Marine Engine Market - Global Industry Analysis

Marine Engine Market (By Fuel: Intermediate Fuel, Marine Diesel, Heavy Fuel, Marine Gas Oil; For Commercial Vessels, Offshore Support Vessels, And Inland Waterways Vessels Applications): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 22-Jul-2021 Category: Energy & Mining Report Format : PDF Pages: 178 Report Code: ZMR-1009 Status : Published

The global Marine Engine market accounted for USD 9.9 Billion in 2020 and is expected to reach USD 12.5 Billion by 2028, growing at a CAGR of around 2.9% between 2021 and 2028.

Description

Global Marine Engine Market Overview                     

The global Marine Engine market accounted for USD 9.9 Billion in 2020 and is expected to reach USD 12.5 Billion by 2028, growing at a CAGR of around 2.9% between 2021 and 2028.           

Maritime transport is taken into account to be the backbone of international trade. Consistent with data published by the International Chamber of Shipping (UK), approximately 90% of the worldwide volume of merchandise trade is administered via sea, as this channel is cheaper than rail and road transport. Countries in the Asia Pacific became the leading providers of manufactured goods. Thus, the demand for container ships is significantly high in this region, due to a rise in the export of products. Most shipbuilding companies, including manufacturers of propulsion systems and engines, are located in the Asia Pacific. Thus, the demand for maritime transport services and therefore the growth of the shipping industry in the Asia Pacific have contributed to the increasing demand for marine engines.

COVID-19 Impact Analysis:

The most significant near-term impact on marine engines are going to be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either because nations have shuttered industries to slow the spread of coronavirus or because the workers have tested positive. With the combined effects of the pandemic and slump in global oil prices, investments are likely to contract sharply this year, especially in offshore support vessels. With the continued economic downturn, halt in production, and lockdowns, the demand for commercial vessels is facing a downturn. Recovery is predicted within the last half of the year, provided there's no emergence of another wave of the epidemic, and countries manage to regulate the spread quickly and resume normalcy.

Growth Factors

The major boosting factors for the development of the marine engine market are the advanced development of inland waterways vessels, the emergence of new technologies, and the high requirement for commercial vessels. Huge capital constraints and huge demands of R&D activities can be limiting factors for the development of the marine engine market. The global marine engine market provides new growth avenues due to the rising requirement for hybrid fuel engines. The rise in the requirement for low-priced engine will also elevate the growth of the marine engine market.

Report Scope:  

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Segment Analysis Preview  

The marine engine market is divided based on applications and fuels. Based on fuel, the global marine engine market is categorized into marine diesel, intermediate fuel, marine gas oil, and heavy fuel. The heavy fuel market section has the biggest share of the marine engine market owing to huge requirements all over the world. Increasing the requirement for a fiscally viable engine paired with an increment in seaborne trade will boost the development of the marine engine market.

Based on application, the commercial segment is estimated to account for the largest size of the marine engines market in 2020. This growth is attributed to the increasing international freight trade and cargo movement aided by the installation of advanced electrical devices because of the aging infrastructure.

Regional Analysis Preview  

The Asia Pacific was the largest and most attractive area for the marine engine market. An extra factor adding to the development of the marine engine market will be an increment in maritime trade in South East Asia deployed by China and other emerging nations in the region including Indonesia. Owing to the high ship-developing activity in the Asia Pacific area, it has become an active spot for the marine engine market.

Key Market Players & Competitive Landscape

Some of the major companies comprised in the global marine engine market are Sumitomo Heavy Industries, Mercury Marine, Roll Royce limited, Cummins Inc, GM Power Train, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Caterpillar Corporate, Wartsila Corporation, and MAN Diesel & Turbo SE. These players have a lion’s share in the growth of the global marine engine market.

