Marine engine market size will reach USD 14.51 billion by 2027

Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) — The world marine engine market size is expected to grow from USD 10.54 billion in 2020 to USD 14.51 billion by 2027, growing at a CAGR of 4.7% during the forecast period. Several factors are behind this growth. First, the global economy is improving, which means that more and more people are taking to the seas for leisure and commerce. Second, new engine technologies allow boats to go faster and farther than ever before. And third, the rise of China and other Asian countries is creating new demand for marine engines. This insight is provided by Fortune Business Insights™ in a new report titled “Marine Engine Market 2020-2027”.

All of these trends are good news for the marine engine market. We can expect continued growth in the years to come.

Key Industry Developments:

In October 2020, Mitsubishi Shipbuilding Co., Ltd., obtained approval in principle from the French classification society, Bureau Veritas (BV), for a liquefied natural gas (LNG) fuel gas supply system (FGSS) ) for twin-engine four-stroke marine engines. gasoline engines.

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Report Highlights:

Report cover Details
Forecast period 2020-2027
Forecast Period 2020 to 2027 CAGR 4.7%
2027 value projection $14.51 billion
Year of reference 2019
Market size in 2019 $12.49 billion
Historical data for 2016-2018
Number of pages 233
Segments Covered By ship type (oil tankers, bulk carriers, general cargo ships, container ships, gas carriers, chemical tankers, support ships), by capacity (0 – 10,000 hp, 10,000 – 20,000 hp, 20,000 – 30,000 hp, 30,000 – 40,000 HP), By fuel (heavy fuel oil, intermediate fuel oil, marine diesel, marine gas oil), by speed, by stroke and by region
Growth engines Booming global trade to drive market
Offer tailored products to help key players gain competitive advantage

Market Drivers and Restraints-

Booming global trade to drive market

The rapid increase in international trade and the resulting global supply chain is expected to drive the growth of the global marine engine market. For example, according to the report published by the International Monetary Fund, overall growth in world trade has averaged 6% over the past 20 years.

Growth at this rate is twice as fast as global production in those years. Additionally, technological advancements in marine engines are expected to drive growth. However, the lack of fuel options due to stringent emission regulations in several countries is expected to limit demand. The marine engine market is booming, with new technologies and designs emerging.

Impact of COVID-19:

Global shutdown amid COVID-19 to disrupt global supply chain

Global merchandise trade is highly dependent on the shipping industry, as it handles over 80% of the former. Therefore, the shutdown of the shipping industry amid the COVID-19 pandemic is expected to cause huge disruptions in the global supply chain. Businesses around the world are crippled as most businesses have shipping as a major component of their operations. We offer accurate market reports based on our expertise and experience in the field of market research, which will help you get rid of current challenges.

To learn more about the short and long term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/marine-engine-market-100771

Segmentation:

Oxidation and thermal stability characteristics to increase marine diesel demand

Fuel-based, the marine diesel segment dominated the global marine engine market with a share of 25.5% in 2019. Oxidation and thermal stability characteristics and cost reduction are the major growth drivers of the segment. Based on vessel type, the gas carrier segment is expected to exhibit the highest CAGR during the forecast period. This is due to its ability to use natural gas as fuel and emit minimal sulfur oxides and nitrogen oxides.

Regional outlook:

Presence of major manufacturers in the region to help Asia-Pacific dominate

Asia-Pacific is expected to dominate 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, are a major driver for engine growth. sailors in the region. For example, in 2019, nearly 41% of total exported goods were manufactured in the region. In contrast, the total value of imported goods reached 62%.

The market in Europe is expected to show significant growth over the forecast period. A robust shipping infrastructure gives the region a competitive edge. For example, the contribution of the EU maritime industry to the annual GDP of the European Union totals €147 billion.

Competitive Landscape:

Offer tailored products to help key players gain competitive advantage

The major players operating in the market are focusing on providing customized products as per the requirements of their clients. This will help them gain a competitive advantage over other businesses. In August 2019, Auckland Ports ordered the world’s first full-size electric tug from Damen Shipyards of the Netherlands. The latter is expected to build a 70-ton all-electric bollard-pull tug for delivery in 2021.

A list of major manufacturers operating in the global market:

  • caterpillar
  • Cummins
  • Hyundai Heavy Industries
  • Human Energy Solution
  • Mitsubishi Heavy Industries
  • Honda Motors Co.Ltd.
  • wartsila
  • Kongsberg
  • Mahindra Powerol
  • General Motors
  • Yanmar Holdings Co.Ltd.
  • Infracore Doosan

Marine Engine Market Segmentation:

By vessel type:

  • Oil tankers
  • Dump truck
  • General cargo ships
  • Container ship
  • Gas carriers
  • Chemical tankers
  • support ship
  • Ferries 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
  • Over 110,000 HP

By Speed:

  • High speed
  • Average speed
  • Low speed

By type of fuel:

  • Heavy fuel oil
  • Intermediate fuel oil
  • Marine diesel
  • Marine diesel
  • LNG
  • Other

By stroke:

  • four times
  • two-stroke
  • Other

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Contents:

  • Introduction
  • Search scope
  • Market segmentation
  • Research Methodology
  • Definitions and assumptions
  • Summary
  • Market dynamics
  • Market factors
  • Market constraints
  • Market opportunities
  • key ideas
  • Main emerging trends – for main countries
  • Latest technological advancement
  • Regulatory landscape
  • Industry SWOT Analysis
  • Analysis of the five forces of carriers
  • Qualitative Analysis – Impact of COVID-19
  • Impact of COVID-19 on the Marine Engine Market
  • Measures taken by the government to overcome the impact
  • Key Industry Developments in Response to COVID-19
  • Potential Opportunities and Challenges Due to the COVID-19 Outbreak
  • Global Marine Engine Market Analysis (USD Billion), Outlook and Forecast, 2016-2027
  • Main results/summary
  • Market Analysis, Outlook and Forecast – by Vessel Type
  • Oil tankers
  • Dump truck
  • General cargo ships
  • Container ship
  • Gas carriers
  • Chemical tankers
  • support ship
  • Ferries and passenger ships
  • Other
  • Market Analysis, Outlook & Forecast – 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
  • Over 110,000 HP
  • Market Analysis, Insights & Forecasts – By Speed
  • High speed
  • Average speed
  • Low speed
  • Market Analysis, Outlook and Forecast – By Fuel
  • Heavy fuel oil
  • Intermediate fuel oil
  • Marine diesel
  • Marine diesel
  • LNG
  • Other
  • Market Analysis, Insights & Forecasts – By AVC
  • four times
  • two-stroke
  • Other
  • Market Analysis, Outlook and Forecast – By Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Continued…

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