According to a new market research report published by Credence Research “Marine Engines Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, the global marine engines market accounted to hit the market value of US$ 16.90 Bn in 2027 and expected to witness CAGR of 3.09% across the forecast period through 2019 to 2027.
By Power Range – Up to 1,000 HP, From 1,001 to 5,000 HP, From 5,001 to 10,000 HP, From 10,001 to 20,000 HP and Above 20000 HP;
By Vessel Type – Commercial Vessel, Offshore Vessel and Others;
By Fuel Type – Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Hybrid and Others;
By Engine Type – Propulsion Engine and Auxiliary Engine;
By Number of Cycles – Two Stroke Engines and Four Stroke Engines
Browse the full report at https://www.credenceresearch.com/report/marine-engines-market
Marine engines are the power source that provides the ability to propel the vessel in marine over the distance. In the past few decades, globalization has significantly stimulated the cargo and passenger marine transport across the globe. Consequently, the demand for marine vessels for different end-use verticals such as commercial and offshore application has been growing consistently. In 2018, global seaborne trade growth is credited to the upswing in the world economy. Global maritime trade witnessed the 4% growth in 2018. Total volumes reached 10.7 Bn tons in 2018, highlighting surge of 411 Mn tons. The demand for marine engines has witnessed steady growth along with the rising demand for new marine vessels across several end-use verticals. Similarly, significance of marine capabilities has played vital role in the field of defense application. The defense organizations across the globe are aiming to fortify their defense and attack capabilities with modern maritime vessels. This trend of equipping advanced ships for combats and national securities has also uplifted the market for marine engine.
Overall marine engines market segmented on the basis of power range, vessel type, fuel type, engine type, and number of cycles. Overall marine engines market commanded by the commercial vessels primarily due to increase in the global marine trade that has increased the commercial vessel count, subsequently increasing the demand for marine engines in the commercial vessel. Global containerized marine trade augmented by 6.3% in 2018. Crude oil shipments increased by 2.5%, while dry bulk cargo increased by 3.8% in 2017, from 1.6% in 2016. Asia Pacific marine engines market is majorly governed by China, Japan, South Korea and India. The region witnesses an ever-growing marine sector, making it a highly promising market for marine engines. Huge volumes of sea trade flowing from the region has ensured consistently improving marine vessel capabilities. Subsequently, the region is expected to register the fastest growth rate over the forecast period.
Major players in the marine engines market include MAN SE, Hyundai Heavy Industries Co., Ltd., GE Transportation, Anglo Belgian Corporation NV, Shanghai Diesel Engine Co., Ltd., The Volvo Group, Caterpillar Inc., Cummins, DEUTZ AG, Wartsila Oyj Abp, John Deere, Kongsberg Maritime, Daihatsu Diesel Mfg. Co., Ltd., Mitsubishi Heavy Industries, Ltd. and Brunswick Corporation among others. Manufacturers are looking into the future and continuously investing in research & development. Marine engine manufacturers have also realized the importance of fuel diversity, allowing engines to run on alternative fuels such as CNG, LNG, methanol, and biofuels among others.