Westford,USA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, trade plays an indispensable role in the economic development of countries, acting as the backbone of the world economy in the marine engine market. The exchange of goods and services between countries raises economic growth, boosts employment opportunities, and enhances citizens' living standards. Moreover, trade catalyzes innovation and specialization, enabling countries to focus on their comparative advantages and produce goods efficiently.
Browse in-depth TOC on the "Marine Engine Market"
- Pages - 260
- Tables - 64
- Figures – 75
Several key factors in the maritime industry propel the increasing demand for marine engines in the marine engine market. The rise of technologically advanced and highly efficient engines has improved performance, fuel economy, and reduced emissions, making them attractive choices for ship-owners and operators.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 13.57 Billion |
| 2030 Value Projection | USD 18.84 Billion |
| CAGR | 4.8% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Marine Engine Market
- Caterpillar Inc.
- Cummins Inc.
- Wärtsilä Corporation
- MAN Energy Solutions SE
- Rolls-Royce Holdings plc
- Mitsubishi Heavy Industries Ltd.
- Yanmar Holdings Co. Ltd.
- Volvo Penta
- Kawasaki Heavy Industries Ltd.
- Deutz AG
- MTU Friedrichshafen GmbH
- Scania AB
- Hyundai Heavy Industries Co. Ltd.
- Mercury Marine
- Brunswick Corporation
- John Deere Power Systems
- Textron Inc. (Cessna)
- Groupe Renault
- Daihatsu Diesel Mfg. Co. Ltd.
- STX Engine Co. Ltd.
Marine Diesel Oil Segment is Expected to Grow in the Market Due to the Reduced Costs
Marine diesel oil sector has established its dominance in the global marine engine market. This prominence is primarily attributed to the reduced costs and advantageous oxidation and thermal stability properties that marine diesel oil offers. The market for marine engine is experiencing substantial growth as it presents a cost-effective and reliable fuel option for marine engines, ensuring optimal performance and efficiency.
The markets in the Asia-Pacific hold a dominant position in the global marine engine market, and this trend is expected to continue throughout the forecast period. The region's economic significance and trade prowess contribute to its leadership in the market.
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Propulsion Engine Segment is Expected to Dominate the Market Due to Propelling the Vessel through Water
Propulsion engine segment has emerged as the leading market share holder in the marine engine market, and this trend is expected to continue in the predictable future. The propulsion system forms the backbone of any ship, playing a pivotal role in powering and propelling the vessel through water.
Regional markets in Europe are the second-largest marine engine market, bolstered by its strong maritime industry. The region plays a pivotal role in global maritime trade and transportation with Europe being home to the world's largest shipping fleet. European ship-owners operate one of the most significant, youngest, and technologically advanced fleets worldwide.
A comprehensive analysis of the major players in the marine engine market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Marine Engine Market
- Bergen Engines AS and Kongsberg Maritime AS announced their partnership in 2022. Kongsberg Maritime has been designated as the exclusive route to market for Bergen engines and parts in the commercial marine sector. This strategic agreement aims to leverage Kongsberg Maritime's extensive network and expertise to enhance the distribution and accessibility of Bergen engines and components in the marine industry, catering to the specific needs of commercial marine applications.
- MAN Energy Solutions and DNV, a prominent classification society, recently joined hands in a significant Memorandum of Understanding (MoU). Effective immediately and spanning three years, this collaboration signifies a commitment to cooperation and progress in critical areas.
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Key Questions Answered in Marine Engine Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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