Trusted Business Insights presents the Updated and Latest Study on Marine Engines Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Marine Engines Market
Industry / Sector Trends
Global Marine Engines Market size in 2017 was valued above USD 10 billion and the industry is anticipated to grow at 4.6% by 2024.
Rising global seaborne trade across the developing economies on account of positive outlook toward the shipping industry will encourage the marine engines market share growth. Advancements in technology & design, swift shift from conventional fuel to low sulfur fuel and strict government mandates to adopt clean fuel will augment the demand for engines supporting LNG, LSFO and hybrid fuel.
The implementation of government regulations to reduce maritime pollution majorly across Emission Control Areas (ECAs) has fuelled the need for low emission engines. Enhanced efforts toward increasing engine capacities has further led to the development initiatives for designing reliably advanced systems. Growing demand for economically viable engines along with rising maritime tourism will further stimulate the product deployment.
Market Segmentation, Outlook & Regional Insights: Marine Engines Market
Marine Engines Market Outlook, By Fuel
The Marine diesel oil fuel has gained a significant penetration in the marine industry on account of its lesser polluting emissions, reduced costs and increased oxidation & thermal stability characteristics. In addition, compliance with environment regulations formulated by the government to reduce the existing emission levels will strengthen the business landscape.
LNG marine engines industry was valued above USD 1 billion in 2017. Reduced carbon emissions along with competitive pricing of commercially viable regions are some of the key parameters positively influencing the product installation. In addition, expansion of ECA zones along with positive outlook toward shipbuilding industry will foster the industry landscape.
Marine Engines Industry, By Power
< 1,000 HP marine engines industry is projected to witness a gain of over 4% by 2024. These systems are installed in large ships for enhanced power requirement used in the transit of vehicle. The engines are widely adopted in merchant vessels including cargo ships, bulk carriers, tanker vessels and containers. >20,000 HP engines are extensively utilization in submarines, yachts, and tugboats. Increasing demand for yachts, passenger vessels, commercial vessels, and cruise ships will complement the business scenario. Rise in disposable incomes along with improved standards of living are further set to drive the product adoption.
Marine Engines Market, By Technology
Europe Marine Engines Market Size, By Technology, 2017 (USD Million)
Medium speed will witness growth on account of low maintenance and lightweight. Growing marine tourism coupled with rising demand for passenger and recreational vessels will enhance the product adoption. Moreover, the systems are witnessing an extensive deployment across vessels including cruises and ferries.
Increasing demand for tugboats along with ongoing expansion & construction of local seaports will fuel the high-speed marine engines adoption. The engines are primarily installed on ferries or boats, small ships, fishing vessels and yachts. Underline factors including compact size, improved engine performance & efficiency will further strengthen the industry outlook.
Marine Engines Market, By Propulsion
The four-stroke propulsion engines will witness significant growth on account of their reduced noise levels, high speed, cost efficient and greater fuel efficiency. In addition, the engines do not need an addition of lubricant leading to generation of less pollution, thereby, augmenting the business landscape.
Two-stroke engines is set to witness substantial growth of 4% by 2024. Technological improvements along with improved operational efficiency will encourage the business landscape. Enhanced ability to use inexpensive quality fuels, high load sustainability, uniform turning moment and reduced wear & tear resistance is projected to augment the product adoption.
Marine Engines Market, By Application
Offshore marine engines industry is anticipated to reach USD 2 billion by 2024. Growing demand for offshore support vessels to carry out distinct operations will encourage the product deployment. Positive outlook toward drilling activities coupled with robust growth in Exploration and Production (E&P) activities will further strengthen the industry scenario.
The increasing maritime trade across the emerging economies along with the rise in shipbuilding activities will fuel the demand for marine commercial engines. The opening and expansion of major shipping routes especially the choke points will foster the product installation.
Marine Engines Market, By Region
Saudi Arabia Marine Engines Market Size, By Power, 2018 – 2024 (USD Million)
UAE accounted for over 20% of the global market share in 2017. The increasing exploration and production activities will augment the demand for gas carriers, oil tankers along with drill ships and platform supply vessels. Enforcement of the environmental standards, growing trade practices and high-end technology adoption is further set to stimulate the product adoption.
Rising shipbuilding activities specifically in Japan accompanied by healthy orderbook is anticipated to drive the business landscape. Ongoing technological advancements in product design and development along with varied manufacturers operating in the industry will further strengthen the industry outlook.
Key Players, Recent Developments & Sector Viewpoints: Marine Engines Market
Key industry players in the marine engines business include Anglo Belgian Corporation, Caterpillar, Brunswick, Cummins, Duetz, Shanghai Diesel Engine, John Deere, MAN Energy Solutions, Rolls Royce, STX Engines, Scania, Volvo Penta, WArtsilA, Weichai, Yanmar Holdings, Yamaha and IHI among others.
The manufacturers are majorly focusing on new product launch, mergers & acquisitions and R&D to gain competitive advantage in the industry.
Marine Engines Industry, Background
The marine engines are used to generate power for offshore support vessels, commercial vessels, and other marine vessels vessels operating on a variety of fuels including gas oil, diesel oil, hybrid and LNG. Fuel efficiency, easy maintenance, low harmful emissions, durability, high performance, and quiet operation are the major factors accounting for the product installation
What are the Key Insights Covered: Exhaustive Marine Engines Market
1. Market size (sales, revenue and growth rate) of Marine Engines industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Marine Engines industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Marine Engines industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Marine Engines industry.
What is the Research Methodology used: Marine Engines Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Marine Engines Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
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