Marine Engines Market to Observe Strong Growth by 2029 | Caterpillar, Wärtsilä, Man Energy Solutions

According to a research report "Marine Engines Market by Engine (Propulsion and Auxiliary), Type (Two Stroke and Four Stroke), Power Range (Up to 1,000 hp, 1,001-5,000 hp, 5,001-10,000 hp, 10,001-20,000 hp, and Above 20,000 hp), Fuel, Vessel and Region - Global Forecast to 2029" published by MarketsandMarkets, the market size for marine engines is projected to reach approximately USD 15.2 billion by the year 2029, as compared to the estimated value of USD 13.1 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 3.0% over the forecast period.

The marine engines market is propelled by a confluence of factors that influence demand for these powerful workhorses of the maritime industry. The ever-expanding global trade heavily relies on maritime transportation for efficient movement of goods across continents. This translates to a constant need for new vessels and consequently, a growing demand for marine engines of various capacities. Increasing international trade activities, particularly in emerging economies, necessitate the expansion of existing fleets and construction of new ships, further driving the demand for marine engines. Growing environmental concerns and stricter regulations on air and water pollution from maritime vessels are pushing the industry towards cleaner technologies. This creates a demand for new, more fuel-efficient engines that comply with emission regulations, such as those governing sulfur oxide (SOx) and nitrogen oxide (NOx) emissions. The focus on sustainability is leading to increased adoption of alternative fuels like Liquefied Natural Gas (LNG) and biofuels. This, in turn, fuels the development and demand for engines capable of operating on these cleaner fuel sources. Continuous advancements in marine engine technology are leading to the development of more efficient and powerful engines. This translates to reduced fuel consumption, lower operating costs for ship owners, and a smaller environmental footprint. As the maritime industry strives for efficiency and sustainability, marine engine manufacturers will continue to innovate and develop new technologies to meet the evolving needs of this crucial sector.

Browse 150 market data Tables and 100 Figures spread through 280 Pages and in-depth TOC on "Marine Engines Market - Global Forecast to 2029"

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Four stroke segment, by Type, to hold the second-largest market in marine engines market.

Four-stroke engines hold the second-largest market share in the marine engines market due to a compelling combination of advantages that cater to a wide range of vessel needs. Compared to traditional two-stroke engines, four-stroke engines offer superior fuel efficiency. This translates to significant cost savings for ship operators, especially for vessels undertaking long journeys or those with frequent stops and maneuvers.  In today's economic climate, fuel efficiency is a top priority, making four-stroke engines an attractive option. Four-stroke engines generate fewer pollutants like nitrogen oxides (NOx) and sulfur oxides (SOx) compared to their two-stroke counterparts. This characteristic aligns perfectly with the growing focus on environmental sustainability and stricter emission regulations in the maritime industry.  Four-stroke engines help ship owners comply with regulations in Emission Control Areas (ECAs) and contribute to cleaner air and water. Manufacturers are constantly innovating four-stroke engine technology. Advancements like common rail injection systems, electronic engine management, and dual-fuel capabilities (LNG or biofuels) are improving efficiency, reducing emissions, and offering more flexibility in fuel options. This positions four-stroke engines as a future-proof solution for the evolving needs of the maritime industry.

Marine gas oil segment, by Fuel, to be the fourth-largest market segment.

Marine Gas Oil (MGO) holds the fourth-largest market share in the marine engine fuel segment for several compelling reasons. MGO offers a good balance between power density and affordability, making it suitable for a wide range of vessel types. Smaller cargo ships and short-sea traders operating on regional routes or within coastal areas benefit from the efficient and readily available MGO compared to heavier fuel oils (HFO) that require more complex handling. MGO provides reliable and clean burning fuel for various fishing vessels and offshore service ships, catering to their operational needs without requiring the immense power output of HFO. MGO's cleaner burning properties contribute to reduced emissions around populated coastal areas and ports, making it a favourable choice for ferries and smaller passenger vessels where environmental concerns are crucial. MGO's widespread availability, applicability across various vessel types, role in regulation compliance for specific regions, and cost-effectiveness for certain routes contribute to its position as the fourth-largest market share holder in the marine engine fuel segment.  While it might be a transitional fuel source, MGO plays a significant role in the current maritime landscape.

