0
2022
Marine Engine Market

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

Report Code: A01254
Pages: 299
Mar 2022 | 7126 Views
Author(s) : Mayank Halmare , Sonia Mutreja
Tables: 142
Charts: 86
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Marine Engine Market

Request Now !

The global marine engine market was valued at $11.62 billion in 2020, and is projected to reach $18.09 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030.      

The COVID-19 impact on the marine engine market is unpredictable, and is expected to remain in force for a few years. The COVID-19 outbreak forced governments across the globe to implemented stringent lockdown and ban import–export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for marine engines. As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, boat and engine manufacturers faced enormous losses in the first and second quarters of 2020. Moreover, nationwide lockdown forced parts manufacturing facilities to partially or completely shut their operations. However, the world is gradually returning to normalcy in daily business activities by taking appropriate measures to halt virus spread. Increase in vaccination and decreasing fatality has improved the market scenario for ship refurbishment and shipbuilding, which is expected to boost demand for the global marine engine market.

Marine engine acts as a primary or auxiliary power source for vessels. They are generally used for heat engines for converting heat, which is generated by burning fuel, into useful work, i.e., developing thermal energy and transforming it into mechanical energy. Presently, the global marine engine market is dominated by Asia-Pacific followed by Europe, North America, and LAMEA. Europe is expected to maintain its dominance in the global market as the region is one of the largest markets for marine/shipping. Moreover, surge in shipbuilding activities is drives growth of this market.

Marine-Engine-Market

Factors such as increase in international marine freight transport, high demand for two stroke marine engines, increase in water sports and leisure activities are expected to drive growth of the marine engine market. However, rise in adoption of fully electric vessels and fluctuations in transportation and inventory costs restrain the market growth. Conversely, rise in adoption of dual fuel-based marine engines and development of engine technology are projected to offer lucrative growth opportunities for market players.

The marine engine market is segmented on the basis of ship type, capacity, fuel type, and region. On the basis of ship type, it is divided into bulk carriers, general cargo ships, container ships, ferries & passenger ships, oil tankers, and others. Depending on capacity, it is classified into 300 To 500 HP, 500 To 1000 HP, 1001 To 2000 HP, 2001 To 5000 HP and more than 5001 HP. As per fuel type, it is bifurcated into heavy fuel oil, intermediate fuel oil, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global marine engine market include Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co., Ltd, MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd, Rolls Royce plc, Volvo Penta, Wartsila, and Yanmar Holdings Co., Ltd.

High demand for two stroke marine engines

Two-stroke marine engines offer high torque at low engine speed, which helps boats or vessels to cruise at a constant speed without adjusting the engine speed. Two stroke marine engines can run on low-grade fuel, which helps ship operators to keep the overall running cost down.

The two stroke engines are commonly used in vessels that requires a large power output such as cargo ships and bulk carriers. These engines generate more power and provide higher power to weight ratio as compared to four stroke engines. Higher power to weight ratio helps ship operators to carry more weight cargo at less power. With increase in demand for cargo transportation through ships, demand for two stroke engines is also increasing.

Furthermore, development in two stroke engines by manufacturers is expected to rise demand of two stroke marine engines during the forecasting period. For instance, in November 2021, Wartsila technology group launched to its two-stroke future fuel conversion technology. It offers fast and cost-effective conversion of two-stroke marine engines to operate on clean-burning future fuels. Thus, high use of two stroke marine engines and developments in technology is predicted to support the market growth during the forecasting years. 

Increase in international marine freight transport

Marine transportation is one most prominent modes of transportation, especially for freight transportation, owing to its cost-effectiveness. In recent years, seaborne trade has witnessed significant growth. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), in 2020, international seaborne trade volume reached 10.7 billion tons. Furthermore, according to the UNCTAD (United Nations Conference on Trade and Development) organization report, in November 2021, the global trade for merchandise goods was increases in exports and imports. In 2021, import of goods increased by 13.3% globally and export of goods increased by 14.3% globally. Moreover, according to the United Nations Conference on Trade and Development (UNCTAD) organization, international maritime trade was increasing during the past years (2010–2019) in 2010 the global maritime trade was 8,408 million tons loaded and it reached 11,076 million tons in 2019.

Marine Engine Market
By Ship Type

Your browser does not support the canvas element.

