Pune, India, Feb. 08, 2023 (GLOBE NEWSWIRE) — The global market size of marine engines It is projected to grow from $10.54 billion in 2020 to $14.51 billion in 2027, at a compound annual growth rate (CAGR) of 4.7% during 2020-2027. The global market was valued at USD 12.49 billion in 2019. The market is expected to experience significant growth, driven by the expansion of international trade.
Versatility in fuel selection for marine propulsion is a key advantage of modern marine engines, offering cost-effectiveness and reducing greenhouse gas emissions within limits. The use of dual-fuel or tri-fuel engines in new-build ships is growing in popularity as it adapts to changing marine emissions regulations. The shipping and nautical industry is increasingly focusing on reducing GHG emissions for environmental reasons. Gas carriers that run on natural gas emit less sulfur oxides and nitrogen oxides than other ships. The growing number of oil tankers, bulk carriers, general cargo ships and container ships is driving the growth of the marine engine market.
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| Coverage of the report | Details |
| Forecast period | 2020-2027 |
| Forecast period 2020 to 2027 CAGR | 4.7% |
| Value projection 2027 | 14.51 billion dollars |
| base year | 2019 |
| Market size in 2019 | 12.49 billion dollars |
| Historical data for | 2016-2018 |
| Number of pages | 233 |
| Segments covered | Marine Engines Market Size, Share and Impact Analysis of COVID-19, by Fuel (Natural Gas, Coal, Oil and Others), by Technology (Condensing, Non-Condensing), by End User (Educational Institutions, Healthcare, offices, Hospitality, and Others), and Regional |
| Growth factors | Fast growing global trade to drive the market |
| Offering tailor-made products to help key players gain competitive advantage |
Market Drivers and Restraints-
The rapidly growing 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, the overall growth of world trade has averaged 6% over the past 20 years. Growth at this rate is twice as fast as world production during these years. Further, technological advancements in marine engines are estimated to enhance growth. However, a lack of fuel options due to strict emissions regulations in several countries is expected to limit demand.
Impact of Covid-19:
Global shutdown amid COVID-19 to disrupt global supply chain
Global merchandise trade is heavily dependent on the shipping sector, handling more than 80% of the former. Therefore, the shutdown of the shipping industry amid the COVID-19 pandemic is expected to cause major disruption to the global supply chain. Businesses around the world are at a standstill as most businesses have shipping as a core component of their operations. We provide accurate market reports based on our experience and expertise in the field of market research, which will help you get rid of the current challenges.
For more information on the short-term and long-term impact of COVID-19 on this market, visit: https://www.fortunebusinessinsights.com/industry-reports/marine-engine-market-100771
Highlights of the report:
The report includes detailed company profiling of key players and in-depth analysis of various market segments. It also includes a detailed study of the various drivers and restraints driving the market along with a comprehensive understanding of the positive and negative impacts of regional developments on the market.
Targeting-
Oxidation characteristics and thermal stability to increase demand for marine diesel
From fuel, the marine diesel segment dominated the global marine engine market with 25.5% share in 2019. Oxidation and thermal stability characteristics and reduced costs are the key factors driving the growth 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 statistics-
Presence of the region’s leading manufacturers to help dominate Asia Pacific
Asia Pacific will lead the global market with a share of USD 5.35 billion in 2019. Leading countries such as China and India, which are the largest manufacturers in the world, is a major factor driving the growth of marine engines in the region For example, in 2019, almost 41% of all exported goods were manufactured in the region. On the other hand, the total value of imported goods reached 62%.
The European market is expected to witness significant growth over the forecast period. A robust infrastructure for maritime transport provides a competitive advantage to the region. For example, the contribution of the EU shipping industry to the annual GDP of the European Union is a total of €147 billion.
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Competitive landscape-
Key players operating in the market focus on offering customized products as per the requirements of their customers. This will help them gain a competitive edge over other companies. In August 2019, Ports of Auckland ordered the world’s first full-size electric tug from Damen Shipyards in the Netherlands. The latter is scheduled to build a 70-ton all-electric tug for delivery in 2021.
Industry evolution-
In October 2020, Mitsubishi Shipbuilding Co., Ltd. received approval in principle from the French Classification Society, Bureau Veritas (BV), for a liquefied natural gas (LNG) fuel gas supply system (FGSS) for marine four stroke dual fuel engines.
