Marine Engine Market Size, Share, Forecast 2021-2030

Marine Engine Market Statistics 2028
The global marine engine market size was valued at USD 11.62 billion in 2020 and is projected to reach USD 18.09 billion by 2030 growing at a CAGR of 4.7% from 2021 to 2030. Key drivers of the marine engines market include the growing adoption of two-stroke marine engines in ships due to superior torque and the ability to carry more weight.

The global seaborne trading activities are rising continuously driving the demand for international marine freight transportation which will augment the marine engines market growth.

However, the gradual adoption of electric vessels and volatile transport, as well as inventory prices, will spur the market penetration in the scheduled period.

Furthermore, the preference for dual-fuel engines and developments in engine technology will drive the growth of the market during the forecast period.

VIEW FULL REPORT
https://reports.valuates.com/reports/ALLI-Manu-4C68/marine-engine

Marine Engine Market Trends
The popularity of two-stroke engine capacity

Ships and other marine vessels prefer two-stroke engines owing to their less fuel consumption which reduces operational costs. They have better thermal and power efficiency and are reliable. Moreover, these engines have fewer maintenance requirements and have a higher power-to-weight ratio which makes transportation of bulky goods easy. The direct starting and reversal mechanism is smooth. Hance cargo transportation is rising rapidly which will spur the growth of the marine engines market during the review period.

Increasing seaborne freight transport

Shipping transportation covers a substantial part of the global trade. With the advent of globalization, import-export trade activities have risen significantly. The majority portion of traded goods and services are shipped through marine vessels. The emergence of containerization has increased the efficiency of bulky cargo transport. This will ultimately drive the demand for the marine engines market during the forecast period.

Adoption of electric vessels

The marine industry accounts for a huge release of greenhouse gas emissions. In addition to it, harmful particles such as nitrogen oxide, sulfur oxide, soot, and fine dust are also emitted. Hence green maritime and decarbonization are gaining steam in the shipping industry. Government bodies are supporting the electrification of marine vessels. These ships run on electric batteries and are cheaper than diesel fuels. This will create restrictions for the marine engines market surge in the subsequent years.

Rapid research in dual-fuel engines

The demand for eco-friendly marine transportation has augmented the rise of dual-fuel marine engines. These engines have the capacity to run on both natural gas and diesel fuel. They emit lower CO2, nitrogen oxides, and particulate matter. This also leads to fuel cost savings. Hence rapid R&D initiatives are being undertaken by key players in designing the newer dual-fuel engine technology. This will enhance the penetration of the marine engines market during the forecast period.

Marine Engine Market Share Analysis
Based on type, the bulk carriers segment dominated the global market in 2020. Bulk carriers are the workhorses of the merchant fleet, transporting raw materials like grain, iron ore, and coal, as well as finished goods like bauxite, cement, fertilizers, rice, sugar, and timber.

Based on capacity, In 2020, the segment of marine engines with more than 5001 horsepower dominated the global market.

INQUIRE FOR SAMPLE
https://reports.valuates.com/request/sample/ALLI-Manu-4C68/Marine_Engine_Market

Marine Engine Market Segments
By Ship Type
Bulk Carriers
General Cargo Ships
Container Ships
Ferries & Passenger Ships
Oil Tankers
Others

By Capacity
300 To 500 Hp
500 To 1000 Hp
1001 To 2000 Hp
2001 To 5000 Hp
More Than 5001 Hp

By Fuel Type
Heavy Fuel Oil
Intermediate Fuel Oil
Others

By Region
North America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
By KEY PLAYERS
Caterpillar Inc.
Cummins Inc.
Hyundai Heavy Industries Co., Ltd
MAN Energy Solutions
Mercury Marine
Mitsubishi Heavy Industries Ltd
Rolls Royce plc
Volvo Penta
Wartsila
Yanmar Holdings Co., Ltd

SIMIALR REPORT

https://reports.valuates.com/reports/QYRE-Auto-35Z417/global-outboard-engine

https://reports.valuates.com/market-reports/QYRE-Auto-16X7316/global-electric-outboard-engines

https://reports.valuates.com/market-reports/QYRE-Auto-769/global-outboard-electric-motors

Valuates Reports
sales@valuates.com
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp: +91-9945648335
Website: https://reports.valuates.com

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

This release was published on openPR.