Marine Auxiliary Engine Market is Expected to Reach USD 2,807.4 Million at a Healthy CAGR of 3.9% CAGR by 2030 - Report by Market Research Future (MRFR)
Marine Auxiliary Engine Market driven by Booming Shipbuilding Industry to Boost Market Growth
New York, US, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Marine Auxiliary Engine Market Research Report Information By Fuel, Power, Application- Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 2,807.4 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 3.9% during the assessment timeframe.
Marine Auxiliary Engine Market Analysis
The marine auxiliary engine market will touch USD 2,807.4 million at a 3.9% CAGR by 2030, states the new Market Research Future report.
Marine Auxiliary Engine Market Key Players
Key players profiled in the global marine auxiliary engine market report include-
- Wabtec Corporation (US)
- Rolls-Royce Plc (UK)
- Yanmar Holdings Co. (Japan)
- MAN (Japan)
- Cummins Inc. (US)
- Caterpillar (US)
- Deere & Company (US)
- Hyundai Heavy Industries Co. (South Korea)
- Mitsubishi Chemical Corporation (Japan)
- STX Engine (South Korea)
- Kirloskar Oil Engines Ltd. (India)
- Deutz AG (Germany)
- AGCO Power Inc. (Finland)
- Volvo Penta (Sweden)
- Wartsila (Finland)
- Volkswagen (Germany)
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Marine Auxiliary Engine Market Drivers
Booming Shipbuilding Industry to Boost Market Growth
Due to the substantial research and development efforts to provide environmentally friendly auxiliary engine technology, there have been increased investments in shipbuilding. Developing nations like India, Bangladesh, and Indonesia as well as developed nations like the US, Germany, and the UK are realizing the strategic value of building and maintaining strong ships with the most up-to-date technology, which is fueling the expansion of the marine auxiliary engine industry.
In order to reduce carbon emissions by 50% and safeguard the environment, the International Marine Organization (IMO), a branch of the United Nations, introduced new rules in 2018. Worldwide efforts to reduce carbon emissions are being made by nations who have made considerable investments in R&D. Additionally, the maritime sector is making investments in battery-powered ferries, which would call for high-performance engines and low-carbon fuels. Therefore, the marine auxiliary engine market would be driven globally by increased investments in the shipping industry and an increase in the use of energy-efficient motor components in ships.
Marine Auxiliary Engine Market Report Scope:
|Revenue forecast in 2030||USD 2,807.4 Million|
|CAGR||CAGR of 3.9% from 2022 to 2030|
|Key Market Opportunities||Rising demand for dual-fuel engines|
|Key Market Drivers||Growth in the international marine trade Growth in shipbuilding industry|
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Burgeoning Need for Dual-Fuel Engines to offer Robust Opportunities
Marine engines in developed nations like the US, Germany, and China are using hybrid engine technology. By operating at maximum efficiency and utilizing batteries to smooth out many load changes, these engines can offer notable efficiency. Crude oil is less accessible in remote and rural places. In order to carry goods and services over waterways, marine auxiliary engines are crucial. According to a 2016 analysis by Siemens and Bellona, the marine auxiliary engine market would benefit if approximately 70% of the Norwegian ferry ships were converted to battery or hybrid power. Hybrid engine technology is being implemented in ships by nations like China, India and Korea with the goal of lowering fuel consumption and maintenance costs.
Stringent Environmental Regulations to act as Market Restraint
The stringent environmental regulations may act as a market restraint over the forecast period. Besides, impact of BREXIT and uncertainties in Greek shipbuilding industry may also impede market growth.
MARPOL Regulations to act as Market Challenge
MARPOL regulations may act as a market challenge over the forecast period.
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Marine Auxiliary Engine Market Segmentation
The global marine auxiliary engine market is bifurcated based on fuel, power, and application.
By fuel, diesel will lead the market over the forecast period. Marine diesel is a term for marine fuel made up of different distillate blends and heavy fuel oil with very little heavy fuel oil. The density of marine diesel is higher than that of regular diesel. With the use of refinery processes or the blending of pre-made marine fuels, marine diesel is available in a variety of blending ratios. Marine diesel oil may be used in a variety of engines thanks to their distinctive mixing ratios.
By power, up to 350 HP will dominate the market over the forecast period. Low-speed engines, with a maximum operating speed of 300 RPM, characterize marine auxiliary engines with a power range up to 350 HP. These engines are mostly powered by two-stroke turbocharged engines with between 4 and 12 cylinders placed in a straight line. The ability of marine auxiliary engines with power up to 350 HP to run effectively on poor-quality fuels is a key factor in the growth of this sector.
By application, commercial boats will spearhead the market over the forecast period. Powerboats, houseboats, center console boats, lifeboats, & personal watercraft boats are examples of commercial boats with marine auxiliary motors. Since the speed requirements of the boats in this segment are substantially higher than those of the cargo ships and cruise ships, they are powered by 4-stroke engines.
The pandemic's impact on the world's health and economy has caused considerable disruptions in marine trade and transportation, which has had a negative influence on growth forecasts. The volume of international maritime trade will decline by 4.1% in 2020, according to UNCTAD. The pandemic's effects on supply chain disruptions, demand contractions, and generalized economic uncertainty had a significant negative impact on the world economy.
In addition, a number of engine equipment manufacturers have stopped producing their products due to the need to close manufacturing facilities and production assemblies due to the spread of COVID-19. The result was a minor drop in sales and difficulty managing the cash flow of market participants in marine auxiliary engines. Additionally, because a large portion of the sector depended on shipping, which was hampered by national constraints, the manufacturers of industrial machines encountered difficulties obtaining raw materials.
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Marine Auxiliary Engine Market Regional Analysis
APAC to Lead Marine Auxiliary Engine Market
In the previous 20 years, the Asia-Pacific marine diesel engines market has seen tremendous growth, and this growth is anticipated to continue all through the projected period. This is mostly due to the expansion of maritime trade in nations like China, South Korea, & India. The demand for modern marine auxiliary engines has increased as a result of the implementation of regulatory criteria by government agencies addressing maritime safety and the prevention of ship pollution. The marine auxiliary engine market is primarily driven by this factor.
Europe to Have Admirable Growth in Marine Auxiliary Engine Market
After North America, Europe is the second-largest market for marine auxiliary engines internationally. During the projection period, trade in Europe is anticipated to increase as crude oil prices stabilize. The region's main exports are autos and electrical equipment, and its main imports are dry bulk commodities and electrical equipment. During the anticipated time, these elements are anticipated to propel the marine auxiliary engine market in Europe. Since 95% of all imports and exports in the UK are transported via the oceans, the shipping industry is essential to the nation's economy.
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