The latest market and industry report titled “Global Marine Engines Market Analysis and Forecast, 2019-2028” assesses the regional market based on engine type, vessel type, capacity, fuel type, technology, application, and region. A detailed market analysis report provides an overall historical and future market size in terms of Market Value (US$ Million) and Market Volume (units) with a comprehensive market trend analysis (year-on-year growth).
The report also covers the market share analysis, growth of the automotive industry, an overview of the competition, strategic imperatives, plans and strategies, key applications, potential growth drivers, installed base of marine engines, the detailed market size of shipbuilding and ship MRO, recent R&D of marine engines across the globe, and competition analysis for the target players evaluated in the global Marine Engines market study.
Market Overview and Dynamics
The global marine engines market is expected to grow at a moderate growth rate of around 4.5% during the forecast period 2022-2028. The increasing shipping industry coupled with the growing leisure boating industry are some of the key drivers of the global marine engines market. In addition, Due to the growing demand for hybrid fuel engines, there are new potential opportunities in the global marine engine industry. The demand for affordable engines is expected to increase, which would boost the market for marine engines.
Key highlights of the report
- Market Performance (2018-2028)
- Market Outlook (2023- 2028)
- Latest Trends and Growth Areas
- Market Drivers and Key Success Factors
- SWOT Analysis and Other Macroeconomic Overview
- Value Chain Analysis and Margin Overview
- Comprehensive Mapping of the Competitive Landscape
Market Drivers and Trends of the Global Marine Engines Market
Rising international marine freight transport, rapidly growing water sports and leisure activities, and high growth in seaborne trade are some of the key factors expected to drive the demand for global marine engines in coming years.
However, a number of reasons are anticipated to restrain the growth of the worldwide marine engines market, including the increasing use of electric vessels and changes in the cost of transportation and inventories. The "Direct Final Regulation for Technical Modifications for Marine Spark-Ignition Engines and Vessels" and other strict government requirements are among those thought to be the biggest obstacles facing the global market for marine engines.
In Asia Pacific, the low labor cost, growing demand for commodities, and the presence of a large number of manufacturers in the region are expected to lead to the huge demand for marine transportation for sea freight. North America directs the use of these engines for defense applications and hence defense sector dominates in North America. Europe is also known for one of the largest, youngest, and most innovative fleets in the world.
Segmental Analysis: Global Marine Engines Market
- On the basis of engine type, the propulsion engine is dominating the market. The major supporting system of a ship is the propulsion engine, which is a vital part of the ship's propulsion mechanism.
- Based on vessel type, the bulk carriers’ segment is anticipated to gain traction over the period. They are an environmentally efficient way to ship huge volumes of dry freight over long distances.
- Based on fuel type, the diesel segment is likely to dominate the global marine engines market.
- On the basis of region, Asia Pacific is the leading region due to the growing regional shipbuilding industry coupled with the development of efficient marine engine technologies.
The global marine engines market is fragmented in nature with the presence of various players operating in the market. Companies are also focusing on offering advanced propulsion solutions. Moreover, digitization and automation to reduce the need for manual intervention are the key trends in the marine engines market.
- In February 2022, MAN Energy Solutions and Hyundai entered into a partnership, according to the agreement Hyundai will provide OPL solutions to shipowners and it will also contribute to the net zero emission goals of the marine industry.
- In February 2022, Volvo Penta and Danfoss together signed an agreement and both companies aim to work together to boost electrification in the marine sector.
- In December 2021, Edda Wind has signed a contract with Caterpillar Marine to offer power solutions for four new Commissioning Service Operation Vessels (CSOVs) and two new Service Operation Vessels (SOVs) that will be delivered between 2022 and 2024.
Some of the prominent manufacturers and value chain players that contribute significantly to the global marine engines market include Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Engine Machinery, Mitsubishi Heavy Industries Ltd., Rolls Royce Plc., MAN Energy Solutions, Volvo Penta, Daihatsu Diesel Mfg. Co. Ltd., Wartsila Corporation, Deere & Company, Mercury Marine, Yanmar Holdings Co. Ltd., Mahindra Powerpol, Deutz AG, CNPC Jichai Power Company Ltd., and Doosan Infracore among Others.
RationalStat has segmented the global marine engines market on the basis of engine type, vessel type, capacity, fuel type, technology, application and region.
- Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Engine Type
- Propulsion Engines
- Auxiliary Engines
- ReCon Marine
- Global Marine Engines Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Vessel Type
- Oil Tankers
- Offshore Support Vessels
- Bulk Carriers
- Container Ships
- Product Tankers
- General Cargo
- Others (Tugs)
- Global Marine Engines Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Capacity (Horsepower)
- Up to 1000 HP
- 1001-2000 HP
- 2001-3000 HP
- 3001-4000 HP
- 4001-5000 HP
- 5001-6000 HP
- 6001-7000 HP
- 7001-8000 HP
- 8001-9000 HP
- 9001-10000 HP
- More than 10000 HP
- Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Fuel Type
- Heavy Fuel
- Distillate Fuels
- Marine Diesel
- Marine Gasoil (MGO)
- Marine Diesel Oil (MDO)
- Others (LNG)
- Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Technology
- Diesel Electric
- IMO Tier III Solution
- PrevenTech Marine
- Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Application
- Government and Defense
- Pilot Boats
- Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Region
- North America Marine Engines Market
- Latin America Marine Engines Market
- Rest of Latin America
- Western Europe Marine Engines Market
- Rest of Western Europe
- Eastern Europe Marine Engines Market
- Rest of Eastern Europe
- Asia Pacific Marine Engines Market
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa Marine Engines Market
- South Africa
- Rest of the Middle East & Africa
- North America Marine Engines Market
For more information about this report: https://store.rationalstat.com/store/global-marine-engines-market/
Key Questions Answered in the Marine Engines Report
- What will be the market value of the Global Marine Engines Market by 2028?
- What is the market size of the Global Marine Engines Market?
- What are the market drivers of the Global Marine Engines Market?
- How many Marine Engines are sold each year?
- What are the key trends in the Global Marine Engines Market?
- Which is the leading region in the Global Marine Engines Market?
- What are the major companies operating in the Global Marine Engines Market?
- What are the market shares by key segments in the Global Marine Engines Market?
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