Pune, India, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The global marine engine market size is anticipated to grow from USD 10.54 billion in 2020 to USD 14.51 billion by 2027, with a compound annual growth rate (CAGR) of 4.7% during the 2020-2027 period. The global market was valued at USD 12.49 billion in 2019. The market is expected to experience significant growth, driven by the expansion of international trade.
The versatility in fuel selection for marine propulsion is a key advantage of modern marine engines, offering cost-effectiveness and reducing greenhouse gas emissions within limits. The use of dual fuel or tri-fuel engines in newly built ships is growing in popularity, as they are adaptable to changing regulations concerning marine emissions. The shipping and boating industry is increasingly focusing on reducing GHG emissions for environmental reasons. Natural gas-fueled gas carriers emit fewer sulfur oxides and nitrogen oxides than other ships. The growing number of oil tankers, bulk carriers, general cargo ships, and container ships is driving the growth of the marine engine market.
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| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 4.7% |
| 2027 Value Projection | USD 14.51 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 12.49 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 233 |
| Segments covered | Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Fuel (Natural Gas, Coal, Oil, and Others), By Technology (Condensing, Non-Condensing), By End-user (Educational Institutions, Healthcare Sector, Offices, Hospitality, and Others), And Regional |
| Growth Drivers | Rapidly Flourishing Global Trade to Drive the Market |
| Offering Tailor-made Products to Help Key Players Gain Competitive Advantage |
Market Drivers & Restraints-
Rapidly increasing international trade and the resultant global supply chain are projected to drive the global marine engine market growth. For instance, as per the report published by the International Monetary Fund, the overall growth of the world trade has been an average of 6% over the past 20 years. The growth at this rate is twice as fast as the world output over these years. In addition, technological advancements in marine engines are estimated to enhance growth. However, the lack of fuel options due to strict regulations regarding emissions from several countries is anticipated to limit the demand.
Covid-19 Impact:
Global Shutdown amid COVID-19 to Disrupt Global Supply Chain
The global merchandise trade relies heavily on the maritime transport sector as it handles over 80% of the former. Therefore, shutdown of the shipment industry amid the COVID-19 pandemic is anticipated to cause huge disruption in the global supply chain. Businesses across the world are paralyzed as most of the businesses have shipment as their primary component of operations. We are offering precise market reports based on our expertise and experience in the field of market research, which will help you get rid of the current challenges.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/marine-engine-market-100771
Highlights of the Report:
The report includes a detailed company profile of key players and in-depth analysis of various market segments. It also includes close study of the various drivers and restraints that drive the market along with comprehensive understanding of the positive and negative impacts of regional developments on the market.
Segmentation-
Oxidation & Thermal Stability Characteristics to Augment the Demand for Marine Diesel Oil
Based on fuel, the marine diesel oil segment dominated the global marine engine market with 25.5% share in 2019. The oxidation & thermal stability characteristics and reduced costs are the key factors driving the segment growth. Based on ship type, the gas carriers segment is anticipated to exhibit the highest CAGR during the forecast period. This is due to its ability to use natural gas as fuel and emit minimum sulfur oxides and nitrogen oxides.
Regional Insights-
Presence of Major Manufacturers in the Region to Aid Asia Pacific to Dominate
Asia Pacific is set to lead the global market with a share of USD 5.35 billion in 2019. Leading countries including China and India being the largest manufacturers in the world is a major factor driving the growth of marine engines in the region. For instance, in 2019, nearly 41% of the total goods exported were manufactured in the region. On the other hand, the total value of goods imported reached 62%.
The market in Europe is anticipated to exhibit significant growth in the forecast timeframe. Robust infrastructure for shipping gives a competitive advantage to the region. For instance, the contribution of the EU shipping industry to the European Union’s annual GDP is a total of €147 billion.
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Competitive Landscape-
Key players operating in the market are focused on providing customized products as per the requirement of their clients. This will help them gain a competitive advantage over other enterprises. In August 2019, Ports of Auckland ordered the world's first full-size electric tugboat from Damen Shipyards of the Netherlands. The latter is set to build a 70-tonne bollard pull all-electric tug for delivery in 2021.
