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In 2022, the marine engine market is predicted to be worth $12.98 billion. By 2030, the Marine Engine market is forecast to be worth USD 18.84 billion, up from USD 13.57 billion in 2022, a compound annual growth rate (CAGR) of 5.80%. The marine engine market is expanding because of improvements in performance, ease of maintenance, and fuel efficiency.
A marine engine provides either primary or backup propulsion for a boat. For the most part, they are put to use in heat engines, which take the heat produced by burning fuel and turn it into mechanical work. Asia-Pacific is currently the largest marine engine market in the world, followed by Europe, North America, and LAMEA. Europe is one of the world's greatest markets for marine/shipping, and this trend is predicted to continue. In addition, a rise in shipbuilding activity is a key factor propelling this market forward.
One of the most important things for a country's economic growth is trade. It supports economies all throughout the globe. The expansion of trade has altered the industrial supply chain, which is now genuinely global in scope. Multiple countries contribute to both the production of individual parts and the final assembly of the product. The manufacturing facilities use this technique to reduce their labour and product import costs. Ships play a crucial role in the world's supply chain and international trade. Marine propulsion systems are the beating souls of ships. The ship relies on them to move through the water. These engines find further use in boats, yachts, luxury vessels, etc., in addition to ships. These motors have typically been employed in the capacity of internal combustion engines employing Compression Ignition (CI) technology.
Shipping is an essential part of global commerce. Marine engines are used by all nautical vehicles, which includes sailboats, motorboats, and other watercraft. Marine vehicles can be used for a variety of purposes, including commerce, security, and leisure. Ocean shipping is the primary means of conveyance for international business. UNCTAD estimates that water transport accounts for about 80% of global trade volume; in most developing countries, this figure is much higher. For international business transactions, this mode of transit is preferable to flying, taking a train, or driving. From 2022 to 2026, the marine engine market is expected to grow at a moderate annual rate. According to market dynamics, similar patterns may be seen in the growth of the worldwide marine engines market. In 2021, the marine industry began to improve as customers finally felt comfortable enough to spend again. Shipping capacity, containers, and equipment all ran short in 2021 due to the sudden increase in demand, which drove many shipowners to purchase newbuild or old refurbished vessels to meet the market.
As a result of cheap labour and inexpensive raw resources, Asia and the Pacific Rim have become major manufacturing centres in recent years. Due to a rise in the export of manufactured goods and raw materials, the need for container ships in this area has skyrocketed. In 2021, oil demand skyrocketed due to reopened markets, increased OPEC supplies, and booming economies in Asia. A rise in the need for extremely large crude tankers could result from this ongoing pattern. As economies work to reduce their carbon footprints, natural gas, a relatively clean energy source, will become more widely traded around the world.
Due to its low cost, marine transport is one of the most popular options for moving people and cargo around the world. Recent years have seen a meteoric rise in maritime commerce. Because of this, the marine engine business will continue to grow. Seaborne trade, for instance, is expected to exceed 10.7 billion tonnes in 2020, as reported by the United Nations Conference on Trade and Development (UNCTAD). UNCTAD (United Nations Conference on Trade and Development) reports that international trade in commercial products grew in November 2021.2 This growth was driven by both exports and imports. The world's exports grew by 14.3% in 2021, while imports grew by 13.3%. The United Nations Conference on Trade and Development (UNCTAD) reports that international marine trade has increased in volume between 2010-2019, from 8,408 million loaded tonnes in 2010 to 11,076 million tonnes in 2019.
