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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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
