Marine Engine Market Forecasted to Cross USD 17.23 Billion by 2028 with a CAGR of 4.82% - Report by Market Research Future (MRFR)
Stringent Emission Norms Increase Cleaner-Fuels Demand
New York, US, June 16, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Marine Engine Market Analysis by Power, by Application (Commercial Vessels, Offshore Support Vessels), by Fuel and By Region - Forecast till 2028” valuation is poised to reach USD 17.23 Billion by 2028, registering a 4.82% CAGR throughout the forecast period (2021–2028).
Marine Engine Market Overview
The global marine engines market is estimated to witness a rapid revenue rise. Continually growing maritime operations create a significant need for increasing numbers of ships and goods-carrying vessels.
Marine Engine Market Report Scope:
|Market Size||USD 17.23 Billion (2028)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Power, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Caterpillar Inc. (US), GE Transportation (US), Cummins Inc. (US), Man Diesel & Turbo Se (Germany), Rolls-Royce Power Systems AG (Germany), Wärtsilä Corp (Finland), Brunswick Corporation (US), Mitsubishi Heavy Industries, Ltd. (Japan), AB Volvo (Sweden), Scania AB (Sweden), Yanmar Co., Ltd. (Japan), John Deere (US), Dresser-Rand Group, Inc. (US), Daihatsu Diesel MFG. Co. Ltd. (Japan), and Deutz AG (Germany)|
|Key Market Opportunities||Rising demand for double fuel motors|
|Key Market Drivers||Growth in international marine freight transport|
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Rapid economic growth and excessive demand for various commercial vessels have spurred the marine engine market growth. Approved & certified OEM service providers substantiate market growth. Marine engine sales are growing with the increasing production of major cargo & cruise ships, commercial & small-scale fishing ships, military & government boats, modern auxiliary ships, landing crafts, patrol boats, and several search-and-rescue vessels.
Additionally, with their favorable government policies for engine manufacturing, emerging regions worldwide present untapped opportunities for market players. Currently, many researches are ongoing to develop next-generation solutions to enable engine manufacturers to significantly shorten the production timeline for new vessels and ensure visibility on the supply of fast crew boats and crew transfer vessels.
Marine Engine Market Segments
The market is segmented into power, fuels, applications, and regions. The power segment is sub-segmented into Up to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10000 HP, 10001 HP to 20000 HP, and Above 20,000 HP. Among these, the 1001 HP to 5000 HP segment accounts for the largest market share due to the rise in manufacturing small and medium-sized vessels.
The fuel segment is sub-segmented into heavy fuel, intermediate fuel, marine diesel, marine gas, and other fuels. Among these, the heavy fuel segment accounts for the largest market share due to the vast availability of these fuels.
The application segment is sub-segmented into commercial, offshore support, and other vessels. Of these, the commercial vessel segment accounts for the largest market share due to the rise in commercial sea-borne activities and the commercial shipbuilding industry. The region segment is sub-segmented into Europe, Asia Pacific, Americas, and rest-of-the-world.
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Marine Engine Market Regional Analysis
The Asia Pacific region dominates the global marine engines market. Growing shipbuilding and maritime activities, especially in Japan, South Korea, China, Indonesia, Malaysia, and Singapore, drive the marine engines market growth. These countries offer lucrative opportunities to marine engine manufacturers to explore and expand their operations across the region.
Moreover, increasing investments in developing technologically advanced engines and cargo & cruise ships boost the region's marine engines market shares. Besides, the strong presence of major industry players and massive availability due to the rising oil & gas activities increase the region's marine engines market size.
The marine engines market outlook appears promising, witnessing continually growing maritime operations. As the COVID 19-led complications subdue a little, maritime trades and industrial operations are increasing again, impacting the market demand. The market is rapidly returning to normalcy as various business & industrial activities and marine trades are gradually picking up.
Considering growing opportunities, engine manufacturers are forming strategic partnerships with major financing partners involved in the refinancing and the shareholders. Major industry players are also investing substantially in developing innovative products and improving the efficiencies of their existing product lines. All these factors are boosting the marine engine market value.
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Moreover, rapid & excessive growth in marine trades worldwide is a major driving force behind the rising marine engines market value globally. Product standardization and enhanced research & innovation are significant trends in marine engine market growth. Substantial R&D investments made by industry players in developing efficient engines influence the market shares.
Growing initiatives to test the feasibility and performance of commercially viable alternatives to traditional fuels for line-haul rail and marine vessels positively impact the market growth. Emission regulations in the marine sector are becoming ever more stringent. The rising adoption of flexible engine technology towards achieving compliance with greenhouse gas targets offers significant growth opportunities.
Marine Engine Market Competitive Analysis
Dominant Key Players in Marine Engine Market Covered are:
- Caterpillar Inc. (US)
- GE Transportation (US)
- Cummins Inc. (US)
- Man Diesel & Turbo Se (Germany)
- Rolls-Royce Power Systems AG (Germany)
- Wärtsilä Corp (Finland)
- Brunswick Corporation (US)
- Mitsubishi Heavy Industries Ltd. (Japan)
- AB Volvo (Sweden)
- Scania AB (Sweden)
- Yanmar Co. Ltd. (Japan)
- John Deere (US)
- Dresser-Rand Group Inc. (US)
- Daihatsu Diesel MFG. Co. Ltd. (Japan)
- Deutz AG (Germany)
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The marine engines market is witnessing several strategic approaches, such as mergers & acquisitions, collaboration, expansions, and product launches. Key market players are investing strategically in research and development activities and fostering their expansion plans.
For instance, recently, on June 15, 2022, Winterthur Gas and Diesel (WinGD) announced a collaboration with Hyundai Heavy Industries (HHI) engine machinery division to develop a two-stroke engine that can run using ammonia. The project aims at exploring ammonia concepts for dual-fuel liquefied natural gas (LNG) X-DF engines and diesel-fuelled WinGD X-type engines.
Ammonia is a hydrogen-based zero-carbon fuel produced with no greenhouse gas emissions using renewable electricity. Ammonia is likely to play a causal role in the decarburization of deep-sea shipping space, which faces limited options of net-zero carbon fuels with the required energy density for feasible onboard storage.
The development of emissions reduction, fuel supply, and relevant safety solutions for ammonia engines with a focus on the local market. The collaboration will open growth opportunities for all-new two-stroke engine technology applicable to many cargo vessels. The companies aim to deliver their first engine by 2025, aligning with WinGD's previously announced plan to bring an ammonia engine to market.
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