The global marine engine market will derive growth from the advent of electric automobiles for trading purposes. The Marine Engine market was valued at USD 12.05 Billion in 2018 and exhibit a CAGR of 4.58% from 2019 to 2026. According to a report published by Fortune Business Insights, titled “Marine Engine“ Market Size, Share & Industry Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries & Passenger ships, and Others), 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, and Greater than 110000 HP ), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke (Two Stroke, Four Stroke, and Others) and Regional Forecast, 2019-2026,” the market will reach USD 17.09 Billion by 2026.
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- Hyundai Heavy Industries
- Man Diesel & Turbo
- Mitsubishi Heavy Industries
- Mahindra Powerol
- General Motors
- Yanmar Holdings Co. Ltd.
- Doosan Infracore
- Honda Motors Co. Ltd.
Marine Engine Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Key Market Driver – Growing seaborne trade and steady progress in offshore activities
Key Market Restraint – Technological advancement increasing the cost of the engine
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Important Features that are under Offering and Key Highlights of the Marine Engine Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Trade activities have become an integral part of the economy of a country. Improving global relations and agreements have given rise to an increase in the number of trade activities across the world. The growing trade activities will have a direct impact on the world economy. A primary factor of all trade activities is the mode of transport and distance. A cost-effective transport will enable enhanced trade activities, all within lesser time. Marine trade activities are gaining rapid popularity on a global scale due to its advantages over other modes. Low time for transport, lesser traffic and congestion, and the ability of marine automobile to carry larger weights are some of the benefits offered by marine transport.
The demand for marine automobile will have a positive impact on the marine engines market. Several factors have contributed to the increasing demand for marine engines in recent years. Moreover, technological advancements and cost-effective transportation have aided market growth. The report identifies a few of the primary factors that have constituted an increase in the global marine engine market size in recent years and highlights leading growth drivers. Additionally, the report discusses a few of the factors that have restrained market growth. Besides this, the report labels leading companies in the market.
1. By Fuel Type
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marie Diesel Oil
- Marine Gas Oil
2. By Propulsion
- Two-Stroke Engine
- Four Stroke Engine
3. By Power Range
- Up to 1000HP
- 1001HP – 5000HP
- 5001HP – 10000HP
- 10001HP – 20000HP
- Above 20000HP
4. By Application
- Offshore Support Vessel
- Commercial Vessel
- Other Vessel
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Global Supply Chains of Manufacturing and Resource Production to Provide Impetus for Market Growth
The increasing resource production and improved raw material production will aid the demand for trade activities across the world. The increasing number of supply chains will create more trade opportunities, which in turn will have a direct impact on marine automobile and marine engine. The involvement of industrial expertise and experienced examination in manufacturing of marine automobile will benefit the overall industry. These factors have a significant influence on the export activities of a country. The advancements in marine carriage ships such as high fuel efficiency, improved stability, and larger spaces will provide platforms for growth of the global marine engine market in the coming years.
Queries Addressed In Marine Engine Market Report:
- What opportunities are present for the market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2020?
Asia Pacific to Emerge as the Leading Region
The growing trade activities in several countries across the Asia Pacific has led to a huge demand for marine engines in this region. The growing adoption of ships and boats for entertainment and travel purposes will contribute to market growth. The enormous oil and gas industry in Asia Pacific has led to an increase in export activities. The growing population has created an overall increase in the demand for resources across diverse industries. Asia Pacific generated an engine market revenue of USD 5.13 Bn in 2018.
Key Features of Market Research Report:
- This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Marine Engine Market Analysis (USD billion), Insights and Forecast, 2015-2026
5.1. Key Findings/Summary
5.2. Marine Engine Market Analysis, Insights and Forecast – By Ship Type
5.2.3.General Cargo Ships
5.2.8.Ferries and Passenger ships
5.3.Market Analysis, Insights and Forecast – By Capacity
184.108.40.206 – 10000 HP
220.127.116.1100 – 20000 HP
18.104.22.16800 – 30000 HP
22.214.171.124000 – 40000 HP
126.96.36.199000 – 50000 HP
188.8.131.52000 – 60000 HP
184.108.40.206000 – 70000 HP
220.127.116.11000 – 80000 HP
18.104.22.168000 – 90000 HP
22.214.171.124000 – 100000 HP
126.96.36.199000 – 110000 HP
5.3.12.Greater than 110000 HP
5.4. Marine Engine Market Analysis, Insights and Forecast – By Speed
5.5. Marine Engine Market Analysis, Insights and Forecast – By Strokes
5.6. Marine Engine Market Analysis, Insights and Forecast – By Fuel
5.6.1.Heavy Fuel Oil
5.6.2.Intermediate Fuel Oil
5.6.3.Marine Diesel Oil
5.6.4.Marine Gas Oil
6. North America Marine Engine Market Analysis (USD billion), Insights and Forecast, 2015-2026
6.1.Key Findings/ Summary
6.2. Marine Engine Market Analysis, Insights and Forecast – By Ship Type
6.2.3.General Cargo Ships
6.2.8.Ferries and Passenger ships
6.3. Marine Engine Market Analysis, Insights and Forecast – By Capacity
188.8.131.52 – 10000 HP
184.108.40.20600 – 20000 HP
220.127.116.1100 – 30000 HP
18.104.22.168000 – 40000 HP
22.214.171.124000 – 50000 HP
126.96.36.199000 – 60000 HP
188.8.131.52000 – 70000 HP
184.108.40.206000 – 80000 HP
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Key Industry Developments
- In April 2019, A contract has been awarded by Seaspan Shipyards to Man Energy Solutions Canada to provide power generation and propulsion system for the Royal Canadian Navy’s (RCN) new Joint Support Ships (JSS). The contract is valued at $55 million in which company will provide tow MAN 12V32/44CR propulsion engines featuring environmental protection SCR technology.
- In April 2019, Kongsberg recently completed Rolls Royce Commercial Marine acquisition to extend its portfolio for sustainable, safe and secure marine operations.
- In September 2018, Mahindra Powerol entered into building marine engines with its Seahawk series to compete against Chinese companies. The power ranging between 24hp and 300hp include 11 variants of engines and generators that propel fishing boats, trawlers, and small tugs.
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