USD 12.95 billion
Report ID: SQMIG25A2024 | Region: Global | Published Date: August, 2022 | Pages: 260 | Tables: 64 | Figures: 75
Marine Engine Market size was valued at USD 12.95 billion in 2021 and is poised to grow from USD 13.57 billion in 2022 to USD 18.84 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).
The transportation of a ship from one port to another is accomplished by marine engines. A marine engine, either a 4-stroke or a 2-stroke engine, is installed onboard a ship for the purpose of propulsion whether it is a small ship operating in coastal areas or a big one travelling international waterways. Marine engines are heat engines that build thermal energy and convert it into mechanical energy in order to transfer heat produced by the combustion of fuel into usable work. The engines used on ships are of the type known as internal combustion engines, in which the fuel is burned inside the engine cylinder and heat is produced after the combustion process.
US Marine Engine Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.95 billion
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Global marine engine market is segmented based on the Fuel, Engine, and region. Based on the Fuel, the Global Marine Engine Market is segmented as Heavy fuel oil, Marine diesel oil, Intermediate fuel oil, Marine gas oil and Others. Based On Engine, the Global Marine Engine Market is segmented as Propulsion Engine and Auxiliary Engine. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Marine Engine Market Analysis by Fuel
With a 25.5 % in 2019, the marine diesel oil sector dominated the marine engine industry globally. Reduced costs and the properties of oxidation and thermal stability are what are primarily causing the market to grow. The market for gas carriers, according to ship type, is predicted to have the highest CAGR during the forecast period. This is because it uses natural gas as fuel and emits the least amount of sulphur and nitrogen oxides.
Marine Engine Market Analysis by Engine
Global marine engine market has been segmented on the basis of Engine as Propulsion Engine and Auxiliary Engine. In 2021, the propulsion engine segment accounted for the largest market share for marine engines, and a similar pattern is probably going to hold in the near future. The main supporting structure of a ship is its propulsion system, which includes the propulsion engines. Ships' marine propulsion engines, which are the vessel's main propulsion system, are a very valuable asset. Thus, there is a significant and predicted future need for propulsion engines across all engine types. Gas turbines, diesel engines, steam turbines, and dual-fuel engines are further classified as propulsion engines. All ships, from little passenger ferries to enormous container ships, need propulsion or a primary engine to drive them across the water.
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The Asia Pacific region that now dominates the global market is expected to continue to do so during the projection period. A total of 62% commodities unloaded (imported) in 2019 were brought in from Asia, as were 41% of the total goods loaded (exported), which came from the same continent. The expanding shipbuilding sector in Asian nations like India, South Korea, China, and Japan may be partly responsible for the expansion of the sector in the area. The maritime sector is flourishing in the area.
India, Bangladesh, and China are a few of the countries with the fastest-growing economy in the globe. These nations are the top exporters of machinery, autos, electronics, medicines, jute, and mineral fuels. A high number of manufacturers are present in the area as a result of the region's low labour costs and rising demand for commodities, which is expected to be a major factor in the market's growth in the years to come. Asia Pacific is the global centre for production, and a variety of goods, including machinery, electronics, etc., are shipped via sea transportation to various locations across the globe. With 92.5% of the new building deliveries in 2019, China, the Republic of Korea, and Japan continued to hold the top positions in the shipbuilding sectors. Each nation has its own areas of shipping specialisation.
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Marine Engine Market Driver
Marine Engine Market Restraint
Depending on the intensity of discharges caused by dangerous gases like SOx, NOx, and CO2, natural guidelines, strategies, and sponsorship plans change from country to country. For instance, the International Maritime Organization (U.K. delivery)'s of MARPOL Annex VI guidelines in 2005 described the cutoff levels for NOx fluxes. They commanded the use of low-sulfur electricity sources. These regulations apply to boats and vessels operating within 200 nautical miles of the North American coastline, often known as the North American Emission Control Area (E.C.A.). The focus of manufacturers of boat parts is on developing marine propulsion frameworks that adhere to various natural laws established by national legislators all over the world.
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Global marine engine market is not much fragmented nor consolidated. The main competitors in the market are concentrating on offering items that are customised to meet the needs of their customers. They will be able to dominate other businesses due to this. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Marine Engine Market Top Player's Company Profiles
Marine Engine Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global marine engine market Analysis, in terms of fuel, the marine diesel oil segment held the largest share. In terms of Engine, The propulsion engine segment is expected to contribute most to the marine engines market over the anticipated time frame. In 2021, the propulsion engine segment accounted for the biggest market share for marine engines, and a similar pattern is probably going to hold in the near future. The development of efficient marine engine technologies, the expansion of maritime commerce operations in the region, and the rise of the regional shipbuilding sector are the main factors driving the Asia Pacific market's expansion among the other regions.
|Market size value in 2021||USD 12.95 billion|
|Market size value in 2030||USD 13.57 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Marine Engine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Marine Engine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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