In March 2019, Hyundai Heavy Industries and Korea Development Bank have signed a definitive agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME). Under this agreement, KDB will make a significant contribution to Korea Shipbuilding & Offshore Engineering (KSOE), which will be established as an independent company from HHI to control the group’s shipbuilding companies, including HHI, by transferring its shares to DSME in exchange for claiming shares in KSOE.
A list of key manufacturers operating in the global market:
- Caterpillar (USA)
- Cummins (USA)
- Hyundai Heavy Industries (South Korea)
- Man Energy Solution (Germany)
- Mitsubishi Heavy Industries (Japan)
- Honda Motor Co. Ltd. (USA)
- Wartsila (Finland)
- Kongsberg (Norway)
- Mahindra Powerol (India)
- General Motors (USA)
- Yanmar Holdings Co. Ltd. (Japan)
- Doosan Infracore (South Korea)
Marine Engine Market Segmentation:
By ship type:
- oil tankers
- bulk carriers
- General cargo ships
- Container ships
- Gas carriers
- Chemical cisterns
- Support ship
- Ferries and passenger ships
- others
By capacity:
- 0 – 10,000 HP
- 10000 – 20000 hp
- 20000 – 30000 hp
- 30000 – 40000 hp
- 40,000 – 50,000 hp
- 50000 – 60000 hp
- 60000 – 70000 hp
- 70000 – 80000 hp
- 80,000 – 90,000 hp
- 90,000 – 100,000 hp
- 100,000 – 110,000 hp
- More than 110,000 hp
By speed:
- High speed
- average speed
- Low Speed
By fuel type:
- heavy diesel
- Intermediate Fuel Oil
- Marine gas oil
- Marine gas oil
- LNG
- others
By stroke:
- Four Times
- Two Times
- others
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Table of Contents:
1. Introduction
1.1. Research scope
1.2. Market segmentation
1.3. Research methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market drivers
3.2. Market limitations
3.3. Market opportunities
4. Key Insights
4.1. Key emerging trends: for major countries
4.2. Latest Technological Advance
4.3. Regulatory landscape
4.4. SWOT analysis of the industry
4.5. Analysis of Porters’ five forces
5. Qualitative analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the marine engine market
5.2. Measures taken by the Government to overcome the impact
5.3. Key developments in the sector in response to COVID-19
5.4. Opportunities and potential challenges due to the outbreak of COVID-19
6. Global Marine Engines Market Analysis (Million USD), Insights and Forecasts, 2016-2027
6.1. Main conclusions/Summary
6.2. Market Analysis, Insights and Forecast: By Vessel Type
6.2.1. Oil tankers
6.2.2. Graleros
6.2.3. General cargo ships
6.2.4. Container ships
6.2.5. Gas carriers
6.2.6. Chemical ballots
6.2.7. Support Vessel
6.2.8. Ferries and passenger ships
6.2.9. Others
6.3. Market analysis, insights and forecasts: by capacity
6.3.1.0 – 10,000 hp
6.3.2.10000 – 20000 HP
6.3.3.20000 – 30000 HP
6.3.4.30000 – 40000 HP
6.3.5.40000 – 50000 HP
6.3.6.50000 – 60000 hp
6.3.7.60000 – 70000 HP
6.3.8.70000 – 80000 hp
6.3.9.80000 – 90000 HP
6.3.10. 90,000 – 100,000 hp
6.3.11. 100,000 – 110,000 hp
6.3.12. More than 110,000 hp
6.4. Market Analysis, Insights and Forecasting: By Speed
6.4.1. High speed
6.4.2. Average speed
6.4.3. Low Speed
6.5. Market analysis, insights and forecasts: by fuel
6.5.1. Heavy fuel oil
6.5.2. Intermediate Fuel Oil
6.5.3. Marine diesel
6.5.4.Marine gas oil
6.5.5. LNG
6.5.6. Others
6.6. Market Analysis, Insights and Forecasting: By Stroke
6.6.1. Four Times
6.6.2.Two Times
6.6.3. Others
6.7. Market analysis, insights and forecasts: by region
6.7.1. North America
6.7.2. europe
6.7.3. Asia Pacific
6.7.4. Middle East and Africa
6.7.5. Latin America
Continued…
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