BANGALORE, India, May 18, 2022 /PRNewswire/ -- Marine Engine Market by Ship Type (Bulk Carriers, General Cargo Ships, Container Ships, Ferries & Passenger Ships, Oil Tankers, and Others), Capacity (300 To 500 HP, 500 To 1000 HP, 1001 To 2000 HP, 2001 to 5000 HP, and more than 5001 HP), and Fuel Type (Heavy Fuel Oil, Intermediate Fuel Oil, and Others): Global Opportunity Analysis and Industry Forecast, 2021 - 2030. It is published in Valuates Reports under the Autos & Vehicles Category.
The global marine engine market was valued at USD 11.62 billion in 2020 and is projected to reach USD 18.09 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030.
Major Factors Driving The Growth Of The Marine Engine Market
The marine engine market is expected to grow due to factors such as an increase in international marine freight transport, a high demand for two-stroke marine engines, and an increase in water sports and leisure activities. However, the adoption of fully electric vessels is increasing, and transportation and inventory costs are fluctuating, limiting the market growth. In contrast, the increased adoption of dual-fuel marine engines and advancements in engine technology are expected to provide lucrative growth opportunities for market participants.
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TRENDS INFLUENCING THE GROWTH OF MARINE ENGINE MARKET
Seaborne trade has seen significant growth in recent years due to its cost-effectiveness, marine transportation is one of the most popular modes of transportation, particularly for bulk freight transportation. Thus the increase in seaborne trade is expected to drive the growth of the marine engine market during the forecast period.
Both gaseous and liquid fuels can be used in a dual-fuel engine. These engines can run on a mixture of two different types of fuel. Diesel and natural gas fuels are used together in dual-fuel engines in general. Furthermore, dual-fuel engines that use a mix of diesel and natural gas can operate solely on diesel fuel if natural gas is unavailable. Some dual fuel engines can also run on a variety of fuels, including biodiesel, landfill gas, biogas, and others. Dual-based marine engines are one of the most environmentally friendly fuels available for ships and boats, as they reduce carbon emissions and help businesses comply with emission regulations. Due to all of these advantages, the marine engines market is expected to grow.
The two-stroke engines are commonly used in vessels that require a large power output such as cargo ships and bulk carriers. These engines generate more power and provide a higher power-to-weight ratio as compared to four-stroke engines. A higher power-to-weight ratio helps ship operators to carry more weight cargo at less power. With the increase in demand for cargo transportation through ships, demand for two-stroke engines is also increasing. Thus, the development of two-stroke engines by manufacturers is expected to drive the growth of the marine engines market during the forecasting period.
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MARINE ENGINES MARKET SHARE ANALYSIS
Based on type, the bulk carriers segment dominated the global market in 2020. Bulk carriers are the workhorses of the merchant fleet, transporting raw materials like grain, iron ore, and coal, as well as finished goods like bauxite, cement, fertilizers, rice, sugar, and timber.
Based on capacity, In 2020, the segment of marine engines with more than 5001 horsepower dominated the global market.
Based on fuel type, the heavy fuel oil segment is expected to lead the marine engine market during the forecast period.
Based on region, The Asia-Pacific region is expected to have the highest CAGR during the forecast period.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Caterpillar Inc.
- Cummins Inc.
- Hyundai Heavy Industries Co., Ltd
- MAN Energy Solutions
- Mercury Marine
- Mitsubishi Heavy Industries Ltd
- Rolls Royce plc
- Volvo Penta
- Wartsila
- Yanmar Holdings Co., Ltd
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SIMILAR REPORTS
- Outboard Engine market size is estimated to be worth USD 4621.5 million in 2022 and is forecast to be a readjusted size of USD 5518.3 million by 2028 with a CAGR of 3.0% during the review period.
- Outboard Electric Motors market size was USD 125 million and it is expected to reach USD 214 million by the end of 2027, with a CAGR of 8.0% during 2021-2027.
- The global Marine Engine Fuel Injection System market was valued at USD 798 million in 2020 and it is expected to reach USD 832.3 million by the end of 2027, growing at a CAGR of 0.6% during 2021-2027.
- The global Marine Inboard Engine under 1MW market was valued at USD 1138.3 million in 2020 and it is expected to reach USD 1285.7 million by the end of 2027, growing at a CAGR of 0.8% during 2021-2027.
- Marine Propulsion market size is estimated to be worth USD 11600 million in 2022 and is forecast to be a readjusted size of USD 13270 million by 2028 with a CAGR of 2.3% during the review period.
- Marine Turbine Propulsion Engine market size is estimated to be worth USD 2786.6 million in 2022 and is forecast to be a readjusted size of USD 3604 million by 2028 with a CAGR of 4.4% during the review period.
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