Marine Engine Market Size to Surpass USD 14.51 Billion by 2027 | exhibiting a CAGR of 4.7%
Fortune Business Insights
9 min read
Fortune Business Insights
According to Fortune Business Insights, the global Marine Engine market size is projected to grow from USD 12.49 Billion in 2019 to USD 14.51 Billion in 2027, at CAGR of 4.7% during forecast period.
Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global marine engine market is projected to exhibit astonishing growth owing to the substantial expansion of international trade, observes Fortune Business Insights™ in its report, titled, “Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries & Passenger ships, and Others), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP, 40000 – 50000 HP, 50000 – 60000 HP, 60000 – 70000 HP, 70000 – 80000 HP, 80000 – 90000 HP, 90000 – 100000 HP, 100000 – 110000 HP, and Greater than 110000 HP ), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke (Two Stroke, Four Stroke, and Others) and Regional Forecast, 2020-2027.” The global marine engine market size was USD 12.49 billion in 2019 and is anticipated to reach USD 14.51 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period.
Industry Developments:
Mitsubishi Shipbuilding Co., Ltd., was granted Approval in Principle from the French Classification Society, Bureau Veritas (BV), for a Liquefied Natural Gas (LNG) fuel gas supply system (FGSS) for marine four-stroke dual fuel engines.
Hyundai Heavy Industries and Korea Development Bank have signed a definitive agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME). Under this agreement KDB will make a significant contribution to Korea Shipbuilding & Offshore Engineering (KSOE), to be established as an independent company from HHI to control the group’s shipbuilding companies including HHI by transferring its shares in DSME in return to claim equity stakes in KSOE.
Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil), By Speed, By Stroke And Regional
Growth Drivers
Rapidly Flourishing Global Trade to Drive the Market
Offering Tailor-made Products to Help Key Players Gain Competitive Advantage
Drivers & Restraints:
Rapidly Flourishing Global Trade to Drive the Market
Rapidly increasing international trade and the resultant global supply chain are projected to drive the global marine engine market growth. For instance, as per the report published by the International Monetary Fund, the overall growth of the world trade has been an average of 6% over the past 20 years. The growth at this rate is twice as fast as the world output over these years. In addition, technological advancements in marine engines are estimated to enhance growth. However, the lack of fuel options due to strict regulations regarding emissions from several countries is anticipated to limit the demand.
Covid-19 Impact Analysis:
Global Shutdown amid COVID-19 to Disrupt Global Supply Chain
The global merchandise trade relies heavily on the maritime transport sector as it handles over 80% of the former. Therefore, shutdown of the shipment industry amid the COVID-19 pandemic is anticipated to cause huge disruption in the global supply chain. Businesses across the world are paralyzed as most of the businesses have shipment as their primary component of operations. We are offering precise market reports based on our expertise and experience in the field of market research, which will help you get rid of the current challenges.
The report includes a detailed company profile of key players and in-depth analysis of various market segments. It also includes close study of the various drivers and restraints that drive the market along with comprehensive understanding of the positive and negative impacts of regional developments on the market.
Segmentation:
Oxidation & Thermal Stability Characteristics to Augment the Demand for Marine Diesel Oil
Based on fuel, the marine diesel oil segment dominated the global marine engine market with 25.5% share in 2019. The oxidation & thermal stability characteristics and reduced costs are the key factors driving the segment growth. Based on ship type, the gas carriers segment is anticipated to exhibit the highest CAGR during the forecast period. This is due to its ability to use natural gas as fuel and emit minimum sulfur oxides and nitrogen oxides.
Regional Insights:
Presence of Major Manufacturers in the Region to Aid Asia Pacific to Dominate
Asia Pacific is set to lead the global market with a share of USD 5.35 billion in 2019. Leading countries including China and India being the largest manufacturers in the world is a major factor driving the growth of marine engines in the region. For instance, in 2019, nearly 41% of the total goods exported were manufactured in the region. On the other hand, the total value of goods imported reached 62%.
The market in Europe is anticipated to exhibit significant growth in the forecast timeframe. Robust infrastructure for shipping gives a competitive advantage to the region. For instance, the contribution of the EU shipping industry to the European Union’s annual GDP is a total of €147 billion.
Offering Tailor-made Products to Help Key Players Gain Competitive Advantage
Key players operating in the market are focused on providing customized products as per the requirement of their clients. This will help them gain a competitive advantage over other enterprises. In August 2019, Ports of Auckland ordered the world's first full-size electric tugboat from Damen Shipyards of the Netherlands. The latter is set to build a 70-tonne bollard pull all-electric tug for delivery in 2021.
A List of Key Manufacturers Operating in the Global Market:
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