Marine Engines Market - by Power (Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP, Above 20,000 HP), by Fuel Type (Heavy, Intermediate, Marine Diesel and Gas Oil), by Vessel Type (Commercial, Offshore), by Engine Type (Propulsion & Auxiliary) and by Region – Industry Forecast 2027

ID: VPR/A&T/1027 Publishing Year: October 2021 Pages: 103 Format:   


Marine Engines Market Overview:

The Marine Engines Market is projected to grow from USD 11.5 billion in 2020 to reach USD 15 billion by 2027; it is expected to grow at a CAGR of 3.87% from 2020 to 2027.

Marine Engines are machines that supply power to marine boats such as commercial ships, offshore support ships, and other ships. Crankshaft, liner, pistons, bedplate, and head are all parts of these engines. These components are made of corrosion-resistant materials, and their seals and bearings are designed specifically for use at sea. Environmental restrictions governing the emission of dangerous gases have been solved through the development of new technology and manufacturing processes in the marine engine business. Marine Engines are appropriate for marine applications because of features such as fuel efficiency, ease of maintenance, high performance, durability, quiet operation, and low harmful emissions.

One of the key reasons driving demand in the Marine Engines Market in recent years has been the rapid development in shipbuilding activity around the world. Increasing demand for luxury boats such as cruise ships and yachts as a result of rising disposable income has been a major contributor to the growth of the Marine Engines Market. The rapid Growth of the Marine Engines Market has been aided by the global increase in demand for commercial vessels such as bulk carriers and gas carriers.

Key Players:

The Key Players of Marine Engines Market are GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), and Wärtsilä Corp (Finland). Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (U.S.), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany) are among others.

Covid-19 Impact:

The COVID-19 epidemic has had a negative impact on the world economy, as numerous sectors' operations have come to a halt. According to the World Trade Organization (WTO), the global economy is anticipated to contract by 12% to 33% in 2020 as a result of the interruption of normal economic activities. Personnel have been told not to travel, which is having a severe effect on the Marine Industry. As a result of the delays in swapping containers, this has had an increasingly severe influence on worldwide trade. The installation of a marine engine is hampered as a result of this. Furthermore, businesses are temporarily pausing output at significant propulsion facilities.

Drivers:

Maritime transportation is regarded as the backbone of global trade. According to figures given by the International Chamber of Shipping (UK), roughly 90% of global commerce trade is carried out by sea, as this mode of transportation is less expensive than rail or road. Asia Pacific countries have emerged as the world's leading manufacturers. As a result of the increased export of commodities, there is a major growth in the demand for container ships in this region. The majority of shipbuilding companies, as well as propulsion system and engine manufacturers, are based in Asia Pacific. As a result, rising demand for marine engines has been fueled by increased demand for maritime transport services and the rise of the shipping industry in Asia Pacific.

Restraints:

Environmental rules, policies, and subsidy schemes differ per country, depending on the severity of harmful gas emissions such as SOx, NOx, and CO2. For example, the International Maritime Organization (UK) issued MARPOL Annex VI rules in 2005 that set NOx emission limitations and required the use of low-sulfur fuels. These regulations apply to vessels and ships operating in US seas and within 200 nautical miles of the North American coast, often known as the North American Emission Control Area (ECA). The development of marine propulsion systems that comply with various environmental standards created by governments across the world is a priority for ship component manufacturers.

Opportunities:

Marine Engines are an essential component of ships and boats. Many companies are currently investing in engine research and development in order to get the best mileage and power for the least amount of money. Because of the greater cost and limited supply of petroleum fuel, alternative fuel is also necessary to run an engine (diesel and petrol). Many engines that can run on alternate fuels are being developed. A compression ignition engine is a dual-fuel engine. To complete a power stroke, it uses two fuels. The main fuel is gaseous fuel, while the pilot fuel is diesel fuel. Heavy fuel and marine gas/diesel oil are the two most commonly used fuels at the same time. Heavy oil is commonly utilized while offshore sailing due to its low cost. When sailing near land, however, marine gas oil is utilized. Almost all new engines are designed to run on both types of fuel. This hybrid technology provides a cost-effective way for ship owners to comply with emission regulations.

Challenges:

Overcapacity in shipping refers to a surplus of shipping vessels compared to demand. One of the key factors that has led to maritime overcapacity is the expectation of ongoing increase in trading activities, for which new vessels are acquired to meet predicted demand. To replace obsolete vessels, new energy-efficient vessels are being designed. However, due to their poor scrapping value, a number of the old vessels have not been dismantled. These vessels are sold on the market, adding to the already oversupplied market's tonnage. Despite an increase in international maritime freight traffic, the shipping industry's overcapacity has resulted in a decrease in the number of orders for new vessels. As a result, a decrease in new shipbuilding orders is expected to provide a significant obstacle to the Marine Engines Market Growth.

Market Segmentation:

The Worldwide Marine Engines Market is divided into four categories: Power Range, Vessel Type, Fuel Type, Engine Type, and Region. The Marine Engines Market is divided into four categories based on 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. The Marine Engines Market is divided into two types of vessels: commercial vessels and offshore support vessels. Heavy fuel oil, intermediate fuel oil, marine diesel oil, and marine gas oil are the different types of fuel. The Marine Engines Market is divided into two categories based on the engine: propulsion engine and auxiliary engine. The Marine Engines Market is divided into two types: two-stroke and four-stroke engines.

Regional Analysis:

The paper gives a comprehensive overview of the industry, using both qualitative and quantitative data. It gives a broad overview of the Worldwide Marine Engines Market and forecasts for key segments. It also includes market size and forecast projections for five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America, from 2020 to 2028. The Marine Engines Market is further split by countries and categories within each region. The research examines and forecasts 18 countries around the world, as well as existing trends and prospects in the region.

The research examines demand and supply side variables driving the Marine Engines Market, as well as key dynamics affecting the market throughout the projected period, such as drivers, constraints, opportunities, and future trends.

 

 

 



Frequently Asked Questions
Marine Engines Market is predicted to grow at 3.87% through forecast period of 2020-2027.
By 2027, worth USD 15 Billion is estimated for the Marine Engines Market.
Rising demand for marine engines has been fueled by increased demand for maritime transport services and the rise of the shipping industry in Asia Pacific.
GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), and Wärtsilä Corp (Finland). Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (U.S.), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany)

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