The global Marine Engine market is segmented as follows:

By Fuel

  • Intermediate fuel
  • Marine Diesel
  • Heavy Fuel
  • Marine gas oil

By Applications     

  • Commercial Vessels
  • Offshore Support Vessels
  • Inland Waterways Vessels

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Fuel
        • 2.1.1.2. Market Attractiveness Analysis, By Application
        • 2.1.1.3. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Marine Engine market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Marine Engine market – Fuel Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Fuel, 2020 & 2028
    • 4.2. Intermediate Fuel
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Marine Diesel
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Heavy Fuel
      • 4.4.1. Market Size and Forecast, By Region (USD Billion)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.5. Marine gas oil
      • 4.5.1. Market Size and Forecast, By Region (USD Billion)
      • 4.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.5.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Marine Engine market – Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 5.2. Commercial Vessels
      • 5.2.1. Market Size and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Offshore Support Vessels
      • 5.3.1. Market Size and Forecast, By Region (USD Billion)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4. Inland Waterways Vessels
      • 5.4.1. Market Size and Forecast, By Region (USD Billion)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 Marine Engine market – Region Segment Analysis
    • 6.1. Overview
      • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 6.2. North America
      • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.2.2. North America Market Revenue, By Fuel, 2016 – 2028
      • 6.2.3. North America Market Revenue, By Application, 2016 – 2028
      • 6.2.5. U.S.
        • 6.2.5.1. U.S. Market Revenue, By Fuel, 2016 – 2028
        • 6.2.5.2. U.S. Market Revenue, By Application, 2016 – 2028
      • 6.2.6. Canada
        • 6.2.6.1. Canada Market Revenue, By Fuel, 2016 – 2028
        • 6.2.6.2. Canada Market Revenue, By Application, 2016 – 2028
      • 6.2.7. Mexico
        • 6.2.7.1. Mexico Market Revenue, By Fuel, 2016 – 2028
        • 6.2.7.2. Mexico Market Revenue, By Application, 2016 – 2028
    • 6.3. Europe
      • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.3.2. Europe Market Revenue, By Fuel, 2016 – 2028
      • 6.3.3. Europe Market Revenue, By Application, 2016 – 2028
      • 6.3.5. Germany
        • 6.3.5.1. Germany Market Revenue, By Fuel, 2016 – 2028
        • 6.3.5.2. Germany Market Revenue, By Application, 2016 – 2028
      • 6.3.6. France
        • 6.3.6.1. France Market Revenue, By Fuel, 2016 – 2028
        • 6.3.6.2. France Market Revenue, By Application, 2016 – 2028
      • 6.3.7. U.K.
        • 6.3.7.1. U.K. Market Revenue, By Fuel, 2016 – 2028
        • 6.3.7.2. U.K. Market Revenue, By Application, 2016 – 2028
      • 6.3.8. Italy
        • 6.3.8.1. Italy Market Revenue, By Fuel, 2016 – 2028
        • 6.3.8.2. Italy Market Revenue, By Application, 2016 – 2028
      • 6.3.9. Spain
        • 6.3.9.1. Spain Market Revenue, By Fuel, 2016 – 2028
        • 6.3.9.2. Spain Market Revenue, By Application, 2016 – 2028
      • 6.3.10. Rest of Europe
        • 6.3.10.1. Rest of Europe Market Revenue, By Fuel, 2016 – 2028
        • 6.3.10.2. Rest of Europe Market Revenue, By Application, 2016 – 2028
    • 6.4. Asia Pacific
      • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.4.2. Asia Pacific Market Revenue, By Fuel, 2016 – 2028
      • 6.4.3. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 6.4.5. China
        • 6.4.5.1. China Market Revenue, By Fuel, 2016 – 2028
        • 6.4.5.2. China Market Revenue, By Application, 2016 – 2028
      • 6.4.6. Japan
        • 6.4.6.1. Japan Market Revenue, By Fuel, 2016 – 2028
        • 6.4.6.2. Japan Market Revenue, By Application, 2016 – 2028
      • 6.4.7. India
        • 6.4.7.1. India Market Revenue, By Fuel, 2016 – 2028
        • 6.4.7.2. India Market Revenue, By Application, 2016 – 2028
      • 6.4.8. South Korea
        • 6.4.8.1. South Korea Market Revenue, By Fuel, 2016 – 2028
        • 6.4.8.2. South Korea Market Revenue, By Application, 2016 – 2028
      • 6.4.9. South-East Asia
