Marine Engine Market | Industry Shares, Opportunities, Development Status, Key Findings and Growth Forecast to 2030
Research Reports
Mar 09, 2022
Marine engines are machines used to provide power to marine vessels such as commercial vessels, offshore support vessels, and other vessels. These engines are made up of crankshaft, liner, pistons, bedplate, and head. These components are made of corrosion-inhibiting materials, and their seals and bearings are specially designed for the sea operating environment. Developing new technologies and manufacturing processes in the marine engine industry have addressed the environmental regulations on the emission of harmful gases. Characteristics such as fuel efficiency, easy maintenance, high performance, reliability, quiet operation, and low harmful emissions make marine engines suitable for marine applications.
According to Market Research Future (MRFR), the global Marine Engine Market is estimated to expand at 4.5% CAGR (forecast period). The report highlights the market opportunities and market implications that emerged as a consequence of the COVID-19 pandemic.
Market Dynamics
Rapid growth in shipbuilding activities worldwide has recently been one of the main factors driving demand in the marine engine industry. Growing demand for luxury vessels, such as cruises and yachts, as a result of increasing disposable income among individuals, has been a significant sponsor of increasing demand in the marine engine industry. The global increase in demand for commercial vessels, like bulk carriers and gas carriers, has contributed significantly to the rapid growth of the marine engine industry.
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The marine engine market is expected to have substantial developments over the forecast period due to continuous technological advancements in the marine sector linked to growing sea-borne activities. The market is also likely to have a significant number of expansion activities by multinationals and well-established firms. Mergers and acquisition activities are likely to be seen during the forecast period, with many contracts and agreements between leading manufacturers and shipbuilding companies around the globe.
The global market for marine engines is expected to have incredible growth over the projected period. This is attributed to the massive increase in the number of leisure marine travelers, the rapid expansion of the global seaborne transport industry, the introduction of technologically advanced and highly reliable engines, economic stability, and rising individual disposable incomes.
Competitive Leaderboard:
Leading players in the global marine engine market include Deutz AG, Dresser-Rand Group Inc., Daihatsu Diesel Mfg. Co. Ltd., John Deere, Scania AB, Yanmar Co. Ltd., Volvo AB, Brunswick Corporation, Mitsubishi Heavy Industries Ltd., Wartsila Corp., Man Diesel & Turbo SE, Rolls-Royce Power Systems AG, Cummins Inc., Caterpillar Inc., and GE Transportation.
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Segmentation:
The global marine engine market is segmented on the basis of power, application, fuel, and region.
By power, the global marine engine market is segmented into up to 1000 HP, 1001 to 5000 HP, 5001 to 10000 HP, 10001 to 20000 HP, and more than 20000 HP. The growing demand for small marine vessels is likely to drive the 1001 to 5000 HP segment over the forecast period.
By application, the global marine engine market is segmented into commercial vessels, offshore support vessels, and other vessels. The commercial vessels segment dominates the global marine engine market. The growing offshore oil and gas industry and growing marine trade are the major drivers for the commercial vessels segment.
By fuel, the global marine engine market is segmented into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, and others. The heavy fuel oil segment dominates the global marine engine market.
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Regional Analysis:
Asia Pacific is expected to be the dominant force in the global marine engine market over the forecast period due to the growing offshore oil and gas sector in the region. Growing marine trade to China and India is also likely to be a major driver for the marine engine market in Asia Pacific over the forecast period.
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