Shipping services are essential to global commerce. The United Nations Conference on Trade and Development estimates that 80 percent of all international trade in goods is transported by sea. This figure is likely to be substantially higher for most developing nations. This mode of transportation is more practical and affordable for international trade than other options like roads, trains, and planes. From 2022 to 2026, the global maritime industry is forecast to grow at a moderate annual rate. Similar patterns were seen in the expansion of the world's shipping fleet. Due to pent-up demand being released and inventories being restocked and built, maritime trade increased in 2021. Due to the rapid increase in demand in 2021 following the dismal scenario in 2020 brought on by the pandemic, many shipowners resorted to purchasing newbuild or secondhand retrofitted vessels to fill this demand-supply imbalance. Reducing global warming to far below 2°C and pursuing 1.5°C are goals of the Paris Agreement. While the COVID-19 epidemic did temporarily reduce emissions of carbon dioxide and other greenhouse gases, the globe is still on track to experience a temperature increase of more than 3°C this century. Shipping is the most eco-friendly mode of transport since it produces the fewest greenhouse gas emissions per tonne of cargo moved over a distance of one kilometre. The industry may not be responsible for a disproportionate share of global greenhouse gas emissions, but its massive size makes up for that. Because of the high cost of inaction and the threat of sanctions, reducing greenhouse gas emissions from shipping is an absolute necessity. The International Convention for the Prevention of Pollution from Ships (MARPOL) was established in 1973 and updated in 1978 to address climate change concerns from a regulatory perspective in the shipping industry. The International Maritime Organisation (IMO) published a guideline on bunker fuels with a sulphur concentration of no more than 0.5% from January 1, 2020. In order to protect both people and the environment, it is crucial that ships reduce their SOx emissions. Annex VI of the MARPOL Convention was amended by the IMO in June 2021 to include additional mandatory regulations to further cut greenhouse gas emissions from shipping and to force owners to set energy efficiency targets.
Report Coverage
Global Marine Engine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Marine Engine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Marine Engine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Marine Engine market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Marine Engine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Marine Engine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
GE Transportation (US), Caterpillar Inc. (US.) Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group Inc. (US.)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Marine Engine market based on the below-mentioned segments:
Global Marine Engine Market, By Power
Up to 1000 HP
1001 HP to 5000 HP
5001 HP to 10000 HP
10001 HP to 20000 HP
Above 20000 HP
Global Marine Engine market, By Application
Commercial Vessels
Offshore Support Vessels
Global Marine Engine Market, By Fuel
Two strokes
Four strokes
Global Marine Engine market, Regional Analysis
A marine engine provides either primary or backup propulsion for a boat. For the most part, they are put to use in heat engines, which take the heat produced by burning fuel and turn it into mechanical work. Asia-Pacific is currently the largest marine engine market in the world, followed by Europe, North America, and LAMEA. Europe is one of the world's greatest markets for marine/shipping, and this trend is predicted to continue. In addition, a rise in shipbuilding activity is a key factor propelling this market forward.
One of the most important things for a country's economic growth is trade. It supports economies all throughout the globe. The expansion of trade has altered the industrial supply chain, which is now genuinely global in scope. Multiple countries contribute to both the production of individual parts and the final assembly of the product. The manufacturing facilities use this technique to reduce their labour and product import costs. Ships play a crucial role in the world's supply chain and international trade. Marine propulsion systems are the beating souls of ships. The ship relies on them to move through the water. These engines find further use in boats, yachts, luxury vessels, etc., in addition to ships. These motors have typically been employed in the capacity of internal combustion engines employing Compression Ignition (CI) technology.
Shipping is an essential part of global commerce. Marine engines are used by all nautical vehicles, which includes sailboats, motorboats, and other watercraft. Marine vehicles can be used for a variety of purposes, including commerce, security, and leisure. Ocean shipping is the primary means of conveyance for international business. UNCTAD estimates that water transport accounts for about 80% of global trade volume; in most developing countries, this figure is much higher. For international business transactions, this mode of transit is preferable to flying, taking a train, or driving. From 2022 to 2026, the marine engine market is expected to grow at a moderate annual rate. According to market dynamics, similar patterns may be seen in the growth of the worldwide marine engines market. In 2021, the marine industry began to improve as customers finally felt comfortable enough to spend again. Shipping capacity, containers, and equipment all ran short in 2021 due to the sudden increase in demand, which drove many shipowners to purchase newbuild or old refurbished vessels to meet the market.
