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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