The global marine engines market is projected to record a CAGR of 4.11% and is evaluated to reach a value of US$ 18.5 Billion by 2026 from an estimation of US$ 15 Billion in 2020. Marine engines are used to 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 consist of characteristics such as easy maintenance, high performance, durability, high performance, low pollution emission, and fuel efficiency, which make them different from regular on-road vehicle engines and ideal for marine travels. The marine engines market is accounted to have a drastic growth during the outlook period due to the increased seaborne travels due to the increased international trading, which in turn increased the demand for marine vessels which are used to transport goods. Also, the growing demand for luxury is attracting consumers towards luxury boats such as yachts and cruise has brought in a lot of private investors that created a positive impact on the market.
The only setback in the worldwide market during the forecast period is the COVID 19 pandemic, which requires social distancing creating 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 it is a necessity.
The main 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 even more efficient and less pollution emission engines. The increased requirement for luxury is positively impacting the growth of the marine engines as the demand for luxury marine vehicles is increasing.
Advanced technology has provided the flexibility to use any kind of fuel for modern marine engines is increasing market growth. As it is a cost-effective method and keep the emission of harmful gases limited.
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.
Market Size Available
2021 - 2026
Power Range, Vessel, Fuel, Engine, Type, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
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), John Deere (United States), and so on.
Fastest Growing Region
The power range between 5001 to 10000 HP is projected to be the largest contributor in the global marine engines market during the foreseen period. This is because most of the marine engines used are ranged between 5001 to 10000 HP as they are medium speed and can be used in cruise ships, containers ships, cargo, tug vessels, chemical carriers, defense vessels, 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.
The commercial vessel segment is likely to be the market leader during the projection period, as it is the fastest-growing market. This is due to the increase in seaborne trade, because of which the number of commercial vessels on the sea has increased. Another factor owing to the growth of commercial vessels is globalization, which resulted in the trading of consumer goods between international borders globally.
Marine Diesel Oil is expected to the market leader during the calculated period. This is mainly due to its low cost, thermal stability characteristics, increased oxidation, and its ability to emit less pollution. It is mostly used by sailors. The marine diesel oil was estimated to have a market value of US$ 1.1 Billion in 2017 and is only expected to grow during the forecast period.
The propulsion engines are accounted to dominate the marine engines market by the engine during the evaluated period and are expected to have a CAGR of 3.5%.
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 which are used by defense and to transport goods respectively. On the other hand, four-stroke engines are also expected to grow at a notable pace during the determined period. As they provide high speed, are cost-efficient, emit less greenhouse gases, are high speed and fuel-efficient.
The Asia Pacific is anticipated to record the most significant portion over the forecast period. This is due to countries such as Japan, China, and South Korea which are the main hubs for manufacturing marine engines. Also, due to the increased international trade in the region which increased the demand for ships which are used to transport goods, is creating a positive impact on 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 due to the increased demand for oil tankers, drilling ships, gas companies and supply ships which was because of growing exploration and manufacturing operations in the region
The marine engine market in Europe is expected to grow during the anticipated period, as it is one of the major countries which import goods, mainly through seaborne routes. This increases the rate of international trading which boosts 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 of the luxury marine vessels such as cruises and yachts are building and manufactured in Europe, which brings in a positive impact on the global marine engines market.
Man Diesel and Turbo SE located in Germany is the market leader over the foreseen period. As it has the most advanced technology that is used for marine engines. It has created a world record in constructing the largest diesel engine, it is said to be the most powerful rated engines in the world.
Next in line is Caterpillar Inc. in the United States and following that is Hyundai Heavy Industries in South Korea.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Marine Engines Market, By Power Range
6.1.1 Up To 1000 HP
6.1.2 1001 HP TO 5000 HP
6.1.3 5001 HP To 10000 HP
6.1.4 10001 HP To 20000 HP
6.1.5 Above 20000 HP
6.1.6 Market Size Estimations & Forecasts (2022 - 2027)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
6.2 Marine Engines Market, By Vessel
6.2.1 Commercial Vessels
6.2.2 Offshore Support Vessels
6.2.4 Market Size Estimations & Forecasts (2022 - 2027)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Marine Engines Market, By Fuel
6.3.1 Heavy Fuel Oil
6.3.2 Intermediate Fuel Oil
6.3.3 Marine Diesel Oil
6.3.4 Natural Gas
6.3.5 Marine Gas Oil
6.3.6 Market Size Estimations & Forecasts (2022 - 2027)
6.3.7 Y-o-Y Growth Rate Analysis
6.3.8 Market Attractiveness Index
6.4 Marine Engines Market, By Engine
6.4.3 Market Size Estimations & Forecasts (2022 - 2027)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
6.5 Marine Engines Market, By Type
6.5.1 Two Stroke
6.5.2 Four Stroke
6.5.3 Market Size Estimations & Forecasts (2022 - 2027)
6.5.4 Y-o-Y Growth Rate Analysis
6.5.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2022 - 2027)
7.2.1 By Country
7.2.2 By Power Range
7.2.3 By Vessel
7.2.4 By Fuel
7.2.5 By Engine
7.2.6 By Type
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Power Range
7.3.3 By Vessel
7.3.4 By Fuel
7.3.5 By Engine
7.3.6 By Type
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Power Range
7.4.3 By Vessel
7.4.4 By Fuel
7.4.5 By Engine
7.4.6 By Type
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Power Range
7.5.3 By Vessel
7.5.4 By Fuel
7.5.5 By Engine
7.5.6 By Type
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Power Range
7.6.3 By Vessel
7.6.4 By Fuel
7.6.5 By Engine
7.6.6 By Type
8. Key Player Analysis
8.1 Hyundai Heavy Industries
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Caterpillar Inc
8.3 Man Diesel And Turbo SE
8.4 Mitsubishi Heavy Industries Ltd.
8.5 Volvo Penta
8.6 Rolls Royce Power Systems AG
8.7 Wärtsilä Corp
8.8 Cummins Inc
8.9 GE Transportation
8.10 Brunswick Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
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