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Marine Engines Market By Power Range (Up to 1,000 HP, From 1,001 to 5,000 HP, From 5,001 to 10,000 HP, From 10,001 to 20,000 HP and Above 20000 HP), By Vessel Type (Commercial Vessel, Offshore Vessel and Others), By Fuel Type (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Hybrid), By Engine Type (Propulsion Engine and Auxiliary Engine), By Number of Cycles (Two Stroke Engines and Four Stroke Engines) – Growth, Future Prospects, and Competitive Analysis, 2019 - 2027

Growing Marine Trade to Stimulate the Demand for Marine Engine Solutions

The marine engines market accounted for a market value of US$ 11.70 billion in 2018 and is expected to grow at a CAGR of 3.09% during the forecast period from 2019 to 2027. Shifts in global demographics and population growth rates, coupled with long-term economic growth in developing markets, are expected to spur the maritime sector in the following years. Growing middle-class populations in emerging economies of Asia Pacific, Africa, and Latin America are further expected to drive the demand for imports of commodities and finished goods. For instance, economic growth in India reached 7.9% in 2018, up from 7.3% in 2014. Consumer spending in India accounts for over 60% of the economy and is the key driver of economic growth.

Rising consumer spending capacity in developing markets drives the long-term growth of container ships. With a significant surge in marine trade, the global maritime sector is seeking an increasing number of vessels. Promising growth in marine vessel production is subsequently expected to drive the surge in the marine engines market across the forecast period.

Similarly, the increasing availability of shipping data and advances in big data analytics are providing greater visibility into market and pricing trends. For instance, a constellation of satellites that keeps track of ships provides deeper insights compared to traditional tracking systems. The adoption of data-driven analytics improves decision-making to opt for suitable routes, taking into account fuel consumption, weather conditions, and piracy risk. With growing technological advances, marine traffic is expected to grow at a rapid pace. Consistently rising marine traffic is further expected to drive the demand for marine engines across the forecast period.

Market Synopsis

Commercial Vessels Segment to Witness Significant Adoption for Marine Engines Across the Forecast Period

The marine engines market was led by commercial vessels in 2018, chiefly due to increasing global marine trade that has stimulated the demand for commercial vessels, subsequently driving the marine engines market for the commercial vessel segment. The prospects for seaborne trade are positive. Marine trade volume increased by 4% in 2018 compared to trade volume in 2017. Contingent to steady favorable trends in the global economy, marine trade is expected to surge at a promising rate. With a growing count of commercial marine vessels, demand for marine engines is expected to grow at a significant rate across the forecast period.

Large Production Capacity of Marine Engines to Ensure Dominating Position in the Asia Pacific Market

Presently, Asia Pacific is the front-runner in the overall marine engine market. As well as the region's expected to grow at a higher rate compared to its counterparts. China played a key role in 2018 as the emerging maritime superpower in shipping. The market here witnessed the highest growth in commercial vessel ownership, rivaling the rest of the world combined.

It is also projected that China will become the global hub for the maritime market, leading in seaborne trade and shipbuilding and having vertically interrelated ownership. Similarly, India is expected to become a giant driver of global trade at a similar pace to China. Bourgeoning countries such as China, India, Japan, and South Korea, among others, are expected to determine the shipbuilding market across the forecast period. The effect is that the region is expected to grow at a higher CAGR compared to other markets.

Some of the major players profiled in the report include MAN SE, Hyundai Heavy Industries Co., Ltd., GE Transportation, Anglo Belgian Corporation NV, Shanghai Diesel Engine Co., Ltd., The Volvo Group, Caterpillar Inc., Cummins, DEUTZ AG, Wartsila Oyj Abp, John Deere, Kongsberg Maritime, Daihatsu Diesel Mfg. Co., Ltd., Brunswick Corporation, Mitsubishi Heavy Industries, Ltd., and others.

Historical and Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The marine engines market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global marine engine market based on power range, vessel type, fuel type, engine type, number of cycles, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

  • What was the market size of marine engines in 2018, and what is the forecast up to 2027?
  • Which is the largest regional market for marine engines?
  • What are the key market trends observed in the marine engines market?
  • Which are the most promising power ranges, vessel types, fuel types, engine types, and the number of cycle segments in the marine engine market?
  • Who are the key players leading the market?
  • What are the key strategies adopted by the leading players in the market?
  • What are the key trends in marine trade across different geographies and sub-geographies?

Frequently Asked Question:

The market for Marine Engines Market is expected to reach USD$ 11.70 Bn in 2027.

The Marine Engines Market is expected to see significant CAGR growth over the coming years, at 3.09%.

The report is forecasted from 2019 -2027.

The base year of this report is 2018.

GE Transportation, Anglo Belgian Corporation NV, Shanghai Diesel Engine Co., Ltd., The Volvo Group, Caterpillar Inc., Cummins, DEUTZ AG, Wartsila Oyj Abp .are some of the major players in the global market.

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Published Date:  Jul 2019
Category:  Technology & Media
Report ID:   59745
Report Format:   PDF
Pages:   120
Rating:    4.4 (58)
Delivery Time: 24 Hours to 48 Hours   
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