As a result of cheap labour and inexpensive raw resources, Asia and the Pacific Rim have become major manufacturing centres in recent years. Due to a rise in the export of manufactured goods and raw materials, the need for container ships in this area has skyrocketed. In 2021, oil demand skyrocketed due to reopened markets, increased OPEC supplies, and booming economies in Asia. A rise in the need for extremely large crude tankers could result from this ongoing pattern. As economies work to reduce their carbon footprints, natural gas, a relatively clean energy source, will become more widely traded around the world.
Due to its low cost, marine transport is one of the most popular options for moving people and cargo around the world. Recent years have seen a meteoric rise in maritime commerce. Because of this, the marine engine business will continue to grow. Seaborne trade, for instance, is expected to exceed 10.7 billion tonnes in 2020, as reported by the United Nations Conference on Trade and Development (UNCTAD). UNCTAD (United Nations Conference on Trade and Development) reports that international trade in commercial products grew in November 2021.2 This growth was driven by both exports and imports. The world's exports grew by 14.3% in 2021, while imports grew by 13.3%. The United Nations Conference on Trade and Development (UNCTAD) reports that international marine trade has increased in volume between 2010-2019, from 8,408 million loaded tonnes in 2010 to 11,076 million tonnes in 2019.
Shipping services are essential to global commerce. The United Nations Conference on Trade and Development estimates that 80 percent of all international trade in goods is transported by sea. This figure is likely to be substantially higher for most developing nations. This mode of transportation is more practical and affordable for international trade than other options like roads, trains, and planes. From 2022 to 2026, the global maritime industry is forecast to grow at a moderate annual rate. Similar patterns were seen in the expansion of the world's shipping fleet. Due to pent-up demand being released and inventories being restocked and built, maritime trade increased in 2021. Due to the rapid increase in demand in 2021 following the dismal scenario in 2020 brought on by the pandemic, many shipowners resorted to purchasing newbuild or secondhand retrofitted vessels to fill this demand-supply imbalance. Reducing global warming to far below 2°C and pursuing 1.5°C are goals of the Paris Agreement. While the COVID-19 epidemic did temporarily reduce emissions of carbon dioxide and other greenhouse gases, the globe is still on track to experience a temperature increase of more than 3°C this century. Shipping is the most eco-friendly mode of transport since it produces the fewest greenhouse gas emissions per tonne of cargo moved over a distance of one kilometre. The industry may not be responsible for a disproportionate share of global greenhouse gas emissions, but its massive size makes up for that. Because of the high cost of inaction and the threat of sanctions, reducing greenhouse gas emissions from shipping is an absolute necessity. The International Convention for the Prevention of Pollution from Ships (MARPOL) was established in 1973 and updated in 1978 to address climate change concerns from a regulatory perspective in the shipping industry. The International Maritime Organisation (IMO) published a guideline on bunker fuels with a sulphur concentration of no more than 0.5% from January 1, 2020. In order to protect both people and the environment, it is crucial that ships reduce their SOx emissions. Annex VI of the MARPOL Convention was amended by the IMO in June 2021 to include additional mandatory regulations to further cut greenhouse gas emissions from shipping and to force owners to set energy efficiency targets.
Report Coverage
Global Marine Engine research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Marine Engine report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Marine Engine competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Marine Engine market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | GE Transportation (US), Caterpillar Inc. (US.) Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group Inc. (US.) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Marine Engine Market from 2021 to 2030.
- Market Forecast for Marine Engine Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Marine Engine competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Marine Engine
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Marine Engine market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Marine Engine market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
GE Transportation (US), Caterpillar Inc. (US.) Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group Inc. (US.)
Primary Target Market
- Market Players of Marine Engine
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Marine Engine market based on the below-mentioned segments:
Global Marine Engine Market, By Power
Up to 1000 HP
1001 HP to 5000 HP
5001 HP to 10000 HP
10001 HP to 20000 HP
Above 20000 HP
Global Marine Engine market, By Application
Commercial Vessels
Offshore Support Vessels
Global Marine Engine Market, By Fuel
Two strokes
Four strokes
Global Marine Engine market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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