Marine Engine Market Poised to Reach $18.09 Billion by 2030, Predicts Allied Market Research

Allied Market Research recently published a report, titled, "Marine Engine Market by Ship Type (Bulk Carriers, General Cargo Ships, Container Ships, Ferries & Passenger Ships, Oil Tankers, and Others), Capacity (300 To 500 HP, 500 To 1000 HP, 1001 To 2000 HP, 2001 to 5000 HP, and more than 5001 HP), and Fuel Type (Heavy Fuel Oil, Intermediate Fuel Oil, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030" As per the report, the global marine engine industry was accounted for $11.62 billion in 2020, and is expected to reach $18.09 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/1579

𝐌𝐚𝐣𝐨𝐫 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐠𝐫𝐨𝐰𝐭𝐡

Surge in international marine freight transport, increase in water sports and leisure activities, and high demand for two stroke marine engines have boosted the growth of the global marine engine market. However, fluctuations in transportation and inventory costs and surge in adoption of fully electric vessels hinder the market. On the contrary, development of engine technology and surge in adoption of fuel fuel-based marine engines would unlock new opportunities in the future.

𝐓𝐡𝐞 𝐛𝐮𝐥𝐤 𝐜𝐚𝐫𝐫𝐢𝐞𝐫𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭

By ship type, the bulk carriers segment held the largest share in 2020, accounting for around two-fifths of the global marine engine market, owing to rise in international seaborne trade and maritime freight transport. However, the ferries and passenger ships segment is estimated to register the highest CAGR of 6.7% during the forecast period, due to rise in adoption of recreational activities, water touring, and other leisure activities.

𝐓𝐡𝐞 𝐢𝐧𝐭𝐞𝐫𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐟𝐮𝐞𝐥 𝐨𝐢𝐥 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐩𝐨𝐫𝐭𝐫𝐚𝐲 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟑𝟎

By fuel type, the intermediate fuel oil segment is projected to manifest the highest CAGR of 5.4% from 2021 to 2030. However, the heavy fuel oil segment held the largest share in 2020, accounting for around two-thirds of the global marine engine market, as it is widely used in marine vessels and cost-effective.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/marine-engine-market/purchase-options

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜, 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐄𝐮𝐫𝐨𝐩𝐞 𝐚𝐧𝐝 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐭𝐨 𝐦𝐚𝐧𝐢𝐟𝐞𝐬𝐭 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐛𝐲 𝟐𝟎𝟑𝟎

By region, the global marine engine market across Asia-Pacific, followed by Europe and North America, is anticipated to showcase the highest CAGR of 5.3% during the forecast period. In addition, the region dominated in 2020, accounting for nearly half of the market, owing to cheap wages, growing seaborne trade, and strong government backing.

𝐌𝐚𝐣𝐨𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬

Caterpillar Inc.
Hyundai Heavy Industries Co., Ltd
Cummins Inc.
Mercury Marine
MAN Energy Solutions
Rolls Royce plc
Mitsubishi Heavy Industries Ltd
Wartsila
Volvo Penta
Yanmar Holdings Co., Ltd.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

The COVID-19 impact on the marine engine market is unpredictable, and is expected to remain in force for a few years.

The COVID-19 outbreak forced governments across the globe to implemented stringent lockdown and ban import-export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for marine engines.

As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, boat and engine manufacturers faced enormous losses in the first and second quarters of 2020.

Moreover, nationwide lockdown forced parts manufacturing facilities to partially or completely shut their operations

However, the world is gradually returning to normalcy in daily business activities by taking appropriate measures to halt virus spread. Increase in vaccination and decreasing fatality has improved the market scenario for ship refurbishment and shipbuilding, which is expected to boost demand for the global marine engine market

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/1579

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

By ship type, the ferries and passenger ships segment is expected to register a significant growth during the forecast period.

By capacity, the 500 To 1000 Hp segment is projected to lead the global marine engine market.

By fuel type, the others segment is projected to lead the global marine engine market

Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐌𝐚𝐫𝐢𝐧𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/marine-diesel-engine-market - Marine Diesel Engine Market Size, Share, Competitive Landscape and Trend Analysis Report by Ship Type (Bulk Carriers, General Cargo Ship, Container Ship, Ferries and Passenger Ships, Oil Tankers, Others), by Technology (Low Speed, Medium Speed, High Speed), by Capacity (300 To 500 Hp, 500 To 1000 Hp, 1001 To 2000 Hp, 2001 To 5000 Hp, More Than 5001 Hp), by Type (2-Stroke, 4-Stroke): Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/marine-fuel-injection-system-market - Marine Fuel Injection System Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Fuel Injector, Fuel Pump, Fuel Valves, Electronic Control Unit (ECU), Others (Fuel Rail and Fuel Pressure Regulators), by Power Rating (0 HP2,000 HP, 2,000 HP10,000 HP, 10,000 HP20,000 HP, 20,000 HP50,000 HP, 50,000 HP80,000 HP, Above 80,000 HP) and by Application (Commercial Vessels, Offshore Support Vessels, Inland Waterways Vessels): Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/submarine-market-A10675 - Submarine Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Ballistic Missile Submarines (SSBNs), Nuclear-Powered attack submarines (SSNs), Diesel-electric attack submarines (SSKs) and others), by Propulsion (Nuclear, Non Nuclear), by Application (Military surveillance and Combat, Marine Weather Monitoring and Scientific Research, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/marine-solar-panel-market-A14588 - Marine Solar Panel Market Size, Share, Competitive Landscape and Trend Analysis Report by Cell Type (Monocrystalline, Polycrystalline, Flexible), by Charging Power (Less than 50, 50-100, and100), by Application (Leisure Boats, Fishing Boats, Ships) and by Region (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/marine-fender-market-A14587 - Marine Fender Market Size, Share, Competitive Landscape and Trend Analysis Report by Ownership (Public, Private), by Manufacturing Process (Molding, Extrusion, Others) and by Fender (Rubber, Foam, Pneumatic, Timber, Other): Global Opportunity Analysis and Industry Forecast, 2023-2032

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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