The global marine engines market is estimated to witness a steady growth rate of around 4.5% during the period 2019-2028. Growth in international marine freight transport, rise in water sports and leisure activities, and high growth in seaborne trade are some of the key factors anticipated to drive the demand for global marine engines in the forthcoming years.
However, the rise in the adoption of electric vessels and fluctuation in transportation and inventory cost are some of the factors expected to impede the growth of the global marine engines market. Moreover, stringent government regulations such as “Direct Final Rule for Technical Amendments for Marine Spark-Ignition Engines and Vessels” among others are also estimated to be the key challenges faced by the marine engines market across the globe.
Propulsion engines majorly contribute to the growth of the global marine engines market
Based on engine type, the propulsion engine is dominating the marine engine market and is expected to grow significantly during the forecast period. The major supporting system of a ship is the propulsion engine, which is a vital part of the ship’s propulsion mechanism. Marine propulsion engines are critical assets for ships because they are the ship’s primary mover.
As a result, demand for propulsion-type marine engines is likely to continue to rise. Additionally, on the basis of vessel type, the bulk carriers are directing the global marine engines market, due to the significant use of bulk carriers for the transportation of raw and heavy materials including, grain, iron ore, cement, bauxite, fertilizers, etc.
They are also the most environmentally efficient way to transport huge volumes of dry freight over long distances. Furthermore, as the demand for raw materials, grains, and metals transportation increases, the shipping companies will react with a surge in demand for bulk carriers which directly impacts the global marine engines market in the forthcoming years.
Asia Pacific is dominating the global marine engine market owing to the growth of the regional shipbuilding industry
Asia Pacific region is leading the global marine engines market and is expected to dominate in the forthcoming years as well. The growth is primarily driven by the development of efficient marine engine technologies and the growth of the regional shipbuilding industry.
Moreover, the low labour cost, growing demand for commodities, and the presence of a large number of manufacturers in the region are expected to lead to a huge demand for marine transportation for sea freight. This is one of the key reasons for the growth of the marine engine market in the region.
North America is the prominent market for the consumption of marine engines for defence applications due to the fact that the defence sector dominates in North America. In Europe, the demand for marine engines is expected to grow at a significant rate due to the highest shipping fleet in the region. Europe is also known for being one of the largest, youngest, and most innovative fleets in the world. On the other hand, Latin America, and Middle East & Africa marine engine markets are projected to grow at a steady rate during the forecast period.
Market Structure and Competitive Landscape
Some of the prominent players that contribute significantly to the global marine engines market include Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Engine Machinery, Mitsubishi Heavy Industries Ltd., Rolls Royce Plc., MAN Energy Solutions, Volvo Penta, Daihatsu Diesel Mfg. Co. Ltd., Wartsila Corporation, Deere & Company, Mercury Marine, Yanmar Holdings Co. Ltd., Mahindra Powerpol, Deutz AG, CNPC Jichai Power Company Ltd., and Doosan Infracore among Others.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global marine engines market include,
- In February 2022, MAN Energy Solutions and Hyundai entered into a partnership, according to the agreement Hyundai will provide OPL solutions to shipowners and it will also contribute to the net zero emission goals of the marine industry.
- In February 2022, Volvo Penta and Danfoss together signed an agreement and both companies aim to work together to boost electrification in the marine sector.
- In December 2021, Edda Wind has signed a contract with Caterpillar Marine to offer power solutions for four new Commissioning Service Operation Vessels (CSOVs) and two new Service Operation Vessels (SOVs) that will be delivered between 2022 and 2024.
Key Market Segmentation
RationalStat has segmented the global marine engines market on the basis of engine type, vessel type, capacity, fuel type, technology, application, and region.
- By Engine Type
- Propulsion Engines
- Auxiliary Engines
- ReCon Marine
- By Vessel Type
- Oil Tankers
- Offshore Support Vessels
- Bulk Carriers
- Container Ships
- Product Tankers
- General Cargo
- Others (Tugs)
- By Capacity (Horsepower)
- Up to 1000 HP
- 1001-2000 HP
- 2001-3000 HP
- 3001-4000 HP
- 4001-5000 HP
- 5001-6000 HP
- 6001-7000 HP
- 7001-8000 HP
- 8001-9000 HP
- 9001-10000 HP
- More than 10000 HP
- By Fuel Type
- Heavy Fuel
- Distillate Fuels
- Marine Diesel
- Marine Gasoil (MGO)
- Marine Diesel Oil (MDO)
- Others (LNG)
- By Technology
- Diesel Electric
- IMO Tier III Solution
- PrevenTech Marine
- By Application
- Government and Defense
- Pilot Boats
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for global marine engine manufacturers and suppliers, marine engine part manufacturers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.