DUBLIN, May 3, 2022 /PRNewswire/ — The “Marine Engine Market by Engine (Propulsion Engine, Auxiliary Engine), Type (Two-Stroke, Four-Stroke), Power Range (Up to 1,000hp, 1,001-5,000hp, 5 001-10,000 hp, 10,001-20,000 hp, Above 20,000 hp), Fuel, Vessel and Region – Global Forecast to 2027” report has been added to from ResearchAndMarkets.com offer.
The marine engine market is expected to reach $13.3 billion by 2027 based on an estimate $11.7 billion in 2022 at a CAGR of 2.6% over the forecast period.
The global marine engine market is driven by growth in international freight shipping, aging fleet and adoption of smart engines for performance and safety. The rise of e-commerce and e-commerce along with the growing demand for dual-fuel and hybrid engines are expected to provide lucrative opportunities for the marine engine market over the forecast period.
Propulsion engine segment, by engine, is expected to be the largest market from 2022 to 2027
The segment by engine is categorized into propulsion engine and auxiliary engine. The propulsion engine segment held the largest share of the marine engine market. Propulsion engines are the primary engines of ships, providing the thrust and power needed to move and navigate the oceans. Marine propulsion engines are a very important asset of ships as they are the main engine of the ship. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines and dual fuel engