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Small Marine Engines Market Insights: Detailed Industry Demand, Size, Share, and Technological Innovations Shaping the Future - A Thorough Market Scope Analysis
Small Marine Engines Market
As per the report, the small marine engines market size has grown strongly in recent years. It will grow from $7.9 billion in 2023 to $8.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The small marine engines market size is expected to see strong growth in the next few years. It will grow to $10.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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Rising Fishing Activity Fuels Growth In The Small Marine Engines Market
Increasing fishing activity is expected to propel the small marine engines market going forward. Any activity directly connected to the capture or processing of fish or shellfish for initial commercial sale or personal dietary needs is referred to as fishing. The use of outboard engines will be aided by the rising sales of small and medium-sized boats for fishing and leisure purposes. For instance, according to a report by fishing daily, an Ireland-based news website for the Irish and UK fishing industries, in 2021 there was an 11% rise in sea fish and shellfish landings, with a real increase of £54 million ($ 52.02 million) and a real increase of 38 thousand tonnes. Also, fishing vessels registered in Scotland landed 437 thousand tonnes of sea fish and shellfish worth £542 million ($52.50 million) in 2021. Therefore, increasing fishing activity is driving demand for the small marine engines market.
Innovative Technologies Transforming The Small Marine Engines Market
Technological innovation is a key trend gaining popularity in the small marine engines market. Major companies in the small marine engines market are focused on developing new and innovative technologies and conducting research and development to attain a competitive edge in the market. For instance, in September 2022, Wartsila Corporation, a Finland-based company that manufactures small marine engines launched a new multi-fuel maritime engine, Wartsila 25 engine. Wartsila 25 operates on liquid or gaseous alternative fuels, such as ammonia. When using diesel fuel, there is currently a NOx abatement system that can be integrated with the engine to completely comply with IMO Tier III regulations on NOx emissions. This engine is a significant step toward the maritime industry's decarbonization objectives and ushers in a new era of medium-speed, small-bore engines that are future-proof. The Wartsila 25 satisfies every requirement. It is a compact yet potent engine that can easily switch to new fuels, making it an investment that is already future-proof .
The small marine engines market covered in this report is segmented -
1) By Model: Gasoline, Diesel, Electric
2) By Displacement: Up to 2 L, 2-4 L, 4-6 L
3) By Placement: Outboard, Inboard, Other Placements
4) By Application: Recreational Boats, Support Vessels, Coastal Boats, Fishing Boats, Other Applications
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Major companies operating in the small marine engines market report are Yamaha Motor Co. Ltd., Yanmar Marine International B.V., Brunswick Corporation, Suzuki Motor Corporation, Honda Motor Co. Ltd., Alcatel-Lucent SA, AT&T Inc., Commscope Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Anixter International Inc., Cobham Limited, Corning Incorporated, TE Connectivity Limited, Harris Communications, Nokia Corporation, Belkin International, Cisco Systems Inc., Belden Incorporated, Nexans SA, Amphenol Corporation, Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co. Ltd, MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd, Rolls Royce plc, Volvo Penta of the Americas Inc., Wärtsilä Corporation, Greaves Cotton Limited
Contents of the report:
1. Executive Summary
2. Small Marine Engines Market Report Structure
3. Small Marine Engines Market Trends And Strategies
4. Small Marine Engines Market - Macro Economic Scenario
5. Small Marine Engines Market Size And Growth
…..
27. Small Marine Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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