Yahoo Finance Marine Engine Market Size to Hit USD 14.51 Billion by 2027 | Exhibit a CAGR of 4.7%
According to Fortune Business Insights, the global marine engine market was valued at USD 10.54 billion in 2020, and is projected to reach USD 14.51 billion by 2027, growing at CAGR of 4.7% from 2021 to 2027. Damen Shipyards to Build Largest Ever 70-Tonne Bollard Pull All-Electric Tugboat for Ports of Auckland.
Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global marine engine market size is expected to grow from USD 10.54 billion in 2020 to USD 14.51 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period. There are a few factors driving this growth. First, the global economy is improving, which means more people are taking to the seas for leisure and commerce. Second, new engine technologies are making it possible for boats to go faster and farther than ever before. And third, the rise of China and other Asian countries is creating new demand for marine engines. This information is given by Fortune Business Insights™ in a new report, titled, “Marine engine Market 2020-2027.”
All of these trends are good news for the marine engine market. We can expect to see continued growth in the years ahead.
Key Industry Developments:
In October 2020, Mitsubishi Shipbuilding Co., Ltd., was granted Approval in Principle from the French Classification Society, Bureau Veritas (BV), for a Liquefied Natural Gas (LNG) fuel gas supply system (FGSS) for marine four-stroke dual fuel engines.
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Report Highlights:
Report Coverage | Details |
Forecast Period | 2020-2027 |
Forecast Period 2020 to 2027 CAGR | 4.7% |
2027 Value Projection | USD 14.51 billion |
Base Year | 2019 |
Market Size in 2019 | USD 12.49 billion |
Historical Data for | 2016-2018 |
No. of Pages | 233 |
Segments covered | By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil), By Speed, By Stroke and Regional |
Growth Drivers | Rapidly Flourishing Global Trade to Drive the Market |
| Offering Tailor-made Products to Help Key Players Gain Competitive Advantage |
Market Drivers & Restraints-
Rapidly Flourishing Global Trade to Drive the Market
Rapidly increasing international trade and the resultant global supply chain are projected to drive the global marine engine market growth. For instance, as per the report published by the International Monetary Fund, the overall growth of the world trade has been an average of 6% over the past 20 years.
The growth at this rate is twice as fast as the world output over these years. In addition, technological advancements in marine engines are estimated to enhance growth. However, the lack of fuel options due to strict regulations regarding emissions from several countries is anticipated to limit the demand. The marine engine market is on the rise, with new technologies and designs coming to the fore.
COVID-19 Impact:
Global Shutdown amid COVID-19 to Disrupt Global Supply Chain
The global merchandise trade relies heavily on the maritime transport sector as it handles over 80% of the former. Therefore, shutdown of the shipment industry amid the COVID-19 pandemic is anticipated to cause huge disruption in the global supply chain. Businesses across the world are paralyzed as most of the businesses have shipment as their primary component of operations. We are offering precise market reports based on our expertise and experience in the field of market research, which will help you get rid of the current challenges.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/marine-engine-market-100771
Segmentation:
Oxidation & Thermal Stability Characteristics to Augment the Demand for Marine Diesel Oil
Based on fuel, the marine diesel oil segment dominated the global marine engine market with 25.5% share in 2019. The oxidation & thermal stability characteristics and reduced costs are the key factors driving the segment growth. Based on ship type, the gas carriers segment is anticipated to exhibit the highest CAGR during the forecast period. This is due to its ability to use natural gas as fuel and emit minimum sulfur oxides and nitrogen oxides.
Regional Insights:
Presence of Major Manufacturers in the Region to Aid Asia Pacific to Dominate
Asia Pacific is set to lead the global market with a share of USD 5.35 billion in 2019. Leading countries including China and India being the largest manufacturers in the world is a major factor driving the growth of marine engines in the region. For instance, in 2019, nearly 41% of the total goods exported were manufactured in the region. On the other hand, the total value of goods imported reached 62%.
The market in Europe is anticipated to exhibit significant growth in the forecast timeframe. Robust infrastructure for shipping gives a competitive advantage to the region. For instance, the contribution of the EU shipping industry to the European Union’s annual GDP is a total of €147 billion.
Competitive Landscape:
Offering Tailor-made Products to Help Key Players Gain Competitive Advantage
Key players operating in the market are focused on providing customized products as per the requirement of their clients. This will help them gain a competitive advantage over other enterprises. In August 2019, Ports of Auckland ordered the world's first full-size electric tugboat from Damen Shipyards of the Netherlands. The latter is set to build a 70-tonne bollard pull all-electric tug for delivery in 2021.
A List of Key Manufacturers Operating in the Global Market:
Caterpillar
Cummins
Hyundai Heavy Industries
Man Energy Solution
Mitsubishi Heavy Industries
Honda Motors Co. Ltd.
Wartsila
Kongsberg
Mahindra Powerol
General Motors
Yanmar Holdings Co. Ltd.
Doosan Infracore
Marine Engine Market Segmentation:
By Ship Type:
Oil Tankers
Bulk Carriers
General Cargo Ships
Container Ships
Gas Carriers
Chemical Tankers
Support Vessel
Ferriers and Passenger ships
Other
By Capacity:
0 - 10000 HP
10000 - 20000 HP
20000 - 30000 HP
30000 - 40000 HP
40000 - 50000 HP
50000 - 60000 HP
60000 - 70000 HP
70000 - 80000 HP
80000 - 90000 HP
90000 - 100000 HP
100000 - 110000 HP
Greater than 110000 HP
By Speed:
High Speed
Medium Speed
Low Speed
By Fuel Type:
Heavy Fuel Oil
Intermediate Fuel Oil
Marine Diesel Oil
Marine Gas Oil
LNG
Other
By Stroke:
Four Stroke
Two Stroke
Other
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Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Marine Engines Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Marine Engine Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Ship Type
Oil Tankers
Bulk Carriers
General Cargo Ships
Container Ships
Gas Carriers
Chemical Tankers
Support Vessel
Ferries and Passenger ships
Other
Market Analysis, Insights and Forecast – By Capacity
0 - 10000 HP
10000 - 20000 HP
20000 - 30000 HP
30000 - 40000 HP
40000 - 50000 HP
50000 - 60000 HP
60000 - 70000 HP
70000 - 80000 HP
80000 - 90000 HP
90000 - 100000 HP
100000 - 110000 HP
Greater than 110000 HP
Market Analysis, Insights and Forecast – By Speed
High Speed
Medium Speed
Low Speed
Market Analysis, Insights and Forecast – By Fuel
Heavy Fuel Oil
Intermediate Fuel Oil
Marine Diesel Oil
Marine Gas Oil
LNG
Other
Market Analysis, Insights and Forecast – By Stroke
Four Stroke
Two Stroke
Other
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Continued…
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