Global Marine Engines Market Analysis and Forecast, 2019-2028

The global marine engines market is estimated at US$ 7.4 billion in 2022 and is expected to grow at a significant CAGR of over 4.2% over the forecast period of 2019-2028.

Market Scope and Report Overview

According to a deep-dive market assessment by RationalStat, the global marine engines market has been analyzed on the basis of market segments, including engine types, vessel type, capacity, fuel type, technology, application, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2019-2028.

Market intelligence for the global marine engines market covers market sizes on the basis of market value (US$/EUR Million) and volume ('000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

In addition, the long-term sector and products/services 10-year outlook and its implications on the sector. It also includes the industry's current state - Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, and insights, etc.
Period Covered include data for 2019-2028 along with year-wise demand estimations

The marine engines market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.

RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.

The global marine engines market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.

In the competition analysis section, the global marine engines market provides a detailed competition benchmarking analysis based on the market share of the leading companies/ brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.

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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment

In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.

The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia's war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.

Competition Analysis and Market Structure

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global marine engines market include,
• In February 2022, MAN Energy Solutions and Hyundai entered into a partnership, according to the agreement Hyundai will provide OPL solutions to shipowners and it will also contribute to the net zero emission goals of the marine industry.
o This acquisition aimed at contributing to the marine industry's net-zero emissions goals. The two companies will collaborate to develop and promote sustainable technologies and practise, such as the usage of alternative fuels and renewable energy sources, as part of this effort.
• In February 2022, Volvo Penta and Danfoss together signed an agreement and both companies aim to work together to boost electrification in the marine sector.
o The collaboration intends to capitalize on the strengths of both firms in order to expedite the adoption of electrification in the marine sector. Volvo Penta has vast experience in developing advanced propulsion systems and power solutions for maritime applications, while Danfoss specializes in electrification technologies and systems.
• In December 2021, Edda Wind signed a contract with Caterpillar Marine to offer power solutions for four new Commissioning Service Operation Vessels (CSOVs) and two new Service Operation Vessels (SOVs) that will be delivered between 2022 and 2024.
o The collaboration between Edda Wind and Caterpillar Marine represents a significant step forward in the development of sustainable and efficient offshore wind power solutions. By integrating their respective areas of expertise, the two firms will be able to produce highly modern and dependable power solutions that will help to increase the efficiency and sustainability of offshore wind operations while also lowering costs and boosting uptime.

Some of the prominent players that contribute significantly to the marine engines market growth include Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Engine Machinery, Mitsubishi Heavy Industries Ltd., Rolls Royce Plc., MAN Energy Solutions, Volvo Penta, Daihatsu Diesel Mfg. Co. Ltd., Wartsila Corporation, Deere & Company, Mercury Marine, Yanmar Holdings Co. Ltd., Mahindra Powerpol, Deutz AG, CNPC Jichai Power Company Ltd., and Doosan Infracore among Others.

RationalStat has segmented the global marine engines market based on engine type, vessel type, capacity, fuel type, technology, application, and region
• Global Marine Engines Market Value (US$ Million), Volume ('000 units/tons), and Market Share (2019-2028) Analysis by Engine Type
o Propulsion Engines
o Auxiliary Engines
o ReCon Marine
• Global Marine Engines Market Value (US$ Million), Volume ('000 units/tons), and Market Share (2019-2028) Analysis by Vessel Type
o Oil Tankers
o Offshore Support Vessels
o Bulk Carriers
o Container Ships
o Product Tankers
o General Cargo
o Others (Tugs)
• Global Marine Engines Market Value (US$ Million), Volume ('000 units/tons), and Market Share (2019-2028) Analysis by Capacity
o Up to 1000 HP
o 1001-2000 HP
o 2001-3000 HP
o 3001-4000 HP
o 4001-5000 HP
o 5001-6000 HP
o 6001-7000 HP
o 7001-8000 HP
o 8001-9000 HP
o 9001-10000 HP
o More than 10000 HP
• Global Marine Engines Market Value (US$ Million), Volume ('000 units/tons), and Market Share (2019-2028) Analysis by Fuel Type
o Heavy Fuel
o Distillate Fuels
 Marine Diesel
 Marine Gasoil (MGO)
 Marine Diesel Oil (MDO)
o Others (LNG)
• Global Marine Engines Market Value (US$ Million), Volume ('000 units/tons), and Market Share (2019-2028) Analysis by Technology
o Diesel Electric
o Filtration
o IMO Tier III Solution
o PrevenTech Marine
• Global Marine Engines Market Value (US$ Million), Volume ('000 units/tons), and Market Share (2019-2028) Analysis by Application
o Dredging
o Inland
o Fishing
o Government and Defense
o Offshore
o Passenger
o Pilot Boats
o Recreational
o Tugboats
o Yachting
• Global Marine Engines Market Value (US$ Million), Volume ('000 units/tons), and Market Share (2019-2028) Analysis by Region
o North America Marine Engines Market
 US
 Canada
o Latin America Marine Engines Market
 Brazil
 Mexico
 Rest of Latin America
o Western Europe Marine Engines Market
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe Marine Engines Market
 Russia
 Poland
 Hungary
 Other CIS Countries
 Rest of Eastern Europe
o Asia Pacific Marine Engines Market
 China
 Japan
 India
 South Korea
 Australia
 ASEAN
• Indonesia
• Thailand
• Philippines
• Vietnam
• Malaysia
• Rest of ASEAN
 Rest of Asia Pacific
o Middle East & Africa Marine Engines Market
 GCC
• Saudi Arabia (KSA)
• United Arab Emirates (UAE)
• Rest of the GCC
 South Africa
 Nigeria
 Turkey
 Rest of the Middle East & Africa

• Leading Companies and Market Players
o Caterpillar Inc.
o Cummins Inc.
o Hyundai Heavy Industries Engine Machinery
o Mitsubishi Heavy Industries Ltd.
o Rolls Royce Plc.
o MAN Energy Solutions
o Volvo Penta
o Daihatsu Diesel Mfg. Co. Ltd.
o Wartsila Corporation
o Deere & Company
o Mercury Marine
o Yanmar Holdings Co. Ltd.
o Mahindra Powerpol
o Deutz AG
o CNPC Jichai Power Company Ltd.
o Doosan Infracore

For more information about this report https://store.rationalstat.com/store/global-marine-engines-market/

Key Questions Answered in the Marine Engines Report:
• What will be the market value of the global marine engines market by 2028?
• What is the market size of the global marine engines Market?
• What are the market drivers of the global marine engines Market?
• What are the key trends in the global marine engines Market?
• Which is the leading region in the global marine engines Market?
• What are the major companies operating in the global marine engines Market?
• What are the market shares by key segments in the global marine engines Market?

Kimberly Shaw,
Content and Press Manager
RationalStat LLC
sales@rationalstat.com
Phone: +1 302 803 5429

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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This release was published on openPR.