        • 6.4.9.1. South-East Asia Market Revenue, By Fuel, 2016 – 2028
        • 6.4.9.2. South-East Asia Market Revenue, By Application, 2016 – 2028
      • 6.4.10. Rest of Asia Pacific
        • 6.4.10.1. Rest of Asia Pacific Market Revenue, By Fuel, 2016 – 2028
        • 6.4.10.2. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
    • 6.5. Latin America
      • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.5.2. Latin America Market Revenue, By Fuel, 2016 – 2028
      • 6.5.3. Latin America Market Revenue, By Application, 2016 – 2028
      • 6.5.5. Brazil
        • 6.5.5.1. Brazil Market Revenue, By Fuel, 2016 – 2028
        • 6.5.5.2. Brazil Market Revenue, By Application, 2016 – 2028
      • 6.5.6. Argentina
        • 6.5.6.1. Argentina Market Revenue, By Fuel, 2016 – 2028
        • 6.5.6.2. Argentina Market Revenue, By Application, 2016 – 2028
      • 6.5.7. Rest of Latin America
        • 6.5.7.1. Rest of Latin America Market Revenue, By Fuel, 2016 – 2028
        • 6.5.7.2. Rest of Latin America Market Revenue, By Application, 2016 – 2028
    • 6.6. The Middle-East and Africa
      • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 6.6.2. The Middle-East and Africa Market Revenue, By Fuel, 2016 – 2028
      • 6.6.3. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.5. GCC Countries
        • 6.6.5.1. GCC Countries Market Revenue, By Fuel, 2016 – 2028
        • 6.6.5.2. GCC Countries Market Revenue, By Application, 2016 – 2028
      • 6.6.6. South Africa
        • 6.6.6.1. South Africa Market Revenue, By Fuel, 2016 – 2028
        • 6.6.6.2. South Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.7. Rest of Middle-East Africa
        • 6.6.7.1. Rest of Middle-East Africa Market Revenue, By Fuel, 2016 – 2028
        • 6.6.7.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
  • Chapter No. 7: Marine Engine market – Industry Analysis
    • 7.1. Introduction
    • 7.2. Market Drivers
      • 7.2.1. Driving Factor 1 Analysis
      • 7.2.2. Driving Factor 2 Analysis
    • 7.3. Market Restraints
      • 7.3.1. Restraining Factor Analysis
    • 7.4. Market Opportunities
      • 7.4.1. Market Opportunity Analysis
    • 7.5. Porter’s Five Forces Analysis
    • 7.6. PEST Analysis
    • 7.7. Regulatory Landscape
    • 7.8. Technology Landscape
    • 7.9. Regional Market Trends
      • 7.9.1. North America
      • 7.9.2. Europe
      • 7.9.3. Asia Pacific
      • 7.9.4. Latin America
      • 7.9.5. The Middle-East and Africa
    • 7.10. Pricing Analysis
    • 7.11. Value Chain Analysis
    • 7.12. Downstream Buyers
    • 7.13. Distributors/Traders List
  • Chapter No. 8: Competitive Landscape
    • 8.1. Company Market Share Analysis – 2019
      • 8.1.1. Global Marine Engine market: Company Market Share, 2019
      • 8.1.2. Global Marine Engine market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 8.1.3. Global Marine Engine market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 8.1.4. Global Marine Engine market: Radar Determinant Chart, 2019
    • 8.2. Strategic Developments
      • 8.2.1. Acquisitions & Mergers
      • 8.2.2. New Product Launch
      • 8.2.3. Regional Expansion
    • 8.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 9: Company Profiles
    • 9.1. Sumitomo Heavy Industries
      • 9.1.1. Company Overview
      • 9.1.2. Key Executives
      • 9.1.3. Product Portfolio
      • 9.1.4. Financial Overview
      • 9.1.5. Operating Business Segments
      • 9.1.6. Business Performance
      • 9.1.7. Recent Developments
    • 9.2. Mercury Marine
    • 9.3. Rull Royce limited
    • 9.4. Cummins Inc
    • 9.5. GM Power Train
    • 9.6. Hyundai Heavy Industries
    • 9.7. Mitsubishi Heavy Industries
    • 9.8. Caterpillar Corporate
    • 9.9. Wartsila Corporation
    • 9.10. MAN Diesel Turbo SE
  • Chapter No. 10: Marketing Strategy Analysis
    • 10.1. Marketing Channel
    • 10.2. Direct Marketing
    • 10.3. Indirect Marketing
    • 10.4. Marketing Channel Development Trends
    • 10.5. Economic/Pulitical Environmental Change
  • Chapter No. 11: Research Methodology
    • 11.1. Research Methodology
    • 11.2. Phase I - Secondary Research
    • 11.3. Phase II - Data Modeling
      • 11.3.1. Company Share Analysis Model
      • 11.3.2. Revenue Based Modeling
    • 11.4. Phase III - Primary Research
    • 11.5. Research Limitations
      • 11.5.1. Assumptions

