Pune,India, April 18, 2022 (GLOBE NEWSWIRE) -- Marine Engines Market is anticipated to grow at a steady growth rate over the forecast period, owing to the upsurge in adoption of smart engines for safety and situational awareness along with the significant rise in maritime tourism. Marine Engines are incorporated in marine vehicles for converting heat, which is generated by burning fuel, into development of thermal energy and further transforming it into mechanical energy. These engines used onboard ships or marine vehicles are internal combustion (IC) engines, wherein, the fuel combustion takes places inside engine cylinder, while the heat is generated after combustion process.
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Key Insights & Findings:
- The 5001-10,000 hp segment led the Marine Engines market and valued at USD 3.73 Billion in 2020. Growing adoption of such engines in military patrol boats, commercial medium-sized passenger ferries, and maritime tourism primarily drives growth of this segment.
- The propulsion segment accounted for the largest market share and valued at USD 7.84 Billion in 2020. Growth of the segment is mainly driven by need for propulsion, a major function of marine engine which is used to generate thrust to enable a boat, a ship, or any of the marine vehicle to move across waterways.
- The commercial segment accounted for the significant market share and valued at USD 4.99 Billion in 2020. Growth of this segment is mainly driven by significant rise in international cargo movement and freight trade.
- The two-stroke segment accounted for the largest market share and valued at USD 5.86 Billion in 2020. Growth of this segment is mainly driven by the fact that the two-stroke engine burns low-grade fuel oil and reduces running cost of the ship.
- The heavy fuel oil segment accounted for the largest market share and valued at USD 3.37 Billion in 2020. Increasing usage of heavy fuel oil in the low- and medium- speed engines primarily drives growth of the heavy fuel oil segment.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the Marine Engines market and valued at USD 4.15 Billion in 2020. The Asia-Pacific holds a tremendous potential for marine engines production and demand. For instance, the number of countries such as Japan, China, and South Korea are the major manufacturing hubs for marine engines. However, the Europe region is likely to register the significant growth during the forecast period.
Key players operating in the global Marine Engines market are Hyundai Heavy Industries, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Caterpillar, MAN SE, Cummins, Wartsila, GE Transportation, and Deutz AG among others. To enhance their market share in the global Marine Engines market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in November 2021, WinGD, the marine engine designer and power system integrator and Hyundai Heavy Industries’ Engine Machinery Division (HHI-EMD) strengthened their collaboration to develop environmentally sustainable two-stroke engine technology.
- In November 2020, Volvo Penta, the Sweden-based engine manufacturer launched new and upgraded products. This launch includes a new D16 IMO Tier III package, along with the D8 and D13 solutions that meets EU Stage V marine emissions for Inland Waterways.
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Global Marine Engines Market by Power Range:
- Up to 1000 hp
- 1001 – 5000 hp
- 5001 – 10000 hp
- 10001 – 20000 hp
- Above 20000 hp
Global Marine Engines Market by Engine:
- Propulsion
- Auxiliary
Global Marine Engines Market by Vessel:
- Commercial
- Offshore
- Others
Global Marine Engines Market by Type:
- Two-stroke
- Four-stroke
Global Marine Engines Market by Fuel:
- Heavy
- Intermediate
- Marine Diesel
- Gas Oil
- Others
Global Marine Engines Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the Marine Engines market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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