Marine Engines Market: Global Industry Analysis And Forecast (2022-2029)

Marine Engines Market size was valued at USD 11.48 Bn. in 2021 and the total Marine Engines revenue is expected to grow at 2.8% through 2022 to 2029, reaching nearly USD 14.32 Bn.

Marine Engines Market Overview:

A marine engine is a machine used to propel a boat. Until the early 1900s, the earliest naval power plants, reciprocating steam engines, were virtually exclusively utilized. These were mostly supplanted in subsequent shipbuilding by the steam turbine and the internal-combustion engine. Electric motors are utilized to increase agility in several applications, most notably ferries. The most powerful ships have steam turbines with 1,000 shaft horsepower or more. Diesel engines may power vessels ranging in size from tiny boats to medium-sized ships that require up to 40,000 total horsepower. Global Marine Engines Market To know about the Research Methodology :- Request Free Sample Report Ship engines are responsible for propelling the ship from one port to another. A marine engine, either 4-stroke or 2-stroke, is mounted onboard a ship for propulsion, whether it be a tiny ship sailing in coastal regions or a gigantic one voyaging international waterways. Marine engines are heat engines that convert heat created by fuel combustion into usable work, i.e. creating thermal energy and transferring it into mechanical energy. Internal combustion engines (a type) are utilized onboard ships, in which fuel is burned within the engine cylinder and heat is created after the combustion process. Scope of the Report: The report's objective is to provide details to stakeholders in the industry with a complete study of the Marine Engines market. The report analyses complex data in simple language and present the historical and current state of the industry, as well as anticipated market size and trends. The research examines all areas of the industry, including a detailed examination of important companies such as market leaders, followers, and new entrants. The report includes a PORTER and PESTEL analysis, as well as the possible influence of market microeconomic aspects. External and internal elements that are expected to affect the organization positively or adversely have been studied, providing decision-makers with a clear future vision of the industry. The report also helps in the comprehension of the market trends and structure by studying market segments and projecting the market size. The study is an investor's guide because of its clear depiction of competitive analysis of key competitors in the market by product, price, financial situation, product portfolio, growth plans, and geographical presence. The data provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Marine Engines market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Marine Engines market's contemporary competitive scenario. Research Methodology: The report on the Marine Engine market is completed with primary and secondary analysis. To analyze both secondary and primary data, the Bottom-Up Approach is utilized. Secondary data is gathered from nationalized and global data sources, annual and financial reports of significant market participants, press releases, etc. The primary data was gathered through interviews, surveys, expert and trained professional comments, etc. Data on recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the influence of domestic and major & localized market players, changes in market regulations, and strategic market growth analysis are also included in the report.

Marine Engines Market Dynamics:

Increasing International marine freight transportation is a key driver for the Marine Engines Market growth. International trade relies heavily on marine transportation. Marine shipping is the primary route of global trade, and according to UNCTAD, over 80% of the amount of international trade in products is transported by sea, with the percentage being much greater in most poor nations. This kind of transportation is less expensive and more practical for international trade than the road, rail, and air travel. The global marine is expected to increase at a modest annual pace during the forecast period. The growth of the global maritime fleet followed a similar pattern. Maritime commerce recovered in 2021 as a result of pent-up demand, as well as restocking and inventory accumulation. The unexpected increase in demand in 2021 following the bleak scenario in 2020 due to the pandemic led to shortages of shipping capacity, containers, and equipment, causing many shipowners to rely on new-build or old retrofitted vessels to bridge the demand-supply gap. The rising E-commerce and digital trade across the globe is a key opportunity for market growth. Consumer purchasing behaviors changed as a result of the outbreak. The pandemic has increased the shift from physical to online buying by around five years. Consumers sought a secure means to meet their needs, resulting in a dramatic increase in online retail sales activity. The increase in commerce is beneficial, but it is happening so quickly and on such a large scale that shipping services and port operations are frequently unable to keep up, resulting in logistical bottlenecks. Shipping capacity, containers, and other equipment are in limited supply throughout the business. Retailers must reduce logistical bottlenecks and supply chain uncertainty to retain more inventory on hand. As a result, e-commerce fulfillment is opening up new options for marine trade, such as shipping, warehouse, and distribution facilities at shipping ports. Maritime transport, particularly on a global scale, is more feasible and less expensive than air, rail, and road transport. This upward tendency in e-commerce has hastened digitization in the maritime industry. The increase in e-commerce and online trade is thus expected to improve maritime trade and demand for boats, presenting an opportunity for the marine engines industry to grow. Strict environmental rules are being implemented to decarbonize shipping is a key restrain for the market growth. The approach to shipping decarbonization requires not just technological advancements and improvements in ship design, but also the use of alternative fuels and engines compatible with such fuels. As a result of the new IMO emission standards, shipping businesses faced poor profitability and uncertainty regarding compliance, and they delayed putting orders for new vessels. Additionally, the new laws would mandate the replacement of a portion of the current fleet, which would impose huge expenses on the operators. This may have an influence on new vessel orders, which in turn may have an impact on and restrict the growth of the marine engine market during the forecast period.

