The report "Marine
Engines Market by Power (<1, 1-5, 5-10, 10-20 & >20) 000 hp, Vessel
(Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel and Gas Oil),
Engine (Propulsion & Auxiliary), Type (2 & 4-Stroke) & Region -
Global Forecast to 2024", the global Marine Engines Market is
projected to reach USD 16.4 billion by 2024 from an estimated USD 14.0 billion
in 2019, at a CAGR of 3.11%. This growth can be attributed to the growth in
international marine freight transport, growth in maritime tourism, and
penetration of smart engines for situational awareness and safety.
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The
commercial segment is expected to hold the largest share of the Marine Engines
Market, by vessel, during the forecast period.
The commercial segment is estimated to dominate the Marine
Engines Market in 2019 and is projected to have the largest market share during
the forecast period. This is mainly because there is an increase in
international seaborne trade leading to the increase in the commercial vessel
count, thereby increasing the usage of marine engines in commercial vessels.
79 - Tables
42 - Figures
150 - Pages
The propulsion segment
is expected to be the fastest growing segment of the Marine Engines Market, by
engine, during the forecast period.
The
propulsion segment accounted for the highest CAGR during the forecast period.
The growth of this segment can be attributed to the fact, that, they are the
main supporting systems of a ship and are an integral part of the ship’s
propulsion mechanism. They support the main power supply of the vessel.
Countries such as China, South Korea, and Japan are witnessing growth in
seaborne trade which has subsequently led to an increase in demand for ships
that are used to transport manufactured goods to various regions worldwide.
This is expected to increase the demand for Marine Engines Market in the
forecast years in the propulsion segment.
Asia Pacific: The
leading market for marine engiens.
In
this report, the Marine Engines Market has been analyzed with respect to 5
regions, namely, North America, South America, Europe, Asia Pacific, and the
Middle East & Africa. The growth of Asia Pacific is primarily driven by
countries such as China, South Korea, and Japan, which, are considered as the
main manufacturing hubs for marine engines. Over the past few years, this region
has witnessed rapid economic development as well as the growth of the
manufacturing and energy sectors, thereby resulting in an increase in the
maritime trade. The rise in seaborne trade has subsequently led to an increase
in demand for ships that are used to transport manufactured goods to various
regions worldwide. Thus, the rise in the number of ships has contributed to the
growing demand for propulsion systems and engines in the Asia Pacific region.
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To
enable an in-depth understanding of the competitive landscape, the report
includes profiles of some of the top players in the Marine Engines Market.
Some of the key players are Hyundai Heavy Industries (South Korea), Caterpillar
(US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan) Volvo Group
(Sweden), Rolls-Royce (UK), Wärtsilä (Finland), Cummins (US), GE Transportation
(US), and DEUTZ AG (Germany). The leading players are adopting various
strategies to increase their shares in the Marine Engines Market.
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