Table Of Figures

List of Figures 

FIG NO. 1. Market Attractiveness Analysis, By Fuel
FIG NO. 2. Market Attractiveness Analysis, By Application
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Marine Engine market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Fuel, 2020 & 2028 
FIG NO. 7. Global Marine Engine market for Intermediate Fuel, Revenue (USD Billion) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Marine Engine market for Intermediate Fuel, By Country, 2020 & 2028
FIG NO. 9. Global Marine Engine market for Marine Diesel, Revenue (USD Billion) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Marine Engine market for Marine Diesel, By Country, 2020 & 2028
FIG NO. 11. Global Marine Engine market for Heavy Fuel, Revenue (USD Billion) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Marine Engine market for Heavy Fuel, By Country, 2020 & 2028
FIG NO. 13. Global Marine Engine market for Marine gas oil, Revenue (USD Billion) 2016 – 2028
FIG NO. 14. Comparative Revenue Analysis of Marine Engine market for Marine gas oil, By Country, 2020 & 2028
FIG NO. 15. Market Revenue Share, By Application, 2020 & 2028
FIG NO. 16. Global Marine Engine market for Commercial Vessels, Revenue (USD Billion) 2016 – 2028
FIG NO. 17. Comparative Revenue Analysis of Marine Engine market for Commercial Vessels, By Country, 2020 & 2028 
FIG NO. 18. Global Marine Engine market for Offshore Support Vessels, Revenue (USD Billion) 2016 – 2028
FIG NO. 19. Comparative Revenue Analysis of Marine Engine market for Offshore Support Vessels, By Country, 2020 & 2028
FIG NO. 20. Global Marine Engine market for Inland Waterways Vessels, Revenue (USD Billion) 2016 – 2028 
FIG NO. 21. Comparative Revenue Analysis of Marine Engine market for Inland Waterways Vessels, By Country, 2020 & 2028
FIG NO. 22. Global Marine Engine market Revenue Share, By Region, 2020 & 2028
FIG NO. 23. North America Marine Engine market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 24. Porter’s Five Forces Analysis for Global Marine Engine market
FIG NO. 25. PEST Analysis for Global Marine Engine market
FIG NO. 26. Pricing Analysis for Global Marine Engine market
FIG NO. 27. Value Chain Analysis for Global Marine Engine market
FIG NO. 28. Company Share Analysis, 2019
FIG NO. 29. Radar Determinant Chart, 2019
FIG NO. 30. Company Strategic Developments – Heat Map Analysis
FIG NO. 31. Alcatel-Lucent Business Segment Revenue Share, 2020 (%)
FIG NO. 32. Alcatel-Lucent Geographical Segment Revenue Share, 2020 (%)
FIG NO. 33. Market Channels 
FIG NO. 34. Marketing Channel Development Trend
FIG NO. 35. Growth in World Gross Product, 2008-2018
FIG NO. 36. Research Methodology – Detailed View
FIG NO. 37. Research Methodology


Table Of Tables

List of Tables 

TABLE NO. 1. Global Marine Engine market: Snapshot
TABLE NO. 2. Quarterly Marine Engine market Revenue by Region, 2020
TABLE NO. 3. Quarterly Marine Engine market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion) 
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion) 
TABLE NO. 6. Global Marine Engine market for Intermediate Fuel, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Marine Engine market for Marine Diesel, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Marine Engine market for Heavy Fuel, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9. Global Marine Engine market for Marine gas oil, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10: Global Marine Engine market for Commercial Vessels, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11: Global Marine Engine market for Offshore Support Vessels, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12. Global Marine Engine market for Inland Waterways Vessels, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 13. Global Marine Engine market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 14: North America Marine Engine market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 15. North America Marine Engine market Revenue, By Fuel, 2016 – 2028 (USD Billion)
TABLE NO. 16: North America Marine Engine market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 17. U.S. Marine Engine market Revenue, By Fuel, 2016 – 2028 (USD Billion)
TABLE NO. 18. U.S. Marine Engine market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 19. Canada Marine Engine market Revenue, By Fuel, 2016 – 2028 (USD Billion)
TABLE NO. 20. Canada Marine Engine market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 21. Mexico Marine Engine market Revenue, By Fuel, 2016 – 2028 (USD Billion)
TABLE NO. 22. Mexico Marine Engine market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 23. Drivers for the Marine Engine market: Impact Analysis
TABLE NO. 24. Restraints for the Marine Engine market: Impact Analysis
TABLE NO. 25. Major Buyers of Marine Engine  
TABLE NO. 26. Distributors/Traders List of Marine Engine
TABLE NO. 27. Global Marine Engine market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 28: Global Marine Engine market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)    
 