Industry Developments-
In October 2020, Mitsubishi Shipbuilding Co., Ltd., was granted Approval in Principle from the French Classification Society, Bureau Veritas (BV), for a Liquefied Natural Gas (LNG) fuel gas supply system (FGSS) for marine four-stroke dual fuel engines.
In March 2019, Hyundai Heavy Industries and Korea Development Bank have signed a definitive agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME). Under this agreement KDB will make a significant contribution to Korea Shipbuilding & Offshore Engineering (KSOE), to be established as an independent company from HHI to control the group’s shipbuilding companies including HHI by transferring its shares in DSME in return to claim equity stakes in KSOE
A List of Key Manufacturers Operating in the Global Market:
- Caterpillar (U.S.)
- Cummins (U.S.)
- Hyundai Heavy Industries (South Korea)
- Man Energy Solution (Germany)
- Mitsubishi Heavy Industries (Japan)
- Honda Motors Co. Ltd. (U.S.)
- Wartsila (Finland)
- Kongsberg (Norway)
- Mahindra Powerol (India)
- General Motors (U.S.)
- Yanmar Holdings Co. Ltd. (Japan)
- Doosan Infracore (South Korea)
Marine Engine Market Segmentation:
By Ship Type:
- Oil Tankers
- Bulk Carriers
- General Cargo Ships
- Container Ships
- Gas Carriers
- Chemical Tankers
- Support Vessel
- Ferriers and Passenger ships
- Other
By Capacity:
- 0 - 10000 HP
- 10000 - 20000 HP
- 20000 - 30000 HP
- 30000 - 40000 HP
- 40000 - 50000 HP
- 50000 - 60000 HP
- 60000 - 70000 HP
- 70000 - 80000 HP
- 80000 - 90000 HP
- 90000 - 100000 HP
- 100000 - 110000 HP
- Greater than 110000 HP
By Speed:
- High Speed
- Medium Speed
- Low Speed
By Fuel Type:
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marine Diesel Oil
- Marine Gas Oil
- LNG
- Other
By Stroke:
- Four Stroke
- Two Stroke
- Other
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Marine Engines Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Marine Engine Market Analysis (USD Billion), Insights and Forecast, 2016-2027
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Ship Type
6.2.1.Oil Tankers
6.2.2.Bulk Carriers
6.2.3.General Cargo Ships
6.2.4.Container Ships
6.2.5.Gas Carriers
6.2.6.Chemical Tankers
6.2.7.Support Vessel
6.2.8.Ferries and Passenger ships
6.2.9.Other
6.3. Market Analysis, Insights and Forecast – By Capacity
6.3.1.0 - 10000 HP
6.3.2.10000 - 20000 HP
6.3.3.20000 - 30000 HP
6.3.4.30000 - 40000 HP
6.3.5.40000 - 50000 HP
6.3.6.50000 - 60000 HP
6.3.7.60000 - 70000 HP
6.3.8.70000 - 80000 HP
6.3.9.80000 - 90000 HP
6.3.10. 90000 - 100000 HP
6.3.11. 100000 - 110000 HP
6.3.12. Greater than 110000 HP
6.4. Market Analysis, Insights and Forecast – By Speed
6.4.1.High Speed
6.4.2.Medium Speed
6.4.3.Low Speed
6.5. Market Analysis, Insights and Forecast – By Fuel
6.5.1.Heavy Fuel Oil
6.5.2.Intermediate Fuel Oil
6.5.3.Marine Diesel Oil
6.5.4.Marine Gas Oil
6.5.5.LNG
6.5.6.Other
6.6. Market Analysis, Insights and Forecast – By Stroke
6.6.1.Four Stroke
6.6.2.Two Stroke
6.6.3.Other
6.7. Market Analysis, Insights and Forecast – By Region
6.7.1. North America
6.7.2. Europe
6.7.3. Asia Pacific
6.7.4. Middle East & Africa
6.7.5. Latin America
Continued…
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