Marine Engines Market Segment Analysis:

By Type, the Two stoke segment had the largest revenue share of around XX% in 2021 and is expected to maintain its dominance at the end of the forecast period. Two-stroke engines are more dependable and can operate on low-grade fuels. They also offer higher efficiency and output. They are chosen as primary engines on ships for lengthy ocean voyages where increased power and efficiency are required. They provide strong torque at low engine speeds, allowing boats and vessels to cruise at a steady pace without modifying the engine speed. Two-stroke engines have one crankshaft rotation for each power stroke. They also have a higher power-to-weight ratio and are slow-speed crosshead engines. The increase in global maritime trade would raise the need for prime movers for ocean-going boats, which would eventually drive demand for the two-stroke marine engines segment during the forecast period. Marine Engines Market By Fuel Type, the Heavy Fuel Oil segment had the largest revenue share of about XX% in 2021 and is expected to grow significantly during the forecast period. Unlike heavy fuel oil (HFO), marine diesel oil does not require heating during preservation. Marine diesel oil blending ratios can be managed directly by refinery operations or by combining ready-made marine fuels. The increasing stringency of emission control regulations, as well as continuous revisions to IMO standards, have resulted in the substitution of bunker oil or heavy fuel oil with low sulfur oils such as marine diesel oil, which is driving the segment growth in the marine engines market during the forecast period. By Ship Type, the bulk carriers segment held the largest market share of the Marine Engine market in 2021 and is expected to grow substantially during the forecast period. Bulk carriers are the workhorses of the merchant fleet, delivering raw materials such as grain, iron ore, and coal, as well as finished goods such as bauxite, cement, fertilizers, sugar, and lumber, to mention a few. Steel coils, for example, can be transported using bulk carriers. They are the most environmentally friendly means to transport large amounts of dry freight over long distances. As the need for raw materials, cereals, rice, and metals grows, shipping firms would respond with a rise in new dry bulk carrier orders. The recovery of global commerce beyond 2020 has also resulted in an increase in new orders to meet severe fleet capacity limitations and an increase in freight rates, which may increase the bulk carriers segment of the marine engines market during the forecast period.

Marine Engines Market Regional Insights:

The APAC market is currently leading the Marine Engines market in terms of market share and is expected to continue its dominance at the end of the forecast period. The Asia Pacific market is growing primarily as a result of the growth of the regional shipbuilding industry, the development of efficient marine engine innovations, and an increase in maritime trade activities in the APAC countries. The marine sector in the region is growing. The Asia Pacific is home to some of the world's fastest-growing economies, including India, Bangladesh, and China. These economies top the globe in mineral fuels, electronics, medicines, jute, machinery, and vehicle exports. A high number of manufacturers are located in the region due to cheap labor costs and increasing commodity demand, which is expected to be a key driver for market growth during the forecast period. The Asia Pacific is the globe's manufacturing hub, and many things such as equipment, electronics, and so on are shipped to other regions of the globe via marine transportation. Each country excels in a particular aspect of shipping. China is the largest manufacturer of bulk carriers, offshore vessels, and general cargo ships, while the Republic of Korea produces gas carriers, oil tankers, and container ships, and Japan produces chemical tankers. Marine Engines Market The European market is expected to come second in terms of market share at the end of the forecast period. Europe has the largest marine fleet on the globe. European shipowners have one of the world's largest, youngest, and most creative fleets. The EU shipping sector provides €147 billion to the EU's yearly GDP with its wide fleet of container ships, tankers, passenger ships, bulk carriers, offshore service boats, and many more specialty ships. The European area dominates the production of cruise ships or vessels, support boats, and luxury yachts. The North American market is expected to grow substantially during the forecast period due to increased expenditures in exploration and production operations, as well as an increase in seaborne trade across nations. The increasing use of marine engines in both commercial and industrial sectors, as well as an increase in international maritime and trade operations due to the cost-effective means of transportation, are driving the market growth. Additionally, the rising trend of industry consolidation and technical developments in marine engines is expected to drive growth in the North American marine engine market during the forecast period. Nevertheless, the increasing usage of marine engines in boats would drive demand in the region throughout the forecast period.

Marine Engines Market Scope: Inquire before buying

Global Marine Engines Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: USD 11.48 Bn.
Forecast Period 2022 to 2029 CAGR: 2.8 % Market Size in 2029: USD 14.32 Bn.
Segments Covered: by Type • Two Stroke • Four Stroke
by Engine • Propulsion Engine • Auxiliary Engine
by Fuel Type • Heavy Fuel Oil • Marine Diesel Oil • Marine Gas Oil • Others
by Capacity • Up to 1,000 HP • 1,001–5,000 HP • 5,001–10,000 HP • 10,001–20,000 HP • Above 20,000 HP
by Ship Type • Bulk Carriers • General Cargo Ships • Container Ships • Ferries & Passenger Ships • Oil Tankers • Others

Marine Engines Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Marine Engines Market Key Players

