Marine Engine Market Size to Hit USD 14.51 Billion by 2027 | Exhibit a CAGR of 4.7%

According to Fortune Business Insights, the global marine engine market was valued at USD 10.54 billion in 2020, and is projected to reach USD 14.51 billion by 2027, growing at CAGR of 4.7% from 2021 to 2027. Damen Shipyards to Build Largest Ever 70-Tonne Bollard Pull All-Electric Tugboat for Ports of Auckland.


Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global marine engine market size is expected to grow from USD 10.54 billion in 2020 to USD 14.51 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period. There are a few factors driving this growth. First, the global economy is improving, which means more people are taking to the seas for leisure and commerce. Second, new engine technologies are making it possible for boats to go faster and farther than ever before. And third, the rise of China and other Asian countries is creating new demand for marine engines. This information is given by Fortune Business Insights™ in a new report, titled, “Marine engine Market 2020-2027.”

All of these trends are good news for the marine engine market. We can expect to see continued growth in the years ahead.

Key Industry Developments:

In October 2020, 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.


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Report Highlights:     

Report Coverage Details
Forecast Period 2020-2027
Forecast Period 2020 to 2027 CAGR 4.7%
2027 Value Projection USD 14.51 billion
Base Year 2019
Market Size in 2019 USD 12.49 billion
Historical Data for 2016-2018
No. of Pages 233
Segments covered 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


Market 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. The marine engine market is on the rise, with new technologies and designs coming to the fore.

COVID-19 Impact:

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.


To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/marine-engine-market-100771


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.

Competitive Landscape:

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:

  • Caterpillar
  • Cummins
  • Hyundai Heavy Industries
  • Man Energy Solution
  • Mitsubishi Heavy Industries
  • Honda Motors Co. Ltd.
  • Wartsila              
  • Kongsberg
  • Mahindra Powerol
  • General Motors
  • Yanmar Holdings Co. Ltd.
  • Doosan Infracore

Marine Engine Market Segmentation:

By Ship Type:

  • Oil Tankers
  • Bulk Carriers
  • General Cargo Ships
  • Container Ships
  • Gas Carriers
  • Chemical Tankers
  • Support Vessel
  • Ferriers and Passenger ships
  • Other

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

By Speed:

  • High Speed
  • Medium Speed
  • Low Speed

By Fuel Type:

  • Heavy Fuel Oil
  • Intermediate Fuel Oil
  • Marine Diesel Oil
  • Marine Gas Oil
  • LNG
  • Other

By Stroke:

  • Four Stroke
  • Two Stroke
  • Other


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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
  • Qualitative Analysis – Impact of COVID-19
  • Impact of COVID-19 on the Marine Engines Market
  • Steps Taken by the Government to Overcome the Impact
  • Key Developments in the Industry in Response to COVID-19
  • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Marine Engine Market Analysis (USD Billion), Insights and Forecast, 2016-2027
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Ship Type
  • Oil Tankers
  • Bulk Carriers
  • General Cargo Ships
  • Container Ships
  • Gas Carriers
  • Chemical Tankers
  • Support Vessel
  • 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
  • High Speed
  • Medium Speed
  • Low Speed
  • 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 Stroke
  • Four Stroke
  • Two Stroke
  • Other
  • Market Analysis, Insights and Forecast – By Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Continued…


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