Rising at 2.6% CAGR; Marine Engines Market to Grow $13.3 billion by 2027

According to the new market research report, The marine engines market is expected to grow from an estimated USD 11.7 billion in 2022 to USD 13.3 billion by 2027, at a CAGR of 2.6% during the forecast period.

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The growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety are the main drivers for the marine engines market. The rise of e-commerce and online trade, and rising demand for dual-fuel and hybrid engines are expected to offer lucrative opportunities for the marine engines market during the forecast period.

Key Market Players:
A few major players that have a wide regional presence dominate the marine engines market. The leading players in the marine engines market include Caterpillar (US), Volkswagen Group (MAN Energy Solutions (Germany), Volvo Penta (Sweden), Hyundai Heavy Industries Co., Ltd. (Japan), and Rolls-Royce Holdings (UK). Major strategies adopted by these players include sales contracts, product launches, contracts, partnerships, agreements, and acquisitions to increase their market shares and expand their geographic presence. Sales contracts and agreements were the most commonly adopted strategies from January 2019 to February 2022.

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Recent Developments

In February 2022, MAN Energy Solutions signed a cooperation agreement with Hyundai. Under this agreement, Hyundai will provide OPL solution to shipowners seeking EEXI compliance for their fleet without disrupting their business operations, and it will contribute to net-zero emission goals of maritime industry.
In February 2022, Volvo Penta signed an agreement with Danfoss' Editron division. Through this agreement, both the companies aim to work together to boost electrification in the marine sector.
In December 2021, Caterpillar Marine signed a contract to provide power solutions for Edda Wind's series of four new Commissioning Service Operation Vessels (CSOVs) and two new Service Operation Vessels (SOVs), which will be delivered between 2022 and 2024.
In November 2021, Hyundai Heavy Industries (HHI) signed a contract to build the second of three upgraded Aegis-equipped next-generation warships of the South Korean Navy. It is also working on the construction of the first warship. HHI signed a contract worth USD 470 million with the country's Defense Acquisition Program Administration.
In August 2021, Rolls Royce Holdings signed an agreement to sell its Bergen Engines, medium-speed liquid fuel and gas engines business, to Langley Holdings, a global engineering group.

The marine diesel oil segment is expected to be the largest in the marine engines market, by fuel, during the forecast period.

The largest share of the marine engines market in 2021 was held by the marine diesel oil segment. Marine diesel oil, unlike heavy fuel oil (HFO), does not require heating during storage. The various blending ratios of marine diesel oil can be regulated directly by refinery processes or by mixing ready-made marine fuels. The growing stringency of emission control regulations and continuous revisions in the IMO standards have led to the substitution of bunker oil or heavy fuel oil with low sulfur oils such as marine diesel oil, driving the growth of this segment in the marine engines market during the forecast period.

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Asia Pacific is expected to be the largest market during the forecast period.

North America, Europe, South America, Asia Pacific, and Middle East & Africa are the major regions considered for the study of the marine engines market. The governments in the region are offering tax rebates to the shipbuilding industry. The growth of the Asia Pacific market is primarily driven by the growth of the regional shipbuilding industry, development of efficient marine engine technologies, and an increase in maritime trade activities in the region.

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This release was published on openPR.