Press release
Marine Engines Market is forecasted to surpass 13 Billion (USD) by 2024 | Cummins Inc, Yamaha, John Deere
Marine Engines Market
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 2017.3
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Top Key players:
o Anglo Belgian Corporation
o Brunswick Corporation
o Caterpillar
o Cummins Inc
o Daihatsu Diesel Mfg. Co. Ltd.
o Rolls-Royce
o DEUTZ AG
o IHI Corporation Ltd.
o John Deere
o Arteche
o Shanghai Diesel Engine Co. Ltd.
o Scania
o MAN Diesel & Turbo
o STX Engine
o Volvo Penta
o W?rtsil?
o Weichai Power Co. Ltd.
o Guangxi Yuchai Group
o Yanmar Holdings Co. Ltd
o Yamaha
Endorsed with an upper hand in terms of technology interventions, the United States marine engines market is also anticipated to witness lucrative gains in the ensuing years. The regional industry share is forecast to surpass USD 1 billion by 2024. Increased shale production along with the nation's commitment toward installing eco-friendly systems will boost the regional demand. For the record, the country in 2015 implemented IMO tier III norms to curtail NOx emissions.
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Growth Drivers:
o Expansion in seaborne trade
o Increasing maritime tourism
o Technological advancement in marine engines
All in all, marine engines industry growth seems to be humongous with the sustainability and go-green notions vividly encompassing the industry vertical. Add to it, the phenomenal maritime tourism industry which was a huge 7.6 trillion business in 2016, also depicts the rich scope the marine engines market is ought to witness in the coming years. Highly innovative products with technological advances and regulatory protocols remain the two anticipated trends majorly shaping the business in the coming timeframe. In terms of remuneration, the worldwide marine engines industry share is forecast to surpass a valuation of USD 13 billion by 2024.
In a recent turn of events across the marine engines market, W?rtsil?, 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, W?rtsil? 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, W?rtsil?'s dredger is likely to be one of the most sustainable ships of its kind in the marine industry.
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