Ferries And Passenger Ships is projected as the most lucrative segments

Get more information on this report : Request Sample Pages

Moreover, maritime shipping is expected to continue to cover majority of the movement of goods over long distances in the coming years. According to the ITF transport outlook by The Organisation for Economic Co-operation and Development (OECD), 70% total freight will be transported by using maritime transport by 2030. Increase in marine freight transportation is attributed to rise in traffic congestion in trade lanes in Indian and Pacific Ocean. Moreover, surge in demand for maritime freight transportation has led to rise in demand for maritime vessels. According to the UNCTAD, commercial shipping fleet of 100 gross tons and above ships reached to around 99,800. Thus, demand for maritime transport services and growth of the international maritime freight transport is expected to fuel demand for global marine engines during the forecast period.

Rise in adoption of fully electric vessels

Shipbuilding companies and operators are moving toward emission-free transportation to keep up with the International Maritime Organization 2020 (IMO 2020) mandate, which enforces maximum sulfur content of 0.5% in marine fuels. Owing to this, the marine industry has witnessed inclination toward installation of electric propulsion in existing and newbuild ships. Countries across the globe are using electrified passenger boats and ferries.

Marine Engine Market
By Capacity

Your browser does not support the canvas element.

500 To 1000 Hp is projected as the most lucrative segments

Get more information on this report : Request Sample Pages

Moreover, governments are backing electrification in marine vessels. For instance, E-ferry Ellen, a fully electric ferry was developed under the European Union backed E-ferry project, which costs around 24 million.

Ellen can carry 200 passengers and 30 vehicles. Ferry has two 750kW propulsion motors, and is equipped with 4.3 MWh lithium NMC battery. In addition, companies are developing fully electric cargo ships for instance Yara International commissioned a fully electric cargo ship named Yara Birkeland in 2020. Electric ships do not have internal combustion engine on board, all the energy comes from batteries, which increases adoption and advancement of electric marine vessels and is expected to hinder the market growth.

Marine Engine Market
By Fuel Type

Your browser does not support the canvas element.

Others is projected as the most lucrative segments

Get more information on this report : Request Sample Pages

Development of engine technology

Dual-fuel engine can run on both gaseous and liquid fuels. These engines can operate using a mixture of two different fuels. In general, within dual fuel engines, diesel and natural gas fuels are used together. Moreover, in case of unavailability of natural gases, dual fuel engines that use mix of diesel and natural gas can operate using only diesel fuel. In addition, some dual fuel engines can also use varying mixtures of biodiesel, landfill gas, bio-gas, and other fuels.

Dual based marine engine is one of the environment friendly fuel available for ships and boats as it reduces carbon emissions and helps companies to follow emission norms and regulations. Owing to all these benefits, market players of marine engines are focused on research and development of dual fuel marine engine. For instance, in July 2021, the Engine Machinery Division of Hyundai Heavy Industries (HHI) placed an order for low-speed ME-GA dual fuel engine, which is the latest addition to MAN Energy Solutions' dual-fuel portfolio. The first engine is scheduled to arrive in August 2022, with the final unit arriving the following year. Increase in government regulations related to emission norms and customer demand for fuel efficient and cost-effective engines fuel demand for duel fuel engine, which is expected to fuel growth of the global marine engine market in future.

Marine Engine Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 5.3% during 2021-2030.

Get more information on this report : Request Sample Pages

COVID-19 Impact Analysis

  • The COVID-19 impact on the marine engine market is unpredictable, and is expected to remain in force for a few years.
  • The COVID-19 outbreak forced governments across the globe to implemented stringent lockdown and ban import–export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for marine engines.
  • As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, boat and engine manufacturers faced enormous losses in the first and second quarters of 2020.
  • Moreover, nationwide lockdown forced parts manufacturing facilities to partially or completely shut their operations
  • However, the world is gradually returning to normalcy in daily business activities by taking appropriate measures to halt virus spread. Increase in vaccination and decreasing fatality has improved the market scenario for ship refurbishment and shipbuilding, which is expected to boost demand for the global marine engine market

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global marine engine industry analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall marine engine market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the global marine engine market with a detailed impact analysis.
  • The current marine engine industry is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Marine Engine Market Report Highlights

Aspects Details
By Ship Type
  • Bulk Carriers
  • General Cargo Ships
  • Container Ships
  • Ferries & Passenger Ships
  • Oil Tankers
  • Others
By Capacity
  • 300 To 500 Hp
  • 500 To 1000 Hp
  • 1001 To 2000 Hp
  • 2001 To 5000 Hp
  • More Than 5001 Hp
By Fuel Type
  • Heavy Fuel Oil
  • Intermediate Fuel Oil
  • Others
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • UK
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
By 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
 

Loading Table Of Content...


