Marine Engines Market is set to grow over 4% by 2024 Eminent industry players include Anglo Belgian, Brunswick Corporation, Caterpillar, Cummins, Daihatsu Diesel, Deutz, John Deere Weichai, and Yuchai
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In a recent turn of events across the marine engines market, Wärtsilä, the Finnish tech giant has recently made to the headlines with the news of its recent order regarding environmentally viable dredger for Damen Shipyards Group. Reportedly, Wärtsilä would manufacture these engines deploying SCR (selective catalytic reduction) technology to limit the toxic emissions, making it absolutely in compliance with IMO’s Tier III regulatory standards. Boasting of a portfolio of 103-meter length and 4975 gross tonnage, Wärtsilä’s dredger is likely to be one of the most sustainable ships of its kind in the marine industry.
Increasing maritime trade activities is yet another vital factor having a strong impact on shaping the marine engines market trends. As per estimates, overall sea borne container trade accounted for almost 60% world seaborne trade in 2017, having held a valuation of nearly USD 12 trillion. In fact, the United Nations Conference on Trade & Development claims that the shipping industry, in 2017, almost procured 70% of the world trade share by revenue and 80% in terms of volume. In effect, it is quite apparent that the robust expansion in trading activities have catapulted marine engines industry size, which recorded a valuation of USD 10 billion in 2017.
Regionally, Asia Pacific has emerged to be one of the most lucrative growth grounds for marine engines market expansion, given the presence of large number of engine manufacturers in the region. Add to it, increased R&D budget toward enhancement of shipping industry in tandem with increased maritime trade across China and Indonesia has further proliferated APAC marine engines market share. In 2017, Asia Pacific procured almost 60% of the global marine engines market size.
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MDO engines are widely acceptable by ship operators owing to their availability and favorable price levels. However, increasing emission control areas (ECAs) coupled with rising awareness toward emissions may act as an industry restraint. Introduction of norms and regulations to reduce marine pollution has led to an increase in demand for low-emission systems. Industry players, to follow the directive norms, have introduced their diversified product lines with advanced systems including catalytic reactors and scrubbers.
Germany accounted for over 18% of the Europe market share in 2017. Growing shipbuilding industry coupled with technological advancements to develop cleaner engines will positively impact the product penetration. The country’s focus on specialized vessels including river cruise ships, mega yachts, wind farm service, military and ro-pax will further complement the industry growth.
Low-speed marine engines market size is set to grow on account of large-scale adoption of vessels including cargo, tankers, and bulk carriers. Increase in long voyage trade across the globe coupled with utilization of cost-efficient fuel will augment the product penetration. Further, the growth in adoption of products in merchant and container vessels will strengthen the business growth.
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Key industry players in the marine engines market comprise of Brunswick, Anglo Belgian, Caterpillar, Daihatsu, Deutz, Cummins, John Deere, MAN D&T, Shanghai Diesel, Rolls Royce, STX, Volvo Penta, Scania, IHI Corporation, Yanmar, Wärtsilä, Yamaha, Weichai, and Yuchai.
Marine engines market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2013 to 2024, for the following segments:
Marine Engines Market, By Fuel
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