Marine Engine Market Expected to Inflate at CAGR 4.5% By 2023

Market Highlights:-

Marine Engine market is expected to have enormous developments over the forecast period owing to continuous technological advancement in marine sector tied with rising sea-borne activities. The market is also likely to have a huge number of expansion activities by global and well-established firms. Mergers and acquisition activities are anticipated to be seen during the forecast period with several contracts and agreements among the top manufacturers and shipbuilding companies, across the globe.

Rapid growth in shipbuilding activities, across the globe, in recent times is one of the crucial factors driving the demand in the marine engine market. Growing demand for luxury vessels such as cruise and yachts, as a result of increasing disposable income amongst the individuals has been a major sponsor to the increasing demand in the marine engine market. The global rise in demand for commercial vessels such as bulk carriers and gas carriers has significantly contributed to the rapid growth of the marine engine market.

Marine engines are machines that are utilized to provide power to marine vessels like commercial vessels, offshore support vessels and other vessels. These engines consist of components such as crankshaft, liner, pistons, bedplate, and head. These components are constructed with corrosion inhibiting materials and their seals & bearings are specifically designed for sea operating environment. The development of new technologies and manufacturing process in marine engine market have addressed the environmental regulations pertaining emission of harmful gases. Characteristics like fuel efficiency, easy maintenance, high performance, durability, quiet operation, and low harmful emissions make marine engines ideal for marine applications.

Industry Top Key Players:-

The key players of global marine engine market are GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), and Wärtsilä Corp (Finland). Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (U.S.), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany) are among others.

Market Segmentations:-

Global marine engine market has been segmented based on power, application, fuel and region. Based on power, the market is segmented into Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP and Above 20,000 HP. Among these, the 1,001 HP to 5,000 HP, is projected to dominate the marine engine market through 2023. The rise in manufacturing of small and medium-sized vessels is propelling the 1,001 HP to 5,000 HP segment, as 1,001 HP to 5,000 HP range engines provides ideal power output and are highly fuel efficient. Based on application, the market is segmented into commercial vessels, offshore support vessels and other vessels. Commercial vessels segment had been dominating the market in 2016 and is projected to be the fastest-growing application segment.

Regional Analysis:-

Asia Pacific region is anticipated to dominate the marine engines market and is also predicted to be the fastest expanding market over the forecast period. The high growth rate is attributed to the growth in the shipbuilding activities, especially in countries such as South Korea, Japan, China and Southeast Asian countries such as Singapore, Indonesia and Malaysia. These countries have a lucrative market for marine engine manufactures in the continent to explore, expand their operations and conquer larger market share. Europe was the second largest market in 2016. Countries such as Croatia, Denmark, Finland, France, Germany, Greece and Italy are the prominent shipbuilding nations in Europe. The growing maritime activities and tourism in the European region have created productive market for shipping industries and subsequently marine engine manufactures. North America witnessed a stagnant growth in 2016 and is anticipated to maintain the growth over the forecast period.

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