Middle East & Africa to emerge as the third-largest marine engines market.

The Middle East & Africa (MEA) region nabs the third-largest market share in the marine engines market, driven by a confluence of factors specific to its geographical and economic landscape. The MEA region sits at a critical crossroads for global maritime trade.  The Suez Canal, a vital passage connecting the Red Sea and Mediterranean Sea, facilitates a significant portion of global seaborne trade. This strategic location necessitates a robust maritime infrastructure, including a large fleet of vessels requiring powerful engines. Economic growth within the MEA region has spurred a rise in intra-regional trade. This translates to a growing demand for smaller and medium-sized vessels equipped with efficient engines for navigating shorter routes within the region. The  MEA region is a major producer of oil and gas. This flourishing sector necessitates a growing fleet of offshore service vessels, platform supply ships, and crew transfer vessels.  These specialized ships rely on reliable and maneuverable engines to support exploration and production activities. Several governments within the MEA region are prioritizing investments in port infrastructure and maritime development. This includes creating new ports, expanding existing facilities, and attracting foreign investment in the maritime sector.  This focus on infrastructure development fuels the demand for new vessels and consequently, marine engines. The Middle East & Africa's position as the third-largest market share holder in the marine engines market stems from its strategic location, flourishing regional trade, government investments, and a mix of modern and aging fleets requiring new or replacement engines. The future of the market will likely witness an interplay between these factors and the adoption of cleaner technologies as the maritime industry strives for sustainability.

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Key Players

Key players in the global marine engines market include Caterpillar (US), Wärtsilä (Finland), Man Energy Solutions (Germany), Rolls-Royce Plc (UK), AB Volvo Penta (Sweden), HDHyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Heavy Industries, Ltd. (Japan), Cummins Inc. (US), Daihatsu Diesel Mfg. Co., Ltd. (Japan), and Deutz AG (Germany).

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Marine Engines Market Trends, Key Technology Developments and Impact Analysis of Drivers and Restraints During (2022-2028)

 

According to the new market research report "Marine Engines Market by Engine (Propulsion Engine, Auxiliary Engine), Type (Two Stroke, Four Stroke), Power Range (Up to 1,000 hp, 1,001-5,000 hp, 5,001-10,000 hp, 10,001-20,000 hp, Above 20,000 hp), Fuel, Vessel and Region - Global Forecast to 2027" The marine engines market size will grow to USD 13.3 billion by 2027 from USD 11.7 billion in 2022, at a CAGR of 2.6% during the forecast period.

Growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety are the driving factors for the marine engines market, globally. Global maritime trade has increased significantly in the past decade. This rise can be attributed to the growing economies of Asia Pacific, and the rise of e-commerce and online trade. Maritime trade, however, slumped in 2020 due to the pandemic induced lockdown and the disruption of marine industrial activity and trade. This in turn also led to a decline in ship deliveries in 2020. With the resumption of trade, 2021 saw a surge in new orders for ships and marine engines. Also, the shipping companies are targeting to replace their aging fleet with new build vessels equipped with cleaner and more efficient engines. Stringent regulations put in force by the International Maritime Organization (IMO) from January 2020, to limit the emission of sulfur from ships to 0.5%, are further compelling shipowners to either procure ships with cleaner and greener engines, or retrofit their older vessels with new engines which are significantly more efficient and emit less SOx. This has also led to a shift in fuel consumption pattern of marine engines with more and more engines utilizing cleaner distillate fuels rather than heavy fuel oils. Many marine engine manufacturers have also developed smart engines, pure gas engines, and hybrid or dual-fuel engines to address the issue and comply with the regulations. Thus, the growth of maritime trade, aging fleet and the development of smart and hybrid engine technologies to adhere to the stringent regulations are expected to lead to the growth of the marine engines market.

