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Marine Engine Market Worth USD 18.09 Billion by 2030, Growing at a CAGR of 4.7%
Marine Engine Market
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Presently, the global marine engine industry is dominated by Asia-Pacific followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain significant growth in the global market particularly by China, South Korea, and Japan, owing to few distinct advantages such as increase in shipbuilding and marine component production in the region, owing to cheaper wages, strong government backing, and strong forward & backward linkage industries.
Key factors driving development of the global marine engine market include rapid GDP growth, strong economic growth, increase in global seaborne trade, surge in demand for marine freight transportation vessels, high demand of two stroke marine engines, and rise in water sports & leisure activities. However, rise in adoption of fully electric vessels and fluctuations in transportation and inventory costs are some noteworthy trends that hamper growth of the market.
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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 key players profiled in this report include
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.
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By fuel type, the marine engine market is segregated into heavy fuel oil, intermediate fuel oil and others. The heavy fuel oil accounted for the highest revenue in 2020, as heavy fuel oil is widely adopted across various marine vessels, owing to their cost-effectiveness.
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.
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Regional Analysis:
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.
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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.
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