Current Trends and Future Growth of Marine Engine Market Forcast 2018-2023

Marine engines are used to provide power to marine vehicles like ships, submarines and boats. These engines consist of different components including crankshaft, liner, pistons, bedplate and head. They are constructed with corrosion inhibiting materials and their seals & bearings are especially designed for sea operating environment. The emergence of new technologies in marine engine market has addressed the regulations pertaining emission of harmful gases. Properties like high performance, durability, fuel efficiency, low emissions, quiet operation and easy maintenance make marine engines ideal for marine applications.

Marine engine market develops in parallel with developments in boat & shipbuilding industry. The international seaborne trade, stringent regulations pertaining emissions of harmful gases, increased production of inland waterways vessels and introduction of new technologies are the major drivers of marine engine market. Due to quiet operation, smoothness, reliability and less pollution emission, four stroke engines are registering rapid growth in the market. Asia-Pacific region accounts for the largest production capacity of efficient inland waterways vessels due to factors like low labor & low production cost. Over production capacity in shipping industry, huge chores of investments required for R&D purposes, oil prices, low goods transportation rates and huge capital requirement for replacing existing vessels can restrain the growth of marine engine market. In addition, complying with government regulations with newly introduced technologies is a challenge for marine engine market.

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The report segments the Marine Engine Market on the basis of type, fuel, applications and geography. On the basis of type, the market is segmented into propulsion engines, generator drive engines and auxiliary engines. Based on fuel type, the market is divided into heavy fuel oil, intermediate fuel oil, marine diesel oil and marine gas oil. According to the applications, the market is classified into commercial vessels, offshore support vessels and inland waterways vessels. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific and LAMEA.

Volvo Penta introduced D8 marine engine with high performance, flexibility & fuel efficiency to meet the increasing demand of diesel engine of 550-600 horsepower in 2016. The power to weight ratio of these marine engines is excellent. Rolls-Royce Limited has completed their gas marine engine MTU testing which is comparatively environment friendly for marine applications in 2016. The engines will be out for commercial use in 2018. For capacity utilization purposes, Opel AG launched 2l diesel engine offering 147 kW/200 hp and excellent torque of 400 Nm. In addition, studies are going on regarding the use of recycled plastic fuels for marine engines.

Comprehensive competitive analysis and profiles of major market players such as Caterpillar Corporate (U.S.), Cummins Inc. (U.S.), MAN Diesel & Turbo SE (Germany), Rolls-Royce Limited (UK), Wartsila Corporation (Finland), Hyundai Heavy Industries(South Korea), Mitsubishi Heavy Industries Ltd. (Japan), GM Powertrain (Italy), Mercury Marine (U.S.) and Sumitomo Heavy Industries (Japan) is also provided in the report.
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MARINE ENGINE MARKET KEY SEGMENTS:

Market by Type
•Propulsion Engines
•Two Stroke
•Four Stroke
•Diesel Electric
•Gas Turbine
•Generator Drive Engines
•Auxiliary Engines
•Market by Fuel
•Heavy Fuel Oil
•Intermediate Fuel Oil
•Marine Diesel Oil
•Marine Gas Oil

Market by Applications
•Commercial Vessels
•Offshore Support Vessels
•Inland Waterways Vessels

Market by Geography
•North America
•Europe
•Asia-Pacific
•LAMEA

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