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Global Marine Engine Market By Fuel (Marine Gas Oil, Marine Diesel Oil, Others), By Propulsion (2-Stroke & 4-Stroke.), By Power Range (>1000hp, 1001-5000hp, Others), By Vessel (Project & Others), By Region, Forecast & Opportunities to 2026

The global marine engine market accounted for a value of USD 10.2 billion in 2019 and is projected to register growth at a CAGR of 2.9% during forecast period.

COVID-19 has impacted the global marine engine market. The supply chain got disrupted adversely due to travel restriction and lockdown across the world. The manufacturing units have to halt its production due to lockdown. Many workers are not ready to work or tested positive for COVID-19. The oil prices have declined and investment is also decreasing in this region. The cruise ships are facing cancellation and the international trade business is also slow. The marine engine market will face decline but it is expected to recover from latter half of forecast period.

Definition:

Marine engine can be defined as engines that are specially designed for use in marine environment. This engine is of two type diesel or petrol engines. It is designed to operate in a marine environment with maximum safety and high performance.  This engine is installed in motor driven boats, ships and other similar vehicles. Marie vehicles can be used for offshore support, transportation and surveillance.

Market Dynamics (Drivers/Opportunities):

Marine transport is very vital for international trade. Around 90% of merchandise trade is carried out using sea channel. This is considered as cheaper than road and rail transport. This is the reason marine channel is largely adopted around the world. This drives growth in marine engine market during forecast period.

Many regions are adopting sea transportations this increases demand for container ships across various regions. The export and import of goods is increasing around the world. Many companies are expanding and establishing in different countries. The demand for marine transport is increasing which drives growth in marine engine market during forecast period.

Market Insights, by Fuel

On the basis of fuel, the marine engine market is segmented into marine gas oil, marine diesel oil, intermediate fuel oil, heavy fuel oil and others. The heavy fuel oil marine segment is estimated to hold largest market share during forecast period. The heavy fuel oil is widely adopted in low and medium speed marine engines.  The demand for heavy fuel is increasing and this drives growth in marine engine market during forecast period.

Market Insights, by Propulsion

On the basis of propulsion, the marine engine market is segmented into two-stroke and four-stroke engine. The two-stroke engine segment is estimated to hold largest market share during forecast period. The two-stroke engines are low speed engines and they are used to power the ultra large vessel and super tankers.  These vehicles are used trade and these vehicles are of large capacity. Two stroke engines are highly preferred for large capacity vehicles. This drives growth in two stroke engines and drive growth in this segment during forecast period.

Market Insights, by Vessel

On the basis of vessel, the marine engine market is segmented into commercial, offshore support and others. The commercial vessel segment is estimated to account for largest market share in marine engine market during forecast period. The commercial segment is increasing due to increase in international trade and increase in cargo movement across the world. The new and advanced technological infrastructure in being constructed due aging of infrastructure due which the transportation of advanced electrical devices is increasing. This drives growth in commercial vessel during forecast period.

Regional Insights

Asia-Pacific region is estimated to hold largest market share during forecast period. The countries such as South Korea, China and Japan are considered to be the largest manufacturer of marine engines. These regions have many growth opportunities as the export of such engines is increasing. The investment is also increasing in commercial freight transport and in shipbuilding segment. This drives growth in Asia-Pacific region during forecast period.

Key Companies & Market Share Insights

The key market players in marine engine market are MAN SE, Wartsila, Caterpillar, Volvo Group, Deutz AG, Cummins, Hyundai Heavy Industries, Rolls-Royce, John Deere, Yanmar Holdings, Mitsubishi Heavy Industries, GE Transportation, Japan Engine Corporation, Fairbanks Morse, IHI Power System and Daihatsu Diesel MFG.

Segments Covered in the Report

This report forecasts The Global Marine Engine Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global Automotive Brake System market report on the basis of fuel, propulsion, power range, and vessel.

Marine Engine Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Propulsions
    • Quantitative Research
      • Primary & Secondary Propulsions
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Marine Engine Market, By Fuel, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Marine Gas Oil
  • Marine Diesel Oil
  • Intermediate Fuel Oil
  • Heavy Fuel Oil
  • Others
  1. Marine Engine Market, By Propulsion, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Two-Stroke
  • Four-Stroke
  1. Marine Engine Market, By Power Range, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Up to 1000 hp
  • 1001-5000 hp
  • 5001-10000 hp
  • 10001-20000 hp
  • Above 20000 hp
  1. Marine Engine Market, By Vessel, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Commercial
  • Offshore Support
  • Others
  1. Marine Engine Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Fuel
    • By Propulsion
    • By Power Range
    • By Vessel
    • By Country
      • USA
        • By Vessel
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Fuel
      • By Propulsion
      • By Power Range
      • By Vessel
      • By Country
        • Brazil
          • By Vessel
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Fuel
        • By Propulsion
        • By Power Range
        • By Vessel
        • By Country
          • UK
            • By Vessel
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Fuel
          • By Propulsion
          • By Power Range
          • By Vessel
          • By Country
            • China
              • By Vessel
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Fuel
            • By Propulsion
            • By Power Range
            • By Vessel
            • By Country
              • Saudi Arabia
                • By Vessel
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Daihatsu Diesel MFG
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • MAN SE
    • Wartsila
    • Caterpillar
    • Volvo Group
    • Deutz AG
    • Cummins
    • Hyundai Heavy Industries
    • Rolls-Royce
    • John Deere
    • Yanmar Holdings
    • Mitsubishi Heavy Industries
    • GE Transportation
    • Japan Engine Corporation
    • Fairbanks Morse
    • IHI Power System
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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