Europe Marine Diesel Engine Market size is anticipated to grow substantially from 2020 to 2026 on account of rising maritime tourism and increasing ship building activities. Government authorities are enforcing stringent laws to boost the adoption of green fuels however, rising inclination of shipping industry towards system efficiency will drive the market trends. Shifting consumer preference toward diesel engine owing to certain parameters including reliability, cost efficiency and durability will further augment the industry size.
Surging participation in recreational activities followed by accelerating marine tourism is set to increase the dependency on recreational vessels. Several cruise ship producers are making plans to diversify their product spectrum by launching state of art vessel, with enhanced engines intended to provide an improved passenger experience will stimulate the market outlook.
High speed marine diesel engine market is poised to witness an upsurge through 2026 owing to rising demand from recreational ships driven by their increased efficiency when compared to the available counterparts. Growing awareness concerning environment pollution along with stricter emission reduction norms across the region may hamper the market demand. However, major players making constant efforts to reduce carbon emission through integration of emission abatement technologies will positively influence the market revenue.
Merchant application segment will register significant growth till 2026 led by escalating sea borne trade as a result of favorable steps taken by government authorities including export subsidies & low-cost loans. Continuous funding on R&D and increasing focus towards superior product design and advance functioning is set to stimulate the system installation. Moreover, ongoing technological upgradation and integration of scrubber systems focused on offering attractive opportunities for the industry players to tackle the stringent norms laid by government will propel the industry expansion.
Germany marine diesel engine market is predicted to dominate the revenue share during the forecast period as a result of rise in ship retrofitting activities driven by rigorous government norms towards system efficiency. Accelerating export and import activities and inclination toward exploration activities to meet the surging diesel demand due to Europe being a prominent trading hub will drive the market landscape.
The prominent players operating across the Europe marine diesel engine market include Volvo Penta, Rolls Royce, Wärtsilä, DEUTZ, Brunswick, Cummins, Anglo Belgian Corporation, Caterpillar, Scania, and John Deere amongst others. Prominent manufacturers are emphasizing at forming partnerships, JVs and mergers & acquisitions along with new product launches concerning changes in aesthetics and product designs to reach a wider customer base.