Marine Engines Market by Power’000 HP (up to 1HP, 1-5HP, 5-10HP, 10-20HP & Above 20HP), Vessel Type (Commercial & Offshore Support Vessels), Fuel (Heavy Fuel, Intermediate Fuel, Marine Diesel & Marine Gas Oil), & Region - Global forecast to 2021
“The marine engines market is projected to grow at a CAGR of 3.85 % from 2016 to 2021”
The marine engines market is projected to reach USD 13.53 billion by 2021, growing at a CAGR of 3.85% from 2016 to 2021. Increased demand of commercial vessels and rise in ship-building industry will drive the growth in the marine engines market. A slowdown in the oil & gas industry has been identified as a major restraint for the market along with stringent emission norms.
“Commercial vessels: The fastest growing segment of marine engines by vessel type”
Commercial vessels including bulk cargo carriers, gas carrier vessels, and pleasure vessels will have an increased demand largely due to economic recovery in China and developed economies as well as recovery of the oil & gas industry since the 2015 slow-down. Another factor would be increased maritime activity, mainly due to high economic growth in emerging economies in South Asia and South-east Asia, particularly in China, Indonesia, and India.
“Asia-Pacific dominates the global marine engines market”
Asia-Pacific will dominate the marine engines market largely due to rise in ship-building activity in China, South Korea, and Japan. These countries already constitute the largest share in ship-building together, with more than 80% share in worldwide ship-building in 2015. Furthermore, due to increase in maritime trade and investments in the ship-building industry in China and South Korea, along with the rising economy in south-east Asia, more orders for gas carriers and cargo vessels are expected. Thus, increasing the share for the commercial vessel segment.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants among other experts to obtain & verify critical qualitative and quantitative information as well as assess future market prospects. Distribution of primary interviews is as follows
By Company Type: Tier 1- 25%, Tier2-25%, and Tier 3-50%
By Designation: Director Level-37%, C-Level-25%, and Others*-38%
By Region: Americas-25%, EMEA-37%, Asia-Pacific-38%
Note: *Others include sales managers, marketing managers, and product managers
The tier of the companies is defined on the basis of their total revenue, as of 2013: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 = <SD 1 billion
The report segments marine engines by Vessel Type (Commercial and Offshore support vessels), by Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil & Other fuels), by Power (up to 1,000 HP, 1,001 to 5,000 HP, 5,001 to 10,000 HP, 10,000 to 20,000 HP and above 20,000 HP) and by Region. It also covers an analysis of the value chain, a competitive landscape, market dynamics, market estimates in terms of value, and future trends in the transformer monitoring system market.
Why buy this report?
1. The report identifies and addresses key markets for marine engines, which is useful for shipbuilding companies and OEMs to review production and distribution plans.
2. The report includes analysis of key applications of marine engines, by vessel type. It analyzes historical trends and also forecasts for 2021, assisting in strategic decision making.
3. It presents competition by analyzing recent market developments such as key contracts, expansions, and new product launches from the key global market players. It helps understand the competition strategies and plan respective initiatives.
4. The report also presents the key drivers, restraints, opportunities, and challenges in the industry to make OEMs and distributors to understand the market better and carve out strategies.