North America Marine Diesel Engine Market size is predicted to show tremendous growth between 2021 and 2027 owing to the increasing ship building activities and maritime tourism. Stringent laws and regulations enforced by government authorities to increase the adoption of green fuels is driving the industry expansion. Moreover, rising shift of the shipping industry towards efficient system and inclination of consumers toward diesel engine on account of various parameters including cost efficiency, durability, and reliability will augment the market growth.
Stimulating participation in recreational activities coupled with the boosting marine tourism is anticipated to accelerate the dependency on recreational vessels. Various cruise ship manufacturers are focusing to diversify their product spectrum by the producing state-of-the-art vessel with improved engine to offer an enhanced passenger experience will impact the market outlook.
North America Market, By Application
The merchant application segment is anticipated to register significant growth through 2027, due to favorable government steps including low-cost loans and export subsidies which resulted in increasing sea borne trade. Furthermore, the growing focus towards enhanced functioning and superior product design will propel the installation of systems. Ongoing investments in technological integration and upgradation of scrubber systems to provide lucrative opportunities for industry players to tackle strict regulations set by the governments.
North America Market, By Technology
The high-speed diesel engine segment is set to rise exponentially by 2027, led by the escalating demand from recreational ships driven by the stimulated efficiency compared to the available counterparts. The increasing awareness regarding the environmental pollution coupled with stringent norms related to the emission reduction might restrain the growth of the market. However, the leading players are making consistent efforts to mitigate CO2 emission through the integration of emission reducing technologies, which will significantly encourage the market expansion.
North America Market, By Country
The U.S. market revenue for marine diesel engines is poised to expand substantially during the forecast period, propelled by increase in ship retrofitting activities as a result of severe government norms regarding the system efficiency. The boosting import and export activities followed by the shift towards exploration activities to meet the growing demand for diesel will further influence the market landscape.
Competitive Industry Landscape
Major companies functioning in the market include Volvo Penta, Wartsilla, Cummins, Caterpillar, Deere & Company, Scania, Deutz, Rolls Royce, and among others.