Marine Engines Market

Global Marine Engines Market Size (2024 to 2029)

The global marine engines market is predicted to reach USD 17.63 billion in 2024 and USD 21.56 billion by 2029, growing at a CAGR of 4.11% during the forecast period.

Marine engines provide power and energy to marine vehicles/vessels such as Container Vessels, Tankers, Bulk Carriers, Roll On, Roll Off, Offshore Support Vessels, Ferries, Cruise Ships, and Yachts. These engines have easy maintenance, high performance, durability, low pollution emission, and fuel efficiency, making them different from regular on-road vehicle engines and ideal for marine travel.

Global Marine Engines Market Drivers:

The marine engines market is expected to have a drastic growth during the outlook period due to increased seaborne travel and international trading, increasing the demand for marine vessels used to transport goods. Also, the growing demand for luxury attracts consumers towards luxury boats such as yachts and cruises, bringing in many private investors that positively impact the market.

The key driver for the global marine engine market is the increased demand for international trade, which is allowing companies in the industry to develop and manufacture engines that are even more efficient and have less pollution emission. The increased requirement for luxury is positively impacting the growth of marine engines as the demand for luxury marine vehicles is increasing.  Advanced technology has provided the flexibility to use any fuel for modern marine engines, increasing market growth as it is a cost-effective method and limits the emission of harmful gases. Man, Diesel and Turbo SE, located in Germany, is the market leader over the foreseen period as it has the most advanced technology used for marine engines. It has created a world record in constructing the largest diesel engine, the most powerful rated engine globally.  Next in line is Caterpillar Inc. in the United States and following that is Hyundai Heavy Industries in South Korea.

Global Marine Engines Market Restraints:

The major and only restrain for the global marine engines market is the strict government policies and regulations against the emission of harmful greenhouse gases, which is causing a setback to many of the companies. 

Impact of COVID-19 on the global marine engines market:

The only setback in the worldwide market during the forecast period is the COVID-19 pandemic, which requires social distancing, making marine travel difficult, as many of the companies in this industry are shut down and people are not allowed to travel to a different place until necessary.

REPORT COVERAGE:

This research report on the global marine engines market has been segmented and sub-segmented based on the power range, vessel, fuel, engine, type, and region.

Global Marine Engines Market - By Power Range:

• Up To 1000 HP
• 1001 HP TO 5000 HP
• 5001 HP To 10000 HP
• 10001 HP To 20000 HP
• Above 20000 HP

The power range between 5001 to 10000 HP is projected to be the largest global marine engines market contributor during the foreseen period. This is because most marine engines range between 5001 to 10000 HP as they are medium speed and can be used in cruise ships, container ships, cargo, tug vessels, chemical carriers, defense vessels, and rescue vessels. Marine engines with less than 1000 HP are expected to hold 4 to 5 percent of the marine engines by power range during the forecast period.

Global Marine Engines Market - By Vessel:

• Commercial Vessels
• Recreational
• Offshore Support Vessels

The commercial vessel segment will likely be the market leader during the projection period, as it is the fastest-growing market. This is due to the increase in seaborne trade, which has increased the number of commercial vessels on the sea. Another factor owing to the growth of commercial vessels is globalization, which resulted in the trading of consumer goods between international borders globally.

Global Marine Engines Market - By Fuel:

• Heavy Fuel Oil
• Intermediate Fuel Oil
• Marine Diesel Oil
• Natural Gas
• Marine Gas Oil

Marine Diesel Oil is expected to be the market leader during the calculated period. This is mainly due to its low cost, thermal stability characteristics, increased oxidation, and ability to emit less pollution. Sailors mostly use it. The marine diesel oil was estimated to have a market value of USD 1.1 Billion in 2017 and is only expected to grow during the forecast period. 

Global Marine Engines Market - By Engine:

• Propulsion
• Auxiliary

The propulsion engines are expected to dominate the marine engines market by the engine during the evaluated period and have a CAGR of 3.5%.

Global Marine Engines Market - By Type:

• Two Strokes
• Four Strokes.

The two-stroke segment is anticipated to dominate the marine engines market during the estimated period and is expected to grow 4% by 2024. They are used to power the supertankers and large vessels used for defense and transport goods, respectively. On the other hand, four-stroke engines are also expected to grow notably during the determined period. They provide high speed, are cost-efficient, emit less greenhouse gases, are high speed and fuel-efficient. 

Global Marine Engines Market - By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

The Asia Pacific is projected to record the most significant portion over the forecast period. This is because countries like Japan, China, and South Korea are the main hubs for manufacturing marine engines. Also, the increased international trade in the region, which increased the demand for ships that are used to transport goods, is positively impacting the marine engines business.

The UAE accounted for about 22% of the marine engines market share in 2018 and is expected to expand during the forecast period. This is mainly because of the increased demand for oil tankers, drilling ships, gas companies, and supply ships because of the region's growing exploration and manufacturing operations. 

The marine engine market in Europe is expected to grow during the anticipated period, as it is one of the major countries that import goods, mainly through seaborne routes. This increases the international trading rate, boosting the marine engines market. Europe is also the developer of most of the high-tech qualities and complex production processes used in marine engines. Most luxury marine vessels, such as cruises and yachts, are built and manufactured in Europe, positively impacting the global marine engines market. 

KEY MARKET PARTICIPANTS:

The major companies operating in the global marine engines market include Hyundai Heavy Industries (South Korea), Caterpillar Inc. (United States), Man Diesel And Turbo SE (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Volvo Penta (Sweden), Rolls Royce Power Systems AG (United Kingdom), Wärtsilä Corp (Finland), Cummins Inc. (United States), GE Transportation (United States), DEUTZ AG (Germany), Brunswick Corporation (United States), Yanmar Holdings Co. Ltd. (Japan), Daihatsu Diesel MFG. Co. Ltd. (Japan), Scania AB (Sweden), and John Deere (United States).

RECENT HAPPENINGS IN THE MARKET:

• Hyundai Heavy Industries, the world's largest shipbuilder, in January 2019, took over Daewoo Shipbuilding and Marine Engineering by owning a 55.7% stake in the company, worth US$ 1.08 Billion.
• Mitsui E&S Machinery (MES-M) ordered Man Diesel and Turbo SE located in Germany in February 2019 for three units of Selective Catalyst Reduction- High Pressure (SCR-HP) in connection with the creation of three 87k-dwt carriers that are meeting the IMO Tier III emission regulations.