 
 

The marine engine market is expected to witness significant growth globally, owing to rise in use of inland waterways and ongoing various government investments in the shipbuilding industry and continuous development in marine engines across the world. The market growth is supplemented by numerous developments carried out by top marine engine manufacturing players such as Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co., Ltd, MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd, and Yanmar Holdings Co., Ltd, which has led to growth of the market.

For instance, in September 2019, Cummins Inc. launched new 38-liter natural gas engine for the gas compression industry builds on proven hardware while providing up to 760-horsepower. Moreover, in December 2019, Mitsubishi Shipbuilding Co., Ltd., launched the first LNG (Liquefied Natural Gas) fuel supply system "FGSS (Fuel Gas Supply System)" for dual fuel marine engines. The FGSS is an LNG fuel gas supply system developed by Mitsubishi Shipbuilding utilizing LNG and vaporized gas handling technology developed through its long experience on construction of LNG carriers and has been verified for marine use backed by accumulating experience in marine engine test facilities at engine manufacturers. Similarly, in March 2022, Volvo Penta introduced compact and powerful D8 engine, and the 500 kVA power node D13 genset engine at the Middle East Energy in Dubai. The D13 500 kVA is considerably smaller and lighter when compared to previous models. This allows downsizing, resulting in a smaller engine room, smaller alternator, and ultimately fuel saving. Such product launches supplement growth of the market.

Hence, to gain a fair share of the market, major players adopted different strategies. For instance, product launch, product development, partnership, acquisition, collaboration, and business expansion. Among these, partnership and product launch are leading strategies used by prominent players. For instance, in February 2020, Yanmar, a leading provider of marine engines and propulsion systems and Smartgyro S.r.l., a gyro stabilization technology company, announced they entered into a strategic partnership. The partnership includes close collaboration between two companies and an equity investment by YANMAR enabling Smartgyro to accelerate its design, development, and launch of a full line-up of highly advanced gyro stabilizers for recreational and commercial marine applications.

Among the analyzed regions, Asia-Pacific dominated the market, in terms of revenue in 2021, followed by Europe, North America, and LAMEA. Asia-Pacific is expected to witness a lucrative growth rate during the forecast period, owing to rise in maritime trade and surge in demand from the shipbuilding industry in the countries such as China, India, and Japan, along with rise in investments by private players and government in the marine industry in the region.

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com
 
FREQUENTLY ASKED QUESTIONS?

A. The global marine engine market was valued at $ 11.62 billion in 2020, and is projected to reach $18.09 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030

A. The key players operating in the global marine engine market include Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co., Ltd, MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd, Rolls Royce plc, Volvo Penta, Wartsila, and Yanmar Holdings Co., Ltd.

A. The report sample for global marine engine market report can be obtained on demand from the website

A. The marine engine market is segmented on the basis of ship type, capacity, fuel type, and region

A. The marine engine industry is expected to grow at a CAGR of 4.7% during the forecast period

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. Rise in adoption of dual fuel-based marine engines and Development of engine technology are key opportunities for marine engine market

A. Asia Pacific is the most lucritive segment in marine engine market

A. Increasing adoption of fuel efficient engine in order to comply government regulations related to sulfur emission is major trend in marrine engine industry

A. Increase in international marine freight transport, High demand for two stroke marine engines and Increase in water sports and leisure activities are key driving factors of marine engine market

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Free Sample

OR

Purchase Full Report of
Marine Engine Market

Start reading instantly.
This Report and over 18,881+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,456
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Mar 2023 - Mar 2024)
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2023 - Mar 2024)
  • Single User
  • $5,769
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2023 - Mar 2024)
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2023 - Mar 2024)
  • Enterprise
    License/PDF

  • $10,995
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Mar 2023 - Mar 2024)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers