Marine Engines Market growth prospects 2021 and projected to reach US$ 13.53 billion

According to the new market research report “Marine Engines Market by Power’000 HP (up to 1HP, 1-5HP, 5-10HP, 10-20HP & Above 20HP), Vessel Type (Commercial & Offshore Support Vessels), Fuel (Heavy Fuel, Intermediate Fuel, Marine Diesel & Marine Gas Oil), & Region - Global forecast to 2021”, published by MarketsandMarkets™, the global marine engines market was valued at USD 10.72 Billion in 2015 and estimated to grow at a CAGR of 3.85% from 2016 to 2021. Rise in commercial vessels and ship-building and increased demand for pleasure vessels are the major factors driving the growth in the marine engines market.

Browse and in-depth TOC on " Marine Engines Market "

75 - Tables

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165 - Pages

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Marine engines are used in various vessel types such as commercial vessels, offshore support vessels and other vessel types. The report indicated that high demand for commercial vessels will drive the growth in the marine engines market. The report further sub-segments commercial vessels into bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, chemical carriers among other commercial vessel types. The high demand for commercial vessels will be bolstered by rise in maritime trade and increased world-wide demand for natural gas.

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Scope of the Marine Engines Market Report

    By Vessel Type

·         Commercial vessels

·         Offshore support vessels

    By Fuel

·         Heavy Fuel Oil

·         Intermediate Fuel Oil

·         Marine Diesel Oil

·         Marine Gas Oil

    By Power

·         Up to 1,000 HP

·         1,001 HP to 5,000 HP

·         5,001 HP to 10,000 HP

·         10,001 to 20,000 HP

·         Above 20,000 HP

    By Region

·         North America

·         Europe

·         Asia-Pacific

·         Latin America

·         Middle East and Africa

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Slowdown in the oil & gas industry will be a factor that will affect the marine engines market. Low oil prices and decreased offshore exploration and extraction activities can lead to a slowdown in new ship-building orders and in turn restrain the marine engines market. Enforcement of stringent emission norms, especially for HFO-powered marine engines is also a factor that can greatly affect the marine engines market.

The marine engines market is dominated by global players which include, MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan) and Rolls-Royce Power Systems AG (Germany). Key strategies adopted by various companies include contracts & agreements, new product launch, expansions, mergers & acquisitions, and joint ventures. Contracts & agreements was the most commonly used strategy from 2014 to 2016, comprising of 57% of all developments, followed by new product launch which consisted of 24% of all developments during the same period.

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