The global Marine Engine market size accounted for USD 9.9 Billion in 2020 and is expected to reach USD 12.5 Billion by 2028, growing CAGR of around 2.9% between 2021 and 2028.
Marine Engine Market
The global Marine Engine market size accounted for USD 9.9 Billion in 2020 and is expected to reach USD 12.5 Billion by 2028, growing at a Compound Annual Growth Rate (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.
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The most significant near-term impact on marine engines is 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.
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 for 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 engines will also elevate the growth of the marine engine market.
|Report Attributes||Report Details|
|Report Name||Marine Engine Market Research Report|
|Market Size in 2020||USD 9.9 Billion|
|Market Forecast in 2028||USD 12.5 Billion|
|Compound Annual Growth Rate||CAGR of 2.9%|
|Number of Pages||178|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||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.|
|Segments Covered||By Fuel, By Application And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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.
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.
Some of the major companies comprised in the global marine engine market are
These players have a lion’s share in the growth of the global marine engine market.
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.