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Global Marine Internal Combustion Engines Market – Growth, Future Prospects & Competitive Analysis, 2016 – 2026

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Published: | Report ID: 11183 | Report Format : PDF

Market Insights

Combustion of fuel with air takes place within the engine in an internal combustion engine. Simple engine design, low operational costs, and high fuel economy as compared to external combustion engines are some of the factors responsible for its high usage in the marine industry. These engines use the lowest grade of fuel, like heavy oil and heavy diesel oil. These engines use the lowest grade of fuel to ascertain economic viability due to high volume consumption from the ship’s engine as compared to other refined fuels like petrol, SKO (superior kerosene oil), etc.

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Marine operations make up 60-70% of total costs incurred. Due to this high percentage, a lot of marine fleets are being exchanged for multiple uses, like an anchor handling tug being temporarily used as offshore support vessels. This exchange has proven to be more economical for the marine asset operator. The larger ship sizes (bulk carriers, cargo vessels, tankers, etc.) utilize 2-stroke engines, while the vessels with lower capacity vessels (Ro-Ro boats, Small Offshore Support Vessels, etc.) may utilize technologically advanced, compact, costlier turbocharged 4-stroke main propulsion and auxiliary engines.

The directives based on marine pollution to reduce the sulfur content to 0.5% by 2020 are one of the major reasons for inducing more advanced 4-stroke engines to reduce marine pollution and achieve operational profits. The marine sector is majorly involved in regional, cross-countries, and cross-continent trade activities, and hence the requirement of a fleet is essential to carry out these activities. There is a significant rise in disposable incomes of people where there is an increased number of people opting for luxury leisure trips on cruises and own yachts. Mandates from IMO’s (International Maritime Organizations) MARPOL (Marine Pollution) convention and the Paris Agreement on pollution levels at sea are being strictly adhered to. There is increased awareness of utilizing advanced 4-stroke IC engines to achieve operational efficiency and emission standards. All these factors are propelling the demand for more marine internal combustion engines. Fluctuations in crude oil prices have led to a decline in overall oil & gas exploration activities. This has a direct impact on the shipping industry as it is heavily dependent on the oil & gas industry.

Based on engine type, the market is segmented into low-speed engines, medium-speed engines, and high-speed engines. In 2017, medium-speed engines dominated the internal combustion marine engine market, and a similar trend is expected during the forecast period from 2018 to 2026. Based on applications, the market is segmented into bulk carriers, tankers, container vessels, cruise, passenger vessels, offshore support vessels, and others (tugs, utility vessels, etc.). Bulk carriers dominated the market in 2017. Geographically, Asia Pacific was the largest region for the IC marine engines market in 2017. China, Japan, and South Korea were the hot spots for the market in 2017 due to high trade, oil & gas, and ship-building activities in the region. China is expected to grow at the highest rate since it has raised its marine diesel engine production rapidly on account of high merchant trade activities and increased oil imports from other regions.

Global Marine Internal Combustion Engines Market is segmented on the following basis:

By Product Types

  • Low-speed Engine
  • Medium-speed Engine
  • High-speed Engine

By Application

  • Bulk carriers
  • Tankers
  • Container vessels
  • Cruise
  • Passenger’s vessels
  • Offshore support vessels
  • Others (tugs, utility vessels, etc.)

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Key players across the Marine Internal Combustion Engines value chain are:

Hudong Heavy Machinery, CSSC-MES Diesel, MAN Engines, Dalian Marine Diesel, Yichang Marine Diesel Engine, Qingdao Haixi Heavy-duty Machinery, Mitsubishi Heavy Industries Ltd., SCANIA, Yanmar Co., Ltd, and GE Ltd. amongst others.

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This report offers the following:

  • Assessment of market trends for the period 2016-2026
  • Historical (past) information for 2016 & 2017 and projections from 2018 through 2026 with respective CAGRs for 2018-2026 considering 2017 as the base year
  • Market drivers, restraints, future prospects, and competitive analysis (market positioning) of key market players
  • Focus on each level of market segmentation that is primarily based on approved IC engine specs for the marine industry
  • Overview of the marine (shipping) industry structure
  • Company profiling with major information about the key players operating in the marine internal combustion engines market
  • Estimation of the market size in terms of value (US$ Mn)

Frequently Asked Questions:

What is the size of Marine Internal Combustion Engines Market?

The market for Marine Internal Combustion Engines Market is expected to reach US$ XX Mn by 2026.

What is the Marine Internal Combustion Engines Market CAGR?

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

What is the Forecast period considered for Marine Internal Combustion Engines Market?

The report is forecasted from 2016-2026.

What is the base year considered for Marine Internal Combustion Engines Market?

The base year of this report is 2015.

Who are the major players in this market?

Hudong Heavy Machinery, CSSC-MES Diesel, MAN Engines, Dalian Marine Diesel, Yichang Marine Diesel Engine, Qingdao Haixi Heavy-duty Machinery, Mitsubishi Heavy Industries Ltd., SCANIA, Yanmar Co., Ltd, and GE Ltd. are some of the major players in the global market.

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