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 ti recover from latter half of forecast period.
For more details, visit: 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
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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the marine engine fuel is likely to lead by 2025?
- Which of the vessel segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?