Rise in cargo ships leads to demand surge for marine diesel

Energy - Mohit Shah - May 31,2017

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rise in cargo ships leads to demand surge for marine diesel

Presently, the market for marine diesel has aggravated significantly to offer growth at an impressive double-digit CAGR during 2016 and 2022.

Marine diesel is a type of fuel oil which is utilized in the maritime sector. Usually, this fuel is needed for medium speed and medium/high-speed marine diesel engines. Moreover, marine diesel is also required for engines used for obtaining the main propulsion or turning the propeller/s of normal ships; these are typically slow speed 2-stroke engines, whereas, those used for providing auxiliary power are 4-stroke high-speed diesel engines.

As per a recent report published by Market Research Hub (MRH), the lower price of marine diesel as compared to more refined fuel, makes it a favorable option for the shipping industry. Also, the market for marine diesel oil is anticipated to surge with a double digit CAGR during 2016-2022.

It has been analyzed that, one of the prime reasons for the increase in the requirement for marine diesel, is the hike in the number of cargo & cruise ships. Also, the mounting demand for economically viable engines combined with growing maritime tourism is expected to stimulate the marine diesel engines industry share. Looking at the product variations, marine diesel all across the globe is available in three prime segments. Low-speed marine diesel, medium-speed marine diesel, and high-speed marine diesel are popularly utilized by industries as well as individuals linked to the maritime sector.

Considering the active market regions for marine diesel, North America, China, Japan, Europe, India and Southeast Asia, are seen as the prosperous centers. Currently, the top manufacturers from the marine diesel sector include names such as Wartsila, Caterpillar, Rolls-Royce, Hyundai, Mitsubishi, Yanmar, Deutz, Kawasaki Heavy Industries, MAN, Mhi-mme, STX Engine, MES, Niigata Power Systems, RongAn Power, CSSC, Volvo Penta, WeiCai and CSIC.

 

For more information on this report visit- http://www.marketresearchhub.com/report/global-marine-diesel-market-research-report-2017-report.html