International Sea Trade to Drive Demand in Global Marine Engine Market
Global Marine Engine Market Growth Fueled by Strict Emission Norms
Marine engines are integrated in marine vessels to provide power and speed propulsion. They are characterized by its quiet operation, easy maintenance, fuel efficiency, and high performance. The global marine engine market is expected to exhibit revenues at 4.5% CAGR over the forecast period (2018-2023), according to Market Research Future (MRFR). MRFR is a premier research and consulting firm that delivers reports on major industries. Its team of analysts is capable of predicting niches and take-off of trends due to employing Porter’s Five Forces model.
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Market Scope
The global marine engine market is driven by growth in marine transport, adoption of smart engines, and rapid shipbuilding. According to International Chamber of Shipping, 90% of the global trade is conducted on sea routes providing a boost to market growth. Export of goods from container ships in APAC can drive the demand for marine engines. The demand for luxury vessels such as yachts due to increased maritime tourism and expendable income levels of clients can spur the demand for marine engines. Huge production of gas carriers and bulk carriers can be opportune for the global marine engine market.
The COVID-19 outbreak has negatively affected the global marine engine market as skilled ship and boat riders have been restricted to travel to curb the spread of the disease. The fall in trade rates during 2020 is expected to recover by 2021 after easing of lockdown rules. Large companies in marine engine production have suspended their activities for ensuring the safety of their employees.
Strict regulations pertaining to emissions by countries can hamper market growth. Guidelines by the International Maritime Organization for vessels and trading ships operating within 200 nautical miles can drive the change in designs of marine engines in the coming years. Rising investments in dual fuel engines can present a global opportunity for the market.
Segmentation
By power, it is segmented into above 20,000 HP, 10,001 to 20,000 HP, 5,001 to 10,000 HP, 1,001 to 5,000 HP, and up to 1,000 HP. The 1,001 to 5,000 HP segment is expected to command a huge demand share till the end of the forecast period. This is attributed to surge in manufacture of small and medium vessels.
By application, it is segmented into offshore support vessels, commercial vessels, and others. Commercial vessels are likely to dominate the global marine engine market owing to growth in commercial ship building and increase in international trade.
By fuel, it is segmented into marine gas oil, marine diesel oil, heavy fuel oil, intermediate fuel oil, and others. Heavy fuel oil is projected to dominate over the forecast period owing to being widely available and its inexpensive nature. But stringent emission norms can hamper the market growth.
Regional Analysis
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are regions explored for the prospects of the global marine engine market.
The APAC marine engine market can grow the fastest owing to rapid shipbuilding in Malaysia, South Korea, Japan, China, and Indonesia. Presence of various manufacturing hubs and investment in commercial freight and shipbuilding can drive the regional market demand. Technological advances in efficient engines and adherence to pollution norms set by governments can facilitate market demand significantly.
Competitive Scope
Man Diesel & Turbo Se, GE Transportation, Caterpillar Inc., Wärtsilä Corp, Rolls-Royce Power Systems AG, Cummins Inc., and others are key players of the global marine engine market. Other players are Mitsubishi Heavy Industries, Ltd., AB Volvo, Yanmar Co., Ltd., Daihatsu Diesel MFG. Co. Ltd., Scania AB, John Deere, Dresser-Rand Group, Inc., Brunswick Corporation, and Deutz AG. Mergers and acquisitions are likely to be witnessed in the market as players vie for the top position.
Industry News
Mercury Marine has launched the 600 HP Verado engine for boaters looking to explore recreational activities.
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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
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