contracts for shipping business. Also, investments in inland waterways by the Federal Government of the US in the inland waterways construction and marine ports, has created more opportunities in fishing, survey and tourism business.
Furthermore, India is focusing on cheaper and efficient modes of transportation through inland waterways. According to the World Bank, the Government of India (Go) is developing the Ganga Waterway by investing USD 375 million. Hence, due to this overall development, it would create a great impact on marine diesel engine market.
Market Restraints
Strong regulations have been implemented on marine transport by most developed countries, such as the US, Germany and the UK. The Government of UK has started issuing regulations for the safety of environment on marine transport. Moreover, European emission standards for engines used in new non-road mobile machinery (NRMM) have been structured as per Stage I, II, III standards for diesel engines. These European standards are for carbon emission of ships and speed of ship engines. Similarly, the US there are certain standards followed in the marine industry for reduction of sulfur and carbon emissions. Due to these mandatory standards by the government, the manufacturers of marine diesel engines would have to tackle the risks of maintaining efficiency standards in marine engines, which might hinder the growth of marine diesel engine market.
Strategic Outlook and Future Directions
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Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Market Value by Segment (2023)
Value (USD Mn)
High-Speed
Medium-Speed
Low-Speed
Companies
Key companies profiled in Marine Diesel Engine Market
Profiles of 110 companies operating in the Marine Diesel Engine Market market, including revenue, employee count, and market positioning where available.
Showing 110 of 110 companies
Kirloskar
Kirloskar Oil Engines Ltd.
Energy & Power
Company Headquarters: Pune, India Founded: 1946 Workforce: ~3100 Company Working: Kirloskar Oil Engines Ltd., is a flagship company of the Kirloskar Group. It majorly operates into three segments of diesel engines, agricultural pumpsets, and generating sets. Marine diesel engines manufactured by the company are offered under the diesel engines business segment, with applications in captive power plants (base load/critical standby - AMF or black start) and marine main propulsion. The company is focusing on research & development to enhance business growth through technological leadership in research, design and the development of engines and customized engineering solutions. It offers its products and services worldwide, with representatives in Indonesia and Nigeria. It also has a strong distribution network in the Middle East & Africa.
Revenue$0.4B
Employees3,100
Market CapN/A
Founded1945
Pune, India
AGCO Power
AGCO Power Inc.
Energy & Power
Company Headquarters: Linnavuori, Finland Founded: 1942 Workforce: ~4500 Company Working: AGCO Power Inc., is a manufacturer of marine diesel engines, which deliver professional heavy-duty operations. It is also one of the global leaders in design, manufacturing and distribution of agricultural solutions with more productive and innovative technological changes. The company provides a wide range of engines, which include power generation related products, diesel generating sets and gear wheels and gearboxes. Marine diesel engines business is part of the engines segment. It also provides technical innovative solutions, which were not introduced by the competitors until the 21st century. These technologies include direct injection technology, crossflow cylinder head, centrally supported cylinder liners, and advanced turbocharger technology. It currently has a wide geographical presence in Belgium, Finland, Germany, Italy, the Netherlands, Spain, Sweden and the US
Revenue$7.5B
Employees4,500
Market CapN/A
Founded1941
Linnavuori, Finland
Japan Engi
Japan Engine Corporation
Energy & Power
Company Headquarters: Akashi-City, Japan Founded: 2017 Workforce: ~260 Company Working: Japan Engine Corporation (J-Eng) is engaged in designing, developing, manufacturing, marketing, and servicing marine diesel engines. J-Eng was formed by the consolidation of Kobe Diesel Co Ltd (Japan) and Mitsubishi Heavy Industries Marine Machinery & Equipment Co Ltd (Japan) marine engine business division in April 2017. Therefore, it operates with centuries of manufacturing expertise from both the companies. It markets its products through four product series, which are LSE, LSH, LSJ, and LSII. The company’s manufacturing plant is located in Akashi-City, and the design and development offices are located in Kobe City, Japan. It also has two other offices located in Japan in the cities of Tokyo and Imabari.
RevenueN/A
Employees260
Market CapN/A
Founded2016
Akashi-City, Japan
STX Engine
STX Engine
Energy & Power
Company Headquarters: South Korea Founded: 1976 Workforce: ~3,000 Company Working: STX Engine, a subsidiary of STX Corporation is engaged in the manufacturing of diesel engines for shipping industry, military and defense and energy & utilities. The company operates through various business areas, such as marine engine, stationary power generation engine, military diesel engine, electronic communication equipment, and engine parts & service. The product marine diesel engine fall under the marine engine business area. For engines, the company provides technical assistance, field services, on-board disassembly/assembly, engine modification, engine performance optimizing service, and more. It has global presence in Europe, Asia, and South America and more than 20 distributors in South Korea. Additionally, it offers services, such as replacement of spare parts, engine maintenance, and other critical technical parameters for optimal engine performance.
Revenue$0.6B
Employees3,000
Market CapN/A
Founded1975
South Korea
Cox Marine
Cox Marine
Energy & Power
Company Headquarters: UK Founded: 2007 Workforce: ~200 Company Working: Cox Marine is a UK based manufacturer of outbound marine diesel engines. The company has specialized product in marine diesel engine, which has been developed according to industry standards and easy to install approach. The company has a wide presence in the UK and more than 200 dealers, across the globe and deals in marine diesel engines in more than 100 countries. Marine diesel engines manufactured by the company have three times longer life with lesser fuel consumption, which make them competitive products in the marine diesel market, especially in Europe.
RevenueN/A
Employees200
Market CapN/A
Founded2006
UK
Greaves Co
Greaves Cotton Limited
Energy & Power
Company Headquarters: Mumbai, India Founded: 1859 Workforce: ~1,750 Company Working: Greaves Cotton Limited is a manufacturer and seller of diesel engines, generators sets, petrol engines, pump sets and construction equipment. It manufactures a wide range of products, such as pump sets, power tillers, light agricultural equipment, automotive engines, non-automotive small engines, and industrial engines. The sale of marine diesel engines contributes to its non-automotive small engines business. It offers engines ranging between 4HP and 700HP, which are primarily applicable in defense, construction, marine, railways, and other industries. The company is involved in the businesses of automotive engine, auxiliary power, farm equipment, aftermarket. It has six manufacturing units and more than 3,500 service outlets across India. Additionally, its manufacturing facilities include research & development department and testing labs, which function to improve product accuracy and efficiency.
Revenue$0.3B
Employees1,750
Market CapN/A
Founded1858
Mumbai, India
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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
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R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Marine Diesel Engine Market
Starting from
$4,950