Marine and Maritime EngAnalysis Reports Revenue Growth Globally During The Forecast Period 2020-2030
The Marine and Maritime Engine Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, production and consumption, supply chain analysis, competitive landscape, and market composition analysis.
Marine transportation plays a crucial role in the supply chain of global industrial sector and forms the backbone of global economy. Based on statistics from the American Geophysical Union, the marine traffic has increased by more than 200% over last three decade. Stringent regulations on the use of low sulphur emitting fuels and use of fuel cell and solar energy as an alternative to fossil fuels is anticipated to reshape the marine and maritime engine market in coming years. Additionally, the rising adoption of gas turbine engine as an alternative to compression ignition engines has altered the global marine engine market landscape with emphasis on use of low emission natural gas to power these engines. These factors are dynamically governing the global marine and maritime engine market. The global marine and maritime engine market is anticipated to register a CAGR close to 4% during the forecast period.
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Modularity and Flexibility to fuel demand for 0 – 10000HP marine and maritime engines
The global marine and maritime engine market is segmented based on type, vessel type, fuel type, engine type, and geography. Based on engine power, the market is segmented into 0 - 10000HP, 10001HP – 20000HP, 20001HP – 30000HP, 30001HP – 40000HP, 40001HP – 60000HP, 60001HP – 80000HP, 80001HP – 100000HP, and more than 100000HP. The 0 – 10000HP marine and maritime engine contributed the largest share to the market owing to the modularity and flexibility offered by these engines and is anticipated to be the dominating segment throughout the forecast period. The 0 – 10000HP engines are the most widely off-the-shelf available marine engines and thus can be configured to derive more power through combination of multiple sets of such engines and thus are the most preferable engines for small, medium as well as large vessels.
Reliance on bulk carriers for transportation of coal, ore, grains, and cement and other bulk cargo to drive marine and maritime engine market
Based on vessel type, the global market is segmented into oil tankers, bulk carriers, cargo & container ships, gas & chemical carriers, support vessels, passenger ships, and others. The bulk carriers dominated the global marine and maritime engine market in 2018 and is anticipated to grow at a prominent CAGR during the forecast period owing rising demand from the expanding marine traffic. Bulk carrier plays a vital role in the marine transportation and global economy. The bulk carrier accounts for 40% of the total ships in terms of tonnage and are increasing steadily owing to rising marine transportation of commodities or bulk cargo. The demand for marine engine form passenger ships is anticipated to drive the market during the forecast period owing to rising marine tourism, and increasing number of private ships and yachts.
Based on geography, the global marine and maritime engine market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The marine and maritime engine market is dominated by Asia Pacific owing to increasing export activities from China, India, Japan, and South Korea. Asian countries have emerged as a major manufacturing hub and have become the centre of trade. This has resulted in an increased fleet size of commercial and passenger vessels across the region. Moreover, growth of ship building industry is another factor fuelling the growth of marine and maritime engines in Asia Pacific. Europe is anticipated to contribute a prominent share to the market and is anticipated to grow at steady CAGR during the forecast period.
Major players dominating the global marine and maritime engine market include Caterpillar, Cummins Inc., Doosan Infracore, General Motors, Honda Motor Co., Ltd., Hyundai Heavy Industries, KONGSBERG, MAHINDRA POWEROL, MAN Energy Solution, MITSUBISHI HEAVY INDUSTRIES, LTD., Rolls-Royce plc, Wärtsilä, and Yamaha Motor Co., Ltd.
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