The propulsion engine segment is expected to dominate the marine engines market, by engine, during the forecast period.

The propulsion engine segment is expected to hold the largest market share of the marine engines market. Propulsion engines are the main supporting system of a ship and are an integral part of the ship’s propulsion mechanism. They are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Thus, the demand for propulsion engines across various engine types is high and expected to increase further. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines, and dual-fuel engines. All the vessels, from a small passenger ferry to very large container ships, require a propulsion or a main engine to direct the vessel’s movement through the water. Full-scale resumption of global maritime trade, growth of the shipbuilding industry, and the replacement of aging fleet with new build vessels are expected to drive the propulsion engine segment of the marine engines market during the forecast period.

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The above 20,000 HP segment is expected to be the largest in the marine engines market, by power range, during the forecast period.

The above 20,000 MW segment held the largest market share of the marine engines market in 2021. The above 20,000 HP marine engines mostly have applications for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and others. They are primarily used as prime moves to facilitate the movement of these ships through the waters. The growth of global maritime trade and the requirement of more and more vessels to cope with tight vessel supply, as well as the requirement to replace some of the existing fleet to comply with the stringent International Maritime Organization (IMO) regulations put in force from January 2020, are expected to drive the growth of the above 20,000 HP segment during the forecast period.

The two stroke segment is expected to be the largest segment in the marine engines market, by type, during the forecast period.

The two stroke segment accounted for the largest share of the marine engines market, by type, in 2021. The two-stroke engines can run on low-grade fuels, have better efficiency and high power; and are more reliable. They are preferred as main engines in vessels in case of long journeys via oceans when higher power and efficiency are required. They offer high torque at a low engine speed, which helps boats/vessels cruise at a constant speed without adjusting the engine speed. Two-stroke engines have one revolution of the crankshaft during one power stroke. They also have a larger ratio in terms of power to weight and are slow-speed, crosshead engines. The growth of international maritime trade will lead to an increase in the requirement of prime movers for ocean going vessels, which eventually will drive the demand for two stroke marine engines during the forecast period.

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The marine diesel oil segment is expected to be the largest in the marine engines market, by fuel, during the forecast period.

The largest share of the marine engines market in 2021 was held by the marine diesel oil segment. Marine diesel oil, unlike heavy fuel oil (HFO), does not require heating during storage. The various blending ratios of marine diesel oil can be regulated directly by refinery processes or by mixing ready-made marine fuels. The growing stringency of emission control regulations and continuous revisions in the IMO standards have led to the substitution of bunker oil or heavy fuel oil with low sulfur oils such as marine diesel oil, driving the growth of this segment in the marine engines market during the forecast period.

The bulk carriers segment is expected to be the largest in the marine engines market, by vessel, during the forecast period.

The largest share of the marine engines market in 2021 was held by the bulk carriers segment. Bulk carriers are the merchant fleets workhorses, transporting raw ingredients including grain, iron ore, and coal, as well as products such as bauxite, cement, fertilizers, rice, sugar, and timber to name a few. Bulk carriers can also transport manufactured goods such as steel coils. They are the most environmentally efficient way to move big volumes of dry freight over long distances. As the demand for raw materials, grains, and metals transportation increases, shipping companies will react with a surge of new orders for dry bulk carriers. The recovery of world trade post 2020 also led to a surge in new orders to address severe fleet capacity constraints and the uptick in freight rates, which may drive the bulk carriers segment of the marine engines market during the forecast period.

Asia Pacific likely to emerge as the largest marine engines market.

The Asia Pacific region accounted for the largest share of the marine engines market in 2021. The region is a global shipbuilding hub, dominated by countries such as China, South Korea, Japan, and the Philippines. Also, the region is experiencing rapid economic growth, creating a favourable environment for the growth of maritime trade. 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 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. The demand for marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts among countries in the region. The governments in the region are offering tax rebates to the shipbuilding industry as well. Hence, the region is witnessing a spike in investments in the shipbuilding industry, consequently leading to a rise in demand for marine engines.

