New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Marine Engines Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Marine Engines Market Research Report, Power, Application, Fuel and Region - Forecast till 2028” the market is projected to be worth USD 17.23 billion by 2028, registering a CAGR of 4.82% during the forecast period (2021 - 2028)., The market was valued at USD 12.44 billion in 2021.
Competitive Analysis
Leading companies profiled in the Marine Engines Market research report are –
- Caterpillar Inc. (US)
- GE Transportation (US)
- Cummins Inc. (US)
- Man Diesel & Turbo Se (Germany)
- Rolls-Royce Power Systems AG (Germany)
- Wärtsilä Corp (Finland)
- Brunswick Corporation (US)
- Mitsubishi Heavy Industries Ltd. (Japan)
- AB Volvo (Sweden)
- Scania AB (Sweden)
- Yanmar Co. Ltd. (Japan)
- John Deere (US)
- Dresser-Rand Group Inc. (US)
- Daihatsu Diesel MFG. Co. Ltd. (Japan)
- Deutz AG (Germany)
- Among others.
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The marine engines market is witnessing several strategic approaches, such as mergers & acquisitions, collaboration, expansions, and product launches. Key market players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Aug. 18, 2021, GE Marine, a leading naval engines manufacturer, announced signing a memorandum of understanding (MoU) with TUSAS Engine Industries (TEI-Turkey) to work on potentially localizing work for the two engine types, covering GE Marine's LM2500 and LM500 gas turbine engines.
Under the collaboration, the two companies would improve manufacturing, assembly, testing, inspection, maintenance, repair, and overhaul of those engines used in Turkey and on exported vessels.
Market Research Future’s Review on Marine Engines Market
The marine engines market outlook appears promising, witnessing continually growing maritime operations. Growing initiatives to test feasibility and performance of commercially viable alternatives to traditional fuels for line-haul rail and marine vessels positively impact the market growth. Emission regulations in the marine sector are becoming ever more stringent. Rising adoption of flexible engine technology towards achieving compliance with greenhouse gas targets offers significant growth opportunities.
With rising uses of marine engines in major cargo & cruise ships, commercial & small-scale fishing ships, military & government boats, modern auxiliary ships, landing crafts, patrol boats, and several search-and-rescue vessels, the market is expected to garner significant traction.
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Approved & Certified OEM Service Providers Substantiate Market Growth.
Moreover, rapid & excessive growth in marine trades worldwide is a major driving force behind the rising marine engines market value globally. Product standardization and enhanced research & innovation are significant market trends ensuing market growth. Substantial R&D investments made by industry players in developing efficient engines influence the market shares.
Rapid economic growth and excessive demand for various commercial vessels have spurred the growth of the marine engines market. Additionally, emerging markets worldwide, with their favorable government policies for engines manufacturing, present untapped opportunities for market players.
COVID 19 Impacts
The COVID 19 pandemic severely hit the marine engines industry. With several maritime trades and industrial operations coming to a standstill, the market demand was affected. The market is rapidly returning to normalcy as various business & industrial activities and marine trades are gradually picking up.
Considering growing opportunities, engine manufacturers are forming strategic partnerships with major financing partners involved in the refinancing and the shareholders. Major industry players are also investing substantially in developing innovative products and improving efficiencies of their existing product line. All these factors are boosting the marine engines market value.
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Segmentation
The market is segmented into power, fuels, applications, and regions. The power segment is sub-segmented into Up to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10000 HP, 10001 HP to 20000 HP, and Above 20,000 HP. Among these, the 1001 HP to 5000 HP segment accounts for the largest market share due to the rise in manufacturing of small and medium-sized vessels.
The fuel segment is sub-segmented into heavy fuel, intermediate fuel, marine diesel, marine gas, and other fuels. Among these, the heavy fuel segment accounts for the largest market share due to the vast availability of these fuels.
The application segment is sub-segmented into commercial vessels, offshore support vessels, and other vessels. Of these, the commercial vessel segment accounts for the largest market share due to the rise in commercial sea-borne activities and the commercial shipbuilding industry. The region segment is sub-segmented into Europe, Asia Pacific, Americas, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global marine engines market. Growing shipbuilding and maritime activities, especially in Japan, South Korea, China, Indonesia, Malaysia, and Singapore, drive the marine engines market growth. These countries offer lucrative opportunities to marine engine manufactures to explore and expand their operations across the region.
Moreover, increasing investments in developing technologically advanced engines and cargo & cruise ships boost the region's marine engines market shares. Besides, the strong presence of major industry players and massive availability due to the rising oil & gas activities increase the region's marine engines market size.
Segmentation of Market covered in the research:
Marine Engines Market by Power (Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP, Above 20,000 HP), by Application (Commercial Vessels, Offshore Support Vessels), by Fuel and By Region - Forecast till 2028
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