APAC Marine Diesel Engine Market size is poised to expand exponentially through 2027, according to a latest forecast report by Graphical Research.
Asia Pacific market growth is on account of rising seaborne transport activities across the developing economies. Rising demand for international trade coupled with escalating maritime tourism will positively stimulate the industry dynamics. In addition, paradigm shift towards oil and gas exploration activities along with rising bunkering activities is set to propel the market growth.
The industry witnessed a moderate decline due to COVID-19 on account of government restrictions for international tourism activities along with reduction in imports and exports across the globe. However, increasing vaccination drives coupled with reopening of the industrial sector will positively impact the industry outlook.
Ongoing technological advancements to provide cutting edge diesel engines with improved life cycle and power generation ability will fuel the low-speed marine diesel engine demand. Efficient propeller speed without recourse to a speed-reducing gear along with low-fuel consuming trait are some of the abilities which will increase the product adoption across the cruise & ferry application. In addition, increasing preference for leisure tourism along with rising long voyage trade by various merchant vessels, tanker & cargo, and bulk carriers will augment the market demand.
Browse detailed statistical insights from the report, “Asia Pacific Marine Diesel Engine Market Forecast 2027 By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant, Offshore, Cruise & Ferry, Navy), Research Report, Country Outlook (China, Japan, India, South Korea, Australia), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The cruise & ferry application segment is anticipated to witness a steady growth over the projected timeline owing to the increasing use of passenger vessels for travelling and recreational activities. According to the Australian Superyacht Industry, a wealthy Australian spends up to USD 780,000 a week on a charted yacht for recreational purposes. Furthermore, rising expenditure on charted luxury yachts and cruise ships is further expected to increase the product adoption in developed countries.
China, South Korea, and India are projected to be the major market for the Asia Pacific marine diesel engine owing to rapid industrialization and urbanization. For instance, in 2020-21 Indian union budget, the government allotted USD 233.48 million to the shipping industry to facilitate the growth of ports and international trade. In addition, government investments to promote and strengthen the maritime trade across the Indo-Pacific region will have a positive impact on the market size.
The marine diesel engine in APAC market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Technology
- Low Speed
- Medium Speed
- High Speed
Asia Pacific Market, By Application
- Container Vessels
- Bulk Carriers
- Gas Carriers
- Drilling Rigs & Ships
- Anchor Handling Vessels
- Offshore Support Vessels
- Floating Production Units
- Platform Supply Vessels
- Cruise & Ferry
- Cruise Vessels
- Passenger Ferries
- Passenger Cargo Vessels
The above information has been provided for the following countries:
- South Korea