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Marine Engine Market Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2027
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Market Overview
Marine transport sector is considered as the pillar of international trade. According to the International Chamber of Shipping (United Kingdom), more than 90% of the global merchandise trade in terms of volume is conceded via sea/ocean. Cost of transportation via sea is considered cheaper compared to that of rail and road transport. With increasing international trade, demand for commercial cargo ship has increased in the past decade. This is providing ample growth opportunity for the engine manufacture to produce innovative and cost-efficient marine engine. Looking at the opportunities marine engine manufacturer are adopting various growth strategies to sustain in the growing market. For instance, in 2019, Hyundai Heavy Industries acquired 55.7% stake in the Daewoo Shipbuilding & Marine Engineering (DSME) for US$ 1.08 billion. The acquisition is e-pected to strengthen the market position of Hyundai Heavy Industries. In the same year MAN Diesel & Turbo SE won the contract to supply engines for a new harbor tug in Spain, which would be operated by P&O Reyser in the Port of Barcelona.
COVID-19 Impact
The Covid-19 pandemic have resulted in a drop of 8.5% in global transport fuel consumption in 2020, compared to 2019 value, owing to the restrictions imposed on people’s movements and disruption in trade logistics around the globe. With the ongoing economic downturn, shut down of production facilities, and lockdowns, the demand for commercial vessels is witnessing a decline in demand. In addition, the cancelation of cruise ships and the slowdown in international trade investments in commercial vessels is also e-pected to affect the demand for marine engines.
Global Marine Engines Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Power Range, the market is primarily bifurcated into:
• >1000 hp
• 1001-5000 hp
• 5001-10000 hp
• 10001-20000 hp
• Above 20000 hp
Current, engine with power range between 5001-10000 HP dominates the market, owing to its increased demand from commercial medium-sized passenger ferries, military patrol boats, and maritime tourism. Eneria provides a wide range of Caterpillar engines to meet propulsion needs on all types for maritime applications. Ship engines are obtainable in a power range from 60 kW to more than 5600 kW.
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By Type, the market is mainly segmented into:
• Two-stroke
• Four-stroke
In 2020, two-stock engine segment dominated the market. At the beginning of 2020, the total world fleet amounted to 98,140 commercial ships of 100 gross tons and above, equivalent to a capacity of 2.06 billion.
By Engine, the market is mainly segmented into:
• Propulsion Engine
• Au-iliary Engine
In 2020, Propulsion engine segment dominated the market and is e-pected to maintain its dominance throughout the forecast period 2021-2027.
By Vessel, the market is mainly segmented into:
• Commercial Vessel
• Offshore Support Vessel
• Others
In 2020, commercial vessel segment dominated the market and is e-pected to maintain its dominance throughout the forecast period. The high share of the commercial vessel segment can be attributed to the increasing international freight trade and cargo movement paired with the increased installation of advanced electrical devices as a replacement for the aging infrastructure.
By Fuels, the market is mainly segmented into:
• Heavy Fuel oil
• Intermediate Fuel Oil
• Marine Diesel Oil
• Marine Gas Oil
• Other
Current, heavy fuel oil segment dominated the market and is e-pected to maintain its dominance throughout the analyzed period. In 2020, the International Maritime Organization (IMO) has set a limit for the sulfur content of marine fuels. Consequently, demand for high sulfur fuel oil (HSFO) is e-pected to decline dramatically in 2020, whereas demand for marine gas oil (MGO) is projected to increase to 1.98 million barrels per day for the FY2020 and is e-pected to dominant fuel demand in the marine sector throughput the forecast period.
Global Marine Engines Market Geographical Segmentation Includes:
• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Rest of APAC)
• Rest of World
Based on the estimation, Asia-Pacific dominated the market in 2020. Asia Pacific with countries such as China, Japan, South Korea, India, Australia among others is e-pected to dominate the marine engines market during the forecast period. Rising investments in shipbuilding, and commercial freight transport in the key markets offer high-growth opportunities for the marine engines market in the Asia Pacific region.
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The major players targeting the market includes:
• Cummins
• Hyundai Heavy Industries
• Caterpillar
• MAN SE
• Mitsubishi Heavy Industries
• Volvo Penta
• Rolls-Royce
• Wartsila
• GE Transportation
• Deutz AG
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Marine Engines Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
For more informative information, please visit us @ https://univdatos.com/report/marine-engine-market/
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Global Marine Engines Market?
• Which factors are influencing the Global Marine Engines Market over the forecast period?
• What are the global challenges, threats, and risks in the Global Marine Engines Market?
• Which factors are propelling and restraining the Global Marine Engines Market?
• What are the demanding global regions of the Global Marine Engines Market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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