Selbyville, Delaware, July 27, 2020 (GLOBE NEWSWIRE) --

Global marine engines market revenue is projected to surpass USD 8.8 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Utilization of renewable sources such as LNG to meet main and auxiliary power requirements is projected to augment the market growth. Growing trend of modernizing existing vessels coupled with rising demand for energy efficient ships is set to propel the business scenario.

Marine engines industry is projected to witness significant growth on account of 80% of all international trade by volume being transported via maritime transport. Growing global population along with rising demand from developing economies will stimulate the product installation. Additionally, technological advancements in design, swift shift from traditional fuel to low sulfur oil along with stringent government mandates to adopt green fuel is projected to drive the business scenario.

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The global economy has come to a standstill owing to the COVID-19 pandemic, with the entire maritime supply chain facing significant challenges. Resuming production on scaled down capacity has provided some respite, although shortages across the board are hampering revenue streams. However, increasing demand for the minimal production coupled with increasing investments being diverted towards stabilizing the maritime industry will positively influence the product demand.

Some key insights of the marine engines market report include:

  • The demand for marine engines is growing across commercial, offshore and recreational application.
  • Some of the key players in the global market are Man Energy Solutions, Wärtsilä, Caterpillar, Cummins and Siemens among others.
  • Ongoing investments toward development of LNG based systems for commercial application is projected to drive the business development.
  • LNG engines are experiencing significant increase in adoption rates on owing to the increasing investments toward product development and regulatory pressure. 

Browse key industry insights spread across 735 pages with 1,298 market data tables & 37 figures & charts from the report, “Marine Engines Market Trends By Power (< 1,000 HP, 1,000-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, > 20,000 HP), Fuel (MDO, MGO, LNG, Hybrid), Technology (Low Speed, Medium Speed, High Speed), Propulsion (2-Stroke, 4-Stroke), Application (Commercial [Container Vessels, Tankers, Bulk Carriers, Roll On/Roll Off], Offshore [AHTS, PSV, MPSV], Recreational [Cruise Ships, Ferries, Yachts], Navy), Industry Analysis Report, Regional Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:

The marine engines market value is set to witness major surge owing to the technological development, reliability and high efficiency. Rising emission rates from vessels along with increasing awareness among authorities and individuals toward installation of sustainable technologies will propel the product demand. International marine tourism on account of improving standard of living allow for leisure time will further strengthen the industry landscape.

U.S. marine engines market is anticipated to grow at a CAGR of 4.7% through 2026. Rising trade of container cargo along with increasing exploration and subsequent drilling activities will stimulate the market forecast. Furthermore, rising investments toward technological advancement and product design owing to the rise in demand for cleaner alternatives will augment the product installation. Ongoing trade practices, high-end technology adoption implementation of environmental standards is further projected to augment the regional market outlook.

Major players in the marine engines market are already increasing investments with the aim to alter exiting product designs to serve the changing demand and regulation requirements. Few Key manufacturers in the marine engines industry are Brunswick Corporation, Cummins, Shanghai Diesel, Rolls Royce, STX, IHI Corporation, Anglo Belgian, MAN Diesel & Turbo, John Deere, Daihatsu Diesel, Deutz, Scania, Yanmar, Volvo Penta, Caterpillar, Yuchai, Weichai and Yamaha among others.      

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Marine Propulsion Systems Industry Statistics By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs & Ships, Anchor Handling Vessels, Offshore Support Vessels, Floating Production Units, Platform Supply Vessels], Cruise & Ferry [Cruise Vessels, Passenger Ferries, Passenger Cargo Vessels], Navy), Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), Technology (Low Speed, Medium Speed, High Speed), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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