Marine Engines Market by Power (<1, 1-5, 5-10, 10-20 & >20) 000 hp, Vessel (Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel and Gas Oil), Engine (Propulsion & Auxiliary), Type (2 & 4-Stroke) & Region - Global Forecast to 2024
“The global marine engines market is projected to grow at a CAGR of 3.11%, from 2019 to 2024.”
The global marine engines market is projected to reach USD 16.4 billion by 2024 from an estimated USD 14.0 billion in 2019, at a CAGR of 3.11%. This growth can be attributed to factors such as growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety. However, stringent environmental regulations worldwide and dependence on heavy fuel as the primary fuel is hindering the growth of the marine engines market.
“The marine diesel oil segment, by fuel, is expected to be the fastest growing market from 2019 to 2024.”
The marine diesel oil segment is expected to hold the second largest market share and the fastest growing segment during the forecast period because of growth in applications such as harbor tugs and push boats. Increasing emission control regulations and continuous revisions in the IMO standards have led to the increasing use of low sulfur oil, such as marine diesel oil and marine gas oil, replacing the use of bunker oil.
“The two-stroke segment is expected to be the largest market from 2019 to 2024.”
The two-stroke segment , by type, is estimated to be the largest and the fastest growing segment during the forecast period. The two-stroke type of marine engine offers high torque at low engine speed, which helps the boats/vessels to cruise at a constant speed without adjusting the engine speed. They can run on low-grade fuel, which helps to keep the overall running cost down. Also, they are more efficient and offer more power.
“Asia Pacific: The largest market for marine engines.”
The Asia Pacific region is expected to be the largest market for marine engines, by 2024. The marine engines market in this region is mainly driven by seaborne trade which has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. Countries such as China, Japan, and South Korea are considered as the main manufacturing hubs for marine engines. According to World Shipbuilding Statistics, 2016, China accounted for a 33% share of all new shipbuilding orders, globally, thereby making it the largest market for marine engines. The increase in defense spending and the rise in domestic ship production are the key factors contributing to the growth of the marine engine market in the region.
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 and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3-13%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Asia Pacific- 40%, Europe- 15%, North America- 32%, Middle East & Africa- 5%, and South America- 8%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: <USD 500 million.
The global marine engines market is dominated by a few major players that have a wide regional presence. The leading players in the marine engines market are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), Volvo Group (Sweden), Rolls-Royce (UK), Wärtsilä (Finland), Cummins (US), GE Transportation (US), and Deutz AG (Germany).
The report defines, describes, and forecasts the marine engines market, by power range, vessel, fuel, engine, type, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value and future trends in the marine engines market.
Why Buy this Report?
1. The report identifies and addresses key markets for marine engines, which would help various stakeholders such as coal and oil & gas trading companies; consulting companies & associations in the marine industry; cruise & passenger transport companies; environmental research institutes; government & research organizations; international shipping & sea trading organizations; investment firms; marine engine manufacturers; organizations, forums, & alliances; shipbuilding & shipyard industry; state & national regulatory authorities; and vessel designers, owners, and operators to review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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