Pune, June 09, 2020 (GLOBE NEWSWIRE) -- The global marine engine market will derive growth from the advent of electric automobiles for trading purposes. The market was valued at USD 12.05 Billion in 2018 and exhibit a CAGR of 4.58% from 2019 to 2026. According to a report published by Fortune Business Insights, titled “Marine Engine Market Size, Share & Industry 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, 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, 2019-2026,” the market will reach USD 17.09 Billion by 2026.
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Trade activities have become an integral part of the economy of a country. Improving global relations and agreements have given rise to an increase in the number of trade activities across the world. The growing trade activities will have a direct impact on the world economy. A primary factor of all trade activities is the mode of transport and distance. A cost-effective transport will enable enhanced trade activities, all within lesser time. Marine trade activities are gaining rapid popularity on a global scale due to its advantages over other modes. Low time for transport, lesser traffic and congestion, and the ability of marine automobile to carry larger weights are some of the benefits offered by marine transport.
The demand for marine automobile will have a positive impact on the marine engines market. Several factors have contributed to the increasing demand for marine engines in recent years. Moreover, technological advancements and cost-effective transportation have aided market growth. The report identifies a few of the primary factors that have constituted an increase in the global marine engine market size in recent years and highlights leading growth drivers. Additionally, the report discusses a few of the factors that have restrained market growth. Besides this, the report labels leading companies in the market.
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Global Supply Chains of Manufacturing and Resource Production to Provide Impetus for Market Growth
The increasing resource production and improved raw material production will aid the demand for trade activities across the world. The increasing number of supply chains will create more trade opportunities, which in turn will have a direct impact on marine automobile and marine engine. The involvement of industrial expertise and experienced examination in manufacturing of marine automobile will benefit the overall industry. These factors have a significant influence on the export activities of a country. The advancements in marine carriage ships such as high fuel efficiency, improved stability, and larger spaces will provide platforms for growth of the global marine engine market in the coming years.
Asia Pacific to Emerge as the Leading Region
The growing trade activities in several countries across the Asia Pacific has led to a huge demand for marine engines in this region. The growing adoption of ships and boats for entertainment and travel purposes will contribute to market growth. The enormous oil and gas industry in Asia Pacific has led to an increase in export activities. The growing population has created an overall increase in the demand for resources across diverse industries. Asia Pacific generated an engine market revenue of USD 5.13 Bn in 2018.
List of the leading companies that are operating in the global Marine Engine Market are:
- Caterpillar
- Cummins
- Hyundai Heavy Industries
- Man Diesel & Turbo
- Mitsubishi Heavy Industries
- Wartsila
- Kongsberg
- Mahindra Powerol
- Chrysler
- General Motors
- Yanmar Holdings Co. Ltd.
- Doosan Infracore
- Honda Motors Co. Ltd.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Marine Engine Market Analysis (USD billion), Insights and Forecast, 2015-2026
- Key Findings/Summary
- Market Analysis, Insights and Forecast – By Ship Type
- Oil Tankers
- Bulk Carriers
- General Cargo Ships
- Container Ships
- Chemical Tankers
- Support Vessels
- Gas Carriers
- Ferries and Passenger ships
- Other
- Market Analysis, Insights and Forecast – 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
- Greater than 110000 HP
- Market Analysis, Insights and Forecast – By Speed
- Low Speed
- Medium Speed
- High Speed
- Market Analysis, Insights and Forecast – By Strokes
- Two Stroke
- Four Stroke
- Others
- Market Analysis, Insights and Forecast – By Fuel
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marine Diesel Oil
- Marine Gas Oil
- LNG
- Other
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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