Marine Engines Market - Global Analysis, Size, Share, Growth, Trends, and Forecast by 2023

According to the market report published by MarketsandMarkets(TM) "Marine Engines Market by Power (20) 000 hp, Vessel (Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel and Gas Oil), Engine (Propulsion & Auxiliary), Type (2 & 4-Stroke) & Region - Global Forecast to 2024", The global marine engines market is projected to reach USD 16.4 billion by 2024 from an estimated USD 14.0 billion in 2019, at a CAGR of 3.11%. This growth can be attributed to the growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety.

Browse 79 market data Tables and 42 Figures spread through 150 Pages and in-depth TOC on "Marine Engines Market - Global Forecast to 2024 "

https://www.marketsandmarkets.com/Market-Reports/marine-engine-market-261640121.html

The commercial segment is expected to hold the largest share of the marine engines market, by vessel, during the forecast period.

The commercial segment is estimated to dominate the marine engines market in 2019 and is projected to have the largest market share during the forecast period. This is mainly because there is an increase in international seaborne trade leading to the increase in the commercial vessel count, thereby increasing the usage of marine engines in commercial vessels.

The propulsion segment is expected to be the fastest growing segment of the marine engines market, by engine, during the forecast period.

The propulsion segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the fact, that, they are the main supporting systems of a ship and are an integral part of the ship's propulsion mechanism. They support the main power supply of the vessel. Countries such as China, South Korea, and Japan are witnessing growth in seaborne trade which has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. This is expected to increase the demand for marine engines market in the forecast years in the propulsion segment.

Download PDF brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=261640121

Asia Pacific: The leading market for marine engiens.

In this report, the marine engines market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The growth of Asia Pacific is primarily driven by countries such as China, South Korea, and Japan, which, are considered as the main manufacturing hubs for marine engines. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in the maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. Thus, the rise in the number of ships has contributed to the growing demand for propulsion systems and engines in the Asia Pacific region.

This research report categorizes the marine engines market based on power range, vessel, fuel, engine, type, and region.

On the basis of Power Range, the marine engines market has been segmented as follows:

Up to 1,000 hp
1,001 - 5,000 hp
5,001 - 10,000 hp
10,001 - 20,000 hp
Above 20,000 hp

On the basis of Vessel, the marine engines market has been segmented as follows:

Commercial
Offshore support
Others

On the basis of Fuel, the marine engines market has been segmented as follows:

Heavy Fuel Oil
Intermediate Fuel Oil
Marine Diesel Oil
Marine Gas Oil
Others

On the basis of Engine, the marine engines market has been segmented as follows:

Propulsion
Auxiliary

On the basis of Type, the marine engines market has been segmented as follows:

Two-stroke
Four-stroke

On the basis of Region, the marine engines market has been segmented as follows:

Asia Pacific
North America
Europe
Middle East & Africa
South America

Sample Copy @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=261640121

To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the marine engines market. Some of the key players are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan) Volvo Group (Sweden), Rolls-Royce (UK), W?rtsil? (Finland), Cummins (US), GE Transportation (US), and DEUTZ AG (Germany). The leading players are adopting various strategies to increase their shares in the marine engines market.

Contact:
Mr. Sanjay Gupta
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com

About MarketsandMarkets(TM):

MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.