Marine Engines Market by Fuel, Power, Technology and Application to 2024: Global Market Insights, Inc.
The Middle East's marine engines market is projected to achieve a significant CAGR to hit USD $772 million by 2024, driven by the increasing availability of offshore vessels and tankers.
SELBYVILLE, Del., August 8, 2019 (Newswire.com) - The marine engines market size is slated to record an appreciable annual growth rate over the forecast timeframe, owing to the increasing use of marine transportation for logistics and material movements. Considering the future growth scope of the marine sector, key players have been looking forward to launching a wide range of reliable and durable marine engines for government and recreational activities.
Speaking of the application segment, the recreational application spectrum of the marine engines market is likely to be one of the leading revenue grounds for this industry.
World Marine Engines Market research report published by Global Market Insights, Inc. shows the industry's revenue is set to rise from USD $10 billion in 2017 to around USD $13 billion by 2024.
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Driven by better living standards, coupled with a rise in disposable income, the recreational segment is poised to generate returns of more than USD $2 billion by the end of 2024.
Shifting the focus of people toward comfortable and luxury ships has been fueling the demand for cruise ships on a large scale. Thereby, high demand for technologically advanced and luxurious ships is likely to accelerate the marine engines industry trends over the coming timeframe.
The recreational marine industry has been witnessing new investments from the market players over the last few years. For instance, the leading engine and propulsion system supplier Yanmar joined hands with international racing events and other partners to enhance competitive and recreational boating. With numerous innovations in the marine sector, marine engine manufacturers have been looking forward to driving sustainability, growth, and awareness in the boating industry.
The increasing number of ships for naval purposes will majorly boost the market outlook. Over the last few years, many countries have been investing heavily to ensure that their Naval forces dominate the oceanic borders. The governments have been giving more emphasis on research and development activities to develop reliable, fuel-efficient and economical ships.
Browse key marine engines market insights spread across 497 pages offering 740 market data tables as well as 17 figures and charts along with the table of contents:
Ever-expanding Navy and coast guard services across the globe to deal with national security concerns and provide security to seaborne trade is poised to improve the demand for marine engines over the forecast timeline.
Based on fuel type, the marine engines market is bifurcated into various segments, MGO and hybrid are some of the segments that have been generating significant revenue over the last few years. Growing environmental concerns is the major factor promoting the dependency on MGO and hybrid fuel-based ships.
Marine Engines Market Statistics, By Fuel
1.1. Marine Engines Industry by fuel
1.2.1. Global market by MDO, 2013-2024
1.2.2. Global market by MDO, by region 2013-2024
1.3.1. Global market by MGO, 2013-2024,
1.3.2. Global market by MGO, by region 2013-2024
1.4.1. Global market by LNG, 2013-2024,
1.4.2. Global market by LNG, by region 2013-2024
1.5.1. Global market by hybrid, 2013-2024,
1.5.2. Global market by hybrid, by region 2013-2024
1.6.1. Global market by others, 2013-2024,
1.6.2. Global market by others, by region 2013-2024
In 2017, the MGO marine engines market collected USD $1 billion in revenue, and it is predicted to register a significant growth rate over the estimated timeframe.
The ability of MGO marine engines to generate a low percentage of sulfur and particulate matters after consumption is the major factor driving the product demand.
The regulatory bodies, including the International Maritime Organization (IMO), have been encouraging consumers to deploy low emission units. The supportive steps undertaken by the regulatory bodies to reduce environmental emission are slated to boost MGO marine engines industry size over the years ahead.
Rapidly increasing greenhouse gas (GHG) emissions, along with increasing awareness about environmental protection, have been propelling industry giants to manufacture hybrid marine engines. Noise-free operation, low operating costs, and high efficiency are the important factors fueling the demand for hybrid marine engines.
The shifting focus of the shipbuilders toward the adoption of eco-friendly boats will further augment the market forecast. The leading marine engine manufacturers, including Man Energy Solutions, have been improving their R&D to introduce comprehensive propulsion packages comprising hybrid and electric systems. The increasing popularity of hybrid propulsion systems for flexible and high-power applications is likely to impel the product demand.
Ongoing innovations in the propulsion systems for improving energy efficiency and power output is likely to drive the 1,000-5,000 HP marine engines industry segment. The growing depletion of fossil fuel resources along with growing awareness about the hazardous impact on fossil fuel emission are the prominent factors fueling the demand for 1,000-5,000 HP marine engines.
The shifting preference of marine engine manufacturers toward the development of sustainable electric motors to curb the dependency on fossil fuel resources is poised to drive marine engines market size over the forecast years.
10,000-20,000 HP is also one of the lucrative power segments of the marine engines market.
As per a market analysis, the 10,000-20,000 HP marine engines industry is slated to register a CAGR of more than 4% over the projected period.
The growth can be attributed to the surging deployment of the product across a huge number industries to achieve efficient propeller speed.
Regionally, Brazil has emerged as a leading revenue pocket across Latin America marine engines market landscape. Eyeing the new business opportunities across Brazil marine market, many companies have been expanding their client base in the region. Numerous maritime firms have been undertaking regional expansion strategies across Brazil, expanding LATAM market share.
Ongoing shipbuilding activities across Brazil will also fuel the demand for marine engines in the years ahead. For instance, in 2018, leading marine engine manufacturer Rolls Royce received an order from Hamburg Süd to deliver MTU series 4000 engines. The development of tugboat fleet across Brazil, along with the ever-expanding fishing sector, is slated to augment the marine engines market share over the estimated timeframe.
The leading giants, comprising MAN Energy Solutions, Rolls Royce, Volvo, Yanmar, Cummins, Caterpillar, Anglo Belgian Corporation, in the marine engines market have been continuously contributing to introduce a new range of products. The shifting focus of the industry players toward capacity expansion and new product development is poised to improve business outlook over the years ahead.
What does this report offer?
A detailed analysis of marine engines market is covered in this report, encompassing fuel segments including MDO, MGO, LNG, Hybrid, and others. The research report provides insights over the historical and future drivers of fuel segment.
The study also provides information about the market value of marine engines industry share based on various types of technology. The technology segment is further divided into low speed, medium speed, and high speed. The marine engines market analysis discusses the remunerative contribution of each technology spectrum covering regional trends, industry player, and future scope.
In the research report, the detailed analysis of the type of propulsion, including 2-stroke and 4-stroke, have been covered with prominent driving factors, leading influencers and future trends.
Based on power, marine engines industry is segmented into < 1,000 HP, 1,000-5,000 HP, 5,000-10,000 HP, 10,000-20,000 HP, > 20,000 HP. The report on the marine engines market provides detailed information about each segment. It also provides SWOT analysis of the industry, covering all power segments.
The application spectrum of the marine engines market is bifurcated into commercial, recreational, offshore, Navy, and other. The commercial application segment is further divided into tankers, bulk carriers, container vessels, roll on/roll off, and others to provide detailed industry analysis. The recreational application spectrum is subdivided in ferries, cruise ships, yachts, and others. The report also provides important information about PSV, AHTS, FSV, MPSV, and others.
The research report on the marine engines market discusses regional trends, covering Asia-Pacific, North America, Europe, Latin America, Middle East and Africa. In terms of regional analysis, marine engines industry further covers the contribution, consumer base, and availability of industry players across U.S., Mexico, Canada, Italy, Norway, Germany, UK, France, Netherlands, Belgium, Russia, Denmark, China, South Korea, Australia, Japan, India, Vietnam, Singapore, Iran, Saudi Arabia, UAE, Egypt, South Africa, Angola, Brazil, Argentina.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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