Marine Engine Market Analysis:
The Global Marine Engines Market is projected to be worth USD 17.23 billion by 2028, registering a CAGR of 4.82% during the forecast period (2021 - 2028)
COVID 19 Impacts
The COVID 19 pandemic severely hit the marine engines industry. With several maritime trades and industrial operations coming to a standstill, the market demand was affected. 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 efficiencies of their existing product line. All these factors are boosting the marine engines market value.
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- What is “Marine Engine” Market?
- Who are the Top Market manufacturers?
- Which are the most Business Regions across the globe?
- How big is the “Marine Engine” Market in upcoming Years?
- What are the Latest developments/industry updates in the “Marine Engine” Market?
2022 - 2030
Market Growth value
4.82 % CAGR
Revenue forecast in 2022-2030
USD 17.23 billion
Base year for estimation
2019 – 2020
USD Billion, CAGR (2022 – 2030)
By Application, By End-Use, and By Region
The global marine engine market is driven by growth in marine transport, adoption of smart engines, and rapid shipbuilding. According to International Chamber of Shipping, 90% of the global trade is conducted on sea routes providing a boost to market growth. Export of goods from container ships in APAC can drive the demand for marine engines. The demand for luxury vessels such as yachts due to increased maritime tourism and expendable income levels of clients can spur the demand for marine engines. Huge production of gas carriers and bulk carriers can be opportune for the global marine engine market.
Strict regulations pertaining to emissions by countries can hamper market growth. Guidelines by the International Maritime Organization for vessels and trading ships operating within 200 nautical miles can drive the change in designs of marine engines in the coming years. Rising investments in dual fuel engines can present a global opportunity for the market.
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 of 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 vessels, offshore support vessels, 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.
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 manufactures 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.
Approved & Certified OEM Service Providers Substantiate Market Growth.
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 market trends ensuing market growth. Substantial R&D investments made by industry players in developing efficient engines influence the market shares.
Rapid economic growth and excessive demand for various commercial vessels have spurred the growth of the marine engines market. Additionally, emerging markets worldwide, with their favorable government policies for engines manufacturing, present untapped opportunities for market players.
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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 making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Aug. 18, 2021, GE Marine, a leading naval engines manufacturer, announced signing a memorandum of understanding (MoU) with TUSAS Engine Industries (TEI-Turkey) to work on potentially localizing work for the two engine types, covering GE Marine's LM2500 and LM500 gas turbine engines.
Under the collaboration, the two companies would improve manufacturing, assembly, testing, inspection, maintenance, repair, and overhaul of those engines used in Turkey and on exported vessels.
Key players involved in the market 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), and Deutz AG (Germany), among others.