• GM Powertrain • Caterpillar, Inc. • Cummins Engines • Wartsila Corporation • Rolls Royce • MAN Diesel & Turbo SE • Wärtsilä • Mitsubishi Heavy Industries • Hyundai Heavy Industries Co., Ltd. • Scania • YANMAR CO., LTD. • DAIHATSU DIESEL MFG.CO. LTD. • Nigata Power Systems Co., Ltd. • Fairbanks Morse Engine • Masson-Marine • General Electric Company • Mercury Marine • Sumitomo Heavy Industries • Brunswick Corporation • AB Volvo • John Deere • Daihatsu Diesel MFG. Co. Ltd. • Dresser-Rand Group, Inc. • Deutz AG • STX FAQs: 1. Which is the potential market for Marine Engines in terms of the region? Ans. The APAC market is the potential market for Marine Engines in terms of the region. 2. What are the opportunities for new market entrants? Ans. The rising E-commerce and digital trade across the globe is a key opportunity for market growth. 3. What is expected to drive the growth of the Marine Engines market in the forecast period? Ans. Increasing International marine freight transportation is a key driver for the Marine Engines Market growth. 4. What is the projected market size & growth rate of the Marine Engines Market? Ans. Marine Engines Market size was valued at USD 11.48 Bn. in 2021 and the total Marine Engines revenue is expected to grow at 2.8% through 2022 to 2029, reaching nearly USD 14.32 Bn. 5. What segments are covered in the Marine Engines Market report? Ans. The segments covered are Type, Engine, Fuel Type, Capacity, Ship Type, and Region.
1. Global Marine Engines Market: Research Methodology 2. Global Marine Engines Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Marine Engines Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Marine Engines Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Marine Engines Market Segmentation 4.1 Global Marine Engines Market, by Type (2021-2029) • Two Stroke • Four Stroke 4.2 Global Marine Engines Market, by Engine (2021-2029) • Propulsion Engine • Auxiliary Engine 4.3 Global Marine Engines Market, by Fuel Type (2021-2029) • Heavy Fuel Oil • Marine Diesel Oil • Marine Gas Oil • Others 4.4 Global Marine Engines Market, by Capacity (2021-2029) • Up to 1,000 HP • 1,001–5,000 HP • 5,001–10,000 HP • 10,001–20,000 HP • Above 20,000 HP 4.5 Global Marine Engines Market, by Ship Type (2021-2029) • Bulk Carriers • General Cargo Ships • Container Ships • Ferries & Passenger Ships • Oil Tankers • Others 5. North America Marine Engines Market(2021-2029) 5.1 North America Marine Engines Market, by Type (2021-2029) • Two Stroke • Four Stroke 5.2 North America Marine Engines Market, by Engine (2021-2029) • Propulsion Engine • Auxiliary Engine 5.3 North America Marine Engines Market, by Fuel Type (2021-2029) • Heavy Fuel Oil • Marine Diesel Oil • Marine Gas Oil • Others 5.4 North America Marine Engines Market, by Capacity (2021-2029) • Up to 1,000 HP • 1,001–5,000 HP • 5,001–10,000 HP • 10,001–20,000 HP • Above 20,000 HP 5.5 North America Marine Engines Market, by Ship Type (2021-2029) • Bulk Carriers • General Cargo Ships • Container Ships • Ferries & Passenger Ships • Oil Tankers • Others 5.6 North America Marine Engines Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Marine Engines Market (2021-2029) 6.1. European Marine Engines Market, by Type (2021-2029) 6.2. European Marine Engines Market, by Engine (2021-2029) 6.3. European Marine Engines Market, by Fuel Type (2021-2029) 6.4. European Marine Engines Market, by Capacity (2021-2029) 6.5. European Marine Engines Market, by Ship Type (2021-2029) 6.6. European Marine Engines Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Marine Engines Market (2021-2029) 7.1. Asia Pacific Marine Engines Market, by Type (2021-2029) 7.2. Asia Pacific Marine Engines Market, by Engine (2021-2029) 7.3. Asia Pacific Marine Engines Market, by Fuel Type (2021-2029) 7.4. Asia Pacific Marine Engines Market, by Capacity (2021-2029) 7.5. Asia Pacific Marine Engines Market, by Ship Type (2021-2029) 7.6. Asia Pacific Marine Engines Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Marine Engines Market (2021-2029) 8.1 Middle East and Africa Marine Engines Market, by Type (2021-2029) 8.2. Middle East and Africa Marine Engines Market, by Engine (2021-2029) 8.3. Middle East and Africa Marine Engines Market, by Fuel Type (2021-2029) 8.4. Middle East and Africa Marine Engines Market, by Capacity (2021-2029) 8.5. Middle East and Africa Marine Engines Market, by Ship Type (2021-2029) 8.6. Middle East and Africa Marine Engines Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Marine Engines Market (2021-2029) 9.1. South America Marine Engines Market, by Type (2021-2029) 9.2. South America Marine Engines Market, by Engine (2021-2029) 9.3. South America Marine Engines Market, by Fuel Type (2021-2029) 9.4. South America Marine Engines Market, by Capacity (2021-2029) 9.5. South America Marine Engines Market, by Ship Type (2021-2029) 9.6. South America Marine Engines Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 GM Powertrain 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Caterpillar, Inc. 10.3 Cummins Engines 10.4 Wartsila Corporation 10.5 Rolls Royce 10.6 MAN Diesel & Turbo SE 10.7 Wärtsilä 10.8 Mitsubishi Heavy Industries 10.9 Hyundai Heavy Industries Co., Ltd. 10.10 Scania 10.11 YANMAR CO., LTD. 10.12 DAIHATSU DIESEL MFG.CO. LTD. 10.13 Nigata Power Systems Co., Ltd. 10.14 Fairbanks Morse Engine 10.15 Masson-Marine 10.16 General Electric Company 10.17 Mercury Marine 10.18 Sumitomo Heavy Industries 10.19 Brunswick Corporation 10.20 AB Volvo 10.21 John Deere 10.22 Daihatsu Diesel MFG. Co. Ltd. 10.23 Dresser-Rand Group, Inc. 10.24 Deutz AG 10.25 STX

About This Report

Report ID 11261
Category Automotive and Transportation
Published Date Aug 2022
Updated Date Sep 2022
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