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The marine engines market is dominated by a few major players that have a wide regional presence. The leading players in the marine engines market are Caterpillar (US), Wärtsilä (Finland), Volkswagen Group (MAN Energy Solutions) (Germany), Rolls-Royce Holdings (UK), Volvo Penta (Sweden), Mitsubishi Heavy Industries, Ltd. (Japan), Cummins (US), Hyundai Heavy Industries Co., Ltd. (South Korea), Daihatsu Diesel Mfg. Co., Ltd. (Japan), Deutz AG (Germany), WinGD (Switzerland), Siemens Energy (Germany), Fairbanks Morse (US), Wabtec (GE Transportation) (US), Yanmar (Japan), Isotta Fraschini Motori (Italy), CNPC Jichai Power Company Limited (China), Bergen Engines (Norway), Doosan Infracore (South Kore), Mahindra Powerol (India), IHI Power Systems (Japan), and others.

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Marine Engines Market to see Stunning Growth with Key Players Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta

Marine Engines Market New Revenue Pockets:

The global marine engines market size is projected to grow from USD 11.8 billion in 2020 to USD 13.7 billion by 2025; it is expected to grow at a CAGR of 3.1% from 2020 to 2025. The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.

The marine engines market has promising growth potential due to increasing global maritaime trade in key market regions and large-scale investment in marine freight transport, tourism, and adoption of smart engines. Globally many countries have suffered heavily due to the ongoing COVID-19 pandemic and resultant economic slowdown. With the countries reopening and resuming international trade the demand for maritime freight transport is expected to increase and result in growth opportunities for marine engines market.

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The marine engines market, by power range, is segmented into up to 1000 hp, 1001 – 5000 hp, 5001–10000 hp, 10001–20000 hp, and Above 20000 hp. During the forecast period the above 20000 hp is expected to grow at the fastest rate. Typically, marine engines of above 20000 hp find applications majorly for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and other large vessels. With the growing demand for large maritime vessels due to their economic operation and ability to carry large cargo, the demand for above 20000 hp marine engines is expected to grow.

The marine engines market, by fuel, is segmented into heavy fuel oil, marine diesel oil, marine gas oil, intermediate fuel oil, and others. The marine diesel fuel segment is expected to grow at the fastest rate during forecast period. Although the heavy fuel oil is the popular fuel for marine engines, the increased stringent regulations and IMO regulations curbing the use of heavy fuel are expected to aid the market growth in marine diesel oil segment.

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Asia Pacific is expected to account for the largest market size during the forecast period.

Asia Pacific is estimated to be the fastest-growing market for marine engines during the forecast period. Asia Pacific includes China, Japan, South Korea, India, Australia, and Rest of Pacific. Asia Pacific region is one of the global leaders in manufacturing and exports its goods overseas via marine transport. The region also global leader in shipbuilding industry both in terms of exports and imports. It is considered to be a lucrative region for maritime trade. Countries such as China, Japan, and South Korea 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.

Key Market Players:

Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), and Volvo Penta (Sweden). The leading players are adopting various strategies to increase their share in the marine engines market.

Marine Engines Market Outlook 2020 – Huge Growth, Trends, Revenue And In-Depth Analysis 2025

The global marine engines market is projected to grow from USD 11.8 billion in 2020 to USD 13.7 billion by 2025; it is expected to grow at a CAGR of 3.1% from 2020 to 2025. The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.

The heavy fuel oil segment is expected to dominate the marine engines market, by fuel, during the forecast period.

The heavy fuel oil segment is expected to lead the marine engines market from 2020 to 2025. Heavy fuel oil is the commonly used fuel for marine engines across the globe. Inspite of the stringent emission controls and revisions in IMO standards, the demand for heavy fuel oil marine engines is expected to be the largest among all segments.

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The propulsion engine segment is expected to be the fastest-growing marine engines market, by engine, during the forecast period.

The propulsion engine segment, by engine, in marine engines market is estimated to grow at the fastest rate during the forecast period. Propulsion engines are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Thus, the demand for propulsion engines across various engine types is expected to increase with the increased demand for marine engines.

