New York, US, May 26, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Marine Engine Market Information by Power, Application, Fuel, and Region - Forecast till 2030”, Marine Engine Market could thrive at a rate of 4.80 % between 2022 and 2030. The market size will be reaching around USD 18.84 Billion by the end of the year 2030
Marine Engine Market Overview
Marine engines are used to power various types of watercraft, such as ships, boats, yachts, and ferries. They come in different types, including diesel engines, gas engines, and others. The global marine engine market is driven by several factors, such as increasing seaborne trade activities, rising demand for commercial vessels, and the growth of the leisure boating industry.
Market Competitive Landscape:
The affluent companies in the Marine Engine industry include
- GE Transportation
- Caterpillar Inc.
- Cummins Inc.
- Rolls-Royce Power Systems AG
- Man Diesel & Turbo Se
- Wärtsilä Corp
- Mitsubishi Heavy Industries Ltd.
- Brunswick Corporation
- AB Volvo
- Yanmar Co. Ltd.
- Scania AB
- John Deere
- Daihatsu Diesel MFG. Co. Ltd.
- Dresser-Rand Group Inc
- Among others.
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February 2022
Hyundai and MAN Energy Solutions entered into a collaboration agreement to provide an onboard power generation and propulsion system for shipowners seeking to comply with the EEXI regulations while maintaining their regular business operations.
February 2022
Volvo Penta and Danfoss' Editron subsidiary signed a contract to work together on advancing electrification in the marine engine industry.
Market USP Covered:
Market Drivers:
One major driver of the marine engine market is the growth of seaborne trade activities. The marine transportation industry plays a significant role in the global economy, carrying more than 80% of global trade by volume. As the demand for goods continues to grow, the need for efficient and reliable shipping solutions increases as well. Marine engines are essential components of these solutions, powering cargo ships and container vessels that transport goods across the world's seas and oceans.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 18.84 billion |
| CAGR during 2022-2030 | 4.80% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Key Market Opportunities | Dependence on revenue from the marine diesel engine sector is growing |
| Key Market Dynamics | Increasing demand for modern renewal and generation of clean energy Rising demand lack of proper infrastructure |
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Market Restraints:
One of the major restraints of the marine engine market is the strict environmental regulations imposed by various countries and international organizations. Marine engines are known to be significant sources of air and water pollution, emitting harmful substances such as sulfur oxide, nitrogen oxide, and particulate matter. To combat this issue, regulatory bodies such as the International Maritime Organization (IMO) have introduced rules and standards to reduce the environmental impact of marine engines. Compliance with these regulations can be costly and may require significant investments in new technologies or retrofitting of existing engines, thus limiting market growth.
COVID 19 Analysis
The marine engine market has been impacted by the COVID-19 pandemic due to several factors such as supply chain disruptions, reduced demand, and limited production capabilities. The global lockdowns and restrictions on international trade have led to delays in the delivery of marine engine components, thereby impacting the manufacturing and production of marine engines. The shutdown of manufacturing facilities and the implementation of social distancing measures have also resulted in reduced production capabilities, leading to a decline in overall production volumes.
Furthermore, the pandemic has led to reduced demand for marine engines, particularly in the cruise and commercial shipping sectors. The cancellation of cruises, reduction in cargo volumes, and decreased economic activity have resulted in a decline in demand for new vessels and retrofits, which has impacted the marine engine market. Additionally, the decline in oil prices has led to a shift towards more fuel-efficient engines and alternative fuels, further impacting the market.
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Market Segmentation
By Power
The Power in the market includes Up to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10000 HP, 10001 HP to 20000 HP, and Above 20000 HP.
By Application
By application, the segment includes Commercial Vessels and Offshore Support Vessel
By Fuel
By fuel, the segment includes Two strokes and Four strokes
Regional Insights
The marine engine market in North America is expected to grow due to the presence of a large number of shipbuilding companies and marine engine manufacturers in countries such as the US and Canada. The increasing demand for leisure boats and yachts, as well as government initiatives to promote the growth of the marine industry, are also driving market growth in the region. Further, in Europe, the marine engine market is expected to grow due to the region's strong shipping industry, particularly in countries such as Germany, Norway, and Denmark. The adoption of new and advanced marine engine technologies to reduce emissions and improve fuel efficiency is also expected to drive market growth in the region.
Additionally, in the Asia Pacific, the marine engine market is expected to witness significant growth due to the increasing demand for cargo shipping and the growth of the marine tourism industry in countries such as China, Japan, and South Korea.
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The growing focus on developing marine infrastructure and government initiatives to promote the use of clean energy in the marine industry are also expected to drive market growth in the region.
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