Marine Engines Market Growing at 4% to 2024 says a New Report

MarketStudyReport.com adds a new market research report titled Marine Engines Market Size By Fuel (MDO, MGO, LNG, Hybrid), By Power (< 1,000 HP, 1,000-5,000 HP, 5,000-10,000 HP, 10,000-20,000 HP, > 20,000 HP), By Technology (Low Speed, Medium Speed, High Speed), By Propulsion (2-Stroke, 4-Stroke), By 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 Outlook (U.S., Canada, Germany, UK, Italy, Norway, France, Russia, Denmark, Netherlands, Belgium, China, Japan, India, South Korea, Australia, Vietnam, Singapore, Saudi Arabia, UAE, Iran, Angola, Egypt, South Africa, Brazil, Argentina, Mexico) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024

The expansive growth of the tourism industry is one of the principal drivers of marine engines market. As per estimates, international tourism revenue hit $1.26 trillion in 2015, a substantial share of which was contributed by the maritime industry. The change in consumer lifestyles due to rising income levels and the lure of a luxurious, recreational standard of living, has further fueled marine engines industry trends, especially across Europe. Statistics compiled in 2015 claim that the regional maritime industry generated $200 billion in gross revenue, representing over 33% of Europe’s maritime economy. Countries such as Germany and France, aided by a remunerative shipbuilding industry and escalating tourism prospects, will be essentially responsible for the growth of Europe marine engines industry. As companies work to launch eco-friendly systems in engines owing to mandated NOx emission norms, marine engines market will observe an appreciable CAGR in the ensuing years.

Positive outlook toward marine industry along with rising seaborne trade will drive the business growth and help marine engines market exceed USD 13 billion by 2024. In line with developments in the world economy, demand for shipping services witnessed robust growth. According to UNCTAD, in 2016, the global maritime trade volumes increased by 2.6% with container trade accounting for more than 23% of the global marine trade.

MGO marine engines market is set to witness growth owing to the paradigm shift by shipowners toward adoption of eco-friendly fuel coupled with introduction of regulations and norms by IMO under the MARPOL. Generation of the lowest fuel concentration of SOx and NOx is one of the distinct feature propelling the product demand.

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The U.S. marine engines market is anticipated to exceed USD 1 billion by 2024. Ongoing research activities to develop systems in compliance to the environmental norms will augment the industry landscape. In addition, ongoing retrofitting activities across shipping yards toward the deployment of low emission systems will further complement the product demand.

Large-scale adoption of vessels including tankers, bulk carriers and cargo will fuel the low-speed marine engines market growth. Global rise across seagoing vessel trade coupled with cost efficient fuel utilization will encourage the product demand. Furthermore, increasing adoption of these products across merchant and container vessels will stimulate the business growth.

Recreational marine engines market is projected to grow owing to rising disposable income coupled with improving standard of living. Increasing demand for comfort and luxury, resulting in growing investments toward cruise vessels will subsequently boost the industry landscape. Positive outlook toward tourism industry as a result of resurgent economic growth post-recession will further enhance the business landscape.

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Positive outlook towards shipbuilding industry along with technological innovations to develop clean fuel engines is set to stimulate Germany marine engines market growth. Shifting focus toward cruise ships, wind farm service, mega yachts, military and ro-pax will boost the product penetration.
Limited maintenance and lightweight unit requirement are the prime imperative factors that will enhance the medium speed marine engines market. In addition, growing maritime tourism along with rising demand for cruise ships and ferries will positively impact the industry outlook. As per FCCA, in 2015, cruise ships voyaged over 23 billion passengers across the globe.

Two-stroke marine engines market is projected to witness strong growth on account of technological advancements for the improvement in operational efficiency to comply with the environmental norms. These systems have thermal efficiency as high as over 50% and offers higher power even at low rotational speed.

Notable players of global marine engines market include Brunswick, Anglo Belgian, Caterpillar, Daihatsu Diesel, Cummins, Deutz, Shanghai Diesel, John Deere, MAN D&T, Rolls Royce, STX, Scania, Volvo Penta, W?rtsil?, IHI Corporation, Yanmar, Yamaha, Yuchai and Weichai.

A Chapter from Table of Contents of this 2018-2024 marine engines market report includes:

Chapter 3. Marine engines Market Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024 (USD Million)
3.3. Industry ecosystem analysis
3.3.1. Vendor Matrix
3.4. Innovation landscape
3.4.1. Wartsila
3.4.2. Caterpillar
3.4.3. General Electric
3.4.4. Other innovations
3.5. Regulatory landscape
3.5.1. IMO
3.5.1.1. MARPOL
3.5.1.2. NOx Emissions Standards
3.5.1.3. SOx Emission Standards
3.5.1.4. Greenhouse Gas Emissions
3.5.2. U.S.
3.5.2.1. 1999 Marine Engine Rule
3.5.2.2. 2002 Recreational Engine Rule
3.5.2.3. 2003 Category 3 Engine Rule
3.5.2.4. 2008 Category � Engine Rule
3.5.2.5. Environment Control Areas (ECAs)
3.5.2.6. California
3.5.3. Europe
3.5.3.1. Directive 2004/26/EC
3.5.3.2. Directive 1999/32/EC
3.5.4. China
3.5.4.1. China, I/II Standards
3.5.4.2. Domestic Emission Control Areas
3.5.5. Japan
3.6. Shipbuilding industry trends & outlook
3.7. Customer requirements
3.8. Customer group requirements
3.9. Entry barrier
3.10. Global operated fleet, by operators, 2017
3.11. Global ownership of fleet, by countries, 2017
3.12. Industry impact forces
3.12.1. Growth drivers
3.12.1.1. Expansion in seaborne trade
3.12.1.2. Increasing maritime tourism
3.12.1.3. Technological advancement in marine engines
3.12.2. Industry pitfalls & challenges
3.12.2.1. Stringent government regulations against emissions
3.13. Growth potential analysis
3.14. Porter's Analysis
3.15. Competitive landscape, 2017
3.15.1. Strategy Dashboard
3.15.1.1. Wartsila
3.15.1.1.1. Mergers & Acquisitions
3.15.1.1.2. Business Optimization Program
3.15.1.2. MAN Diesel & Turbo
3.15.1.2.1. Expansion of After-sales
3.15.1.2.2. New product launches
3.15.1.2.3. Mergers & Acquisitions
3.15.1.2.4. Joint Venture
3.15.1.2.5. Research and development
3.15.1.2.6. Overseas expansion
3.15.1.3. Volvo Penta
3.15.1.3.1. New product launches
3.15.1.3.2. Expansion of Distribution Network
3.15.1.4. Caterpillar
3.15.1.4.1. New product launches
3.15.1.5. Yamaha
3.15.1.5.1. New product launches
3.15.2. Company market share by region
3.15.2.1. North America
3.15.2.2. Europe
3.15.2.3. Asia Pacific
3.15.2.4. Middle East & Africa
3.15.2.5. Latin America
3.15.3. Company market share by technology
3.15.3.1. Low speed
3.15.3.2. Medium speed
3.16. PESTEL analysis

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