Asia Pacific likely to emerge as the largest marine engines market

In this report, the marine engines market has been analyzed for five regions, namely, Asia Pacific, North America, Europe, Middle East & Africa, and South America. Asia Pacific is estimated to be the largest market for marine engines during the forecast period. Asia Pacific is global leader in shipbuilding industry both in terms of exports and imports. It is considered to be a lucrative region for maritime trade. Countries such as China, Japan, and South Korea 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.

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To enable an in-depth understanding of the competitive landscape, the report includes 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), and Volvo Penta (Sweden). The leading players are adopting various strategies to increase their share in the marine engines market.

About MarketsandMarkets™

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Marine Engines Market 2020 Future Growth Explored in Latest Research Report by 2025

According to the new market research 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, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Marine Engines Market is projected to grow from USD 11.8 billion in 2020 to USD 13.7 billion by 2025; it is expected to grow at a CAGR of 3.1% from 2020 to 2025. The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.

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The heavy fuel oil segment is expected to dominate the Marine Engines Market, by fuel, during the forecast period.

The heavy fuel oil segment is expected to lead the Marine Engines Market from 2020 to 2025. Heavy fuel oil is the commonly used fuel for marine engines across the globe. Inspite of the stringent emission controls and revisions in IMO standards, the demand for heavy fuel oil marine engines is expected to be the largest among all segments.

Browse in-depth TOC on "Marine Engines Market"
188 – Tables
51 – Figures  
224 – Pages

View Detailed Table of Content Here: https://www.marketsandmarkets.com/Market-Reports/marine-engine-market-261640121.html 

The propulsion engine segment is expected to be the fastest-growing Marine Engines Market, by engine, during the forecast period.

The propulsion engine segment, by engine, in Marine Engines Market is estimated to grow at the fastest rate during the forecast period. Propulsion engines are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Thus, the demand for propulsion engines across various engine types is expected to increase with the increased demand for marine engines.

Asia Pacific likely to emerge as the largest Marine Engines Market

In this report, the Marine Engines Market has been analyzed for five regions, namely, Asia Pacific, North America, Europe, Middle East & Africa, and South America. Asia Pacific is estimated to be the largest market for marine engines during the forecast period. Asia Pacific is global leader in shipbuilding industry both in terms of exports and imports. It is considered to be a lucrative region for maritime trade. Countries such as China, Japan, and South Korea 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.

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To enable an in-depth understanding of the competitive landscape, the report includes 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), and Volvo Penta (Sweden). The leading players are adopting various strategies to increase their share in the Marine Engines Market.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

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https://www.marketsandmarkets.com/Market-Reports/marine-fuel-injection-system-market-78212165.html 

Marine Gensets Market by Vessel type (Commercial vessel, Defense vessel, & Offshore vessels), Fuel (Diesel fuel, Gas fuel, & Hybrid fuel), Rating (less than 1,000kW, 1,001-3,000 kW, 3,001-10,000kW & more than 10,000kW) & Region - Global Forecast to 2021
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About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
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Email: newsletter@marketsandmarkets.com 

Marine Engines Market 2019 Global Share, Trend, Segmentation and Forecast to 2024

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.

Browse 79 market data Tables and 42 Figures spread through 150 Pages and in-depth TOC on "Marine Engines Market - Global Forecast to 2024 "

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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.

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 engines.

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.

Browse Related Report –

Marine Gensets Market by Vessel type (Commercial vessel, Defense vessel, & Offshore vessels), Fuel (Diesel fuel, Gas fuel, & Hybrid fuel), Rating (less than 1,000kW, 1,001-3,000 kW, 3,001-10,000kW & more than 10,000kW) & Region - Global Forecast to 2021

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Marine Engines Market Estimated To Mark A Highest CAGR Of 3.11% From 2019 To 2024 : MarketsandMarkets Inc.

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.

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

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.

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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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.
630 Dundee Road

Suite 430

Northbrook, IL 60062

USA : 1-888-600-6441

newsletter@marketsandmarkets.com