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Marine Engine market. Zion Research has collected and analyzed key data belong to the global Marine Engine market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Marine Engine across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Marine Engine industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases, and market reports

News articles, press releases, and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Marine Engine market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage, and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

The new signal of defense expansion is an emerging trend that is driving several nations to focus on maritime protection and sea-based defense. A Marine engine is a technology which provides power to several kinds of vessels, generator, propulsion system, marine vehicles and auxiliary equipment. These marine engines consist of a different mechanism including pistons, head, crankshaft, liner, and bedplate. Marine engines are designs with oxidization inhibiting resources and their bearing and seals are particularly arranged for sea working environment. In marine engine market appearance of new technologies has addressed the system with reference to emissions of harmful gases.

The marine engines are segmented on the basis of fuels and applications. On the basis of fuel, the global marine engine market is segmented into intermediate fuel, marine diesel, heavy fuel, and marine gas oil. Heavy fuel market segment held the largest market share of the marine engine due to huge demand across the globe. On the basis of application, marine engine market is segmented into commercial vessels, offshore support vessels, and inland waterways vessels. Commercial vessels segment is estimated to account for the largest share among all the applications. Commercial vessels further get bifurcated into LNG carriers, cargo vessels, pure car carriers, chemical carriers, bulkers and container ships. Work with greener fuels such as LNG and solar & wind power and the stringent rigid norms about emission is expected to observe development for the global marine engine market. Four stroke engines are registering fast growth in the market, due to reliability, less pollution emission, smoothness, and quiet operation.

Global Marine Engine Market

Beginning of new technologies, the improved construction of inland waterways vessels and high demand for commercial vessels are expected to remain major driving factors for the growth in marine engine market. Vast R&D requirements and huge capital constraints could be restraining factors for the marine engine market. The global marine engine market offers new growth opportunities, due to increasing demand for hybrid fuel engines. The technology of marine engine has been advanced to a position where it can have a major effect on modern life. Increase in the demand for the low-cost engine will also increase the usage of marine engine market.

Based on regional segmentation, Asia Pacific was the most attractive and largest market for marine engines in 2016. Due to the high ship building activity in Asia Pacific region, countries such as China, Japan, and South Korea are hot spots for marine engine market. Increasing investments in the marine engine market due to the existence of some of the world largest manufacturing of marine engine in North America and Europe region have propelled the market. An additional factor attributing to the growth will be a rise in maritime trade in South East Asia set up by China and other emerging economies in the region such as Indonesia.

Some of the major players involved in the global marine engine market include Mercury Marine, Sumitomo Heavy Industries, Cummins Inc, Roll Royce limited, Hyundai Heavy Industries, GM Power Train, Caterpillar Corporate, Mitsubishi Heavy Industries, MAN Diesel & Turbo SE, and Wartsila Corporation.  

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FrequentlyAsked Questions

The global Marine Engine market was valued at USD 9.9 Billion in 2020.

The global Marine Engine market is expected to reach USD 12.5 Billion by 2028, growing at a CAGR of 2.9% between 2021 to 2028.

The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.

Asia Pacific area includes developing nations such as India and China. Recently the government has developed stringent rules in these regions for better and safer highways to slash down the number of accidents, boosting the Marine Engine market.

Some of the major companies comprised in the global marine engine market are Sumitomo Heavy Industries, Mercury Marine, Roll Royce limited, Cummins Inc, GM Power Train, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Caterpillar Corporate, Wartsila Corporation, and MAN Diesel & Turbo SE. These players have a lion’s share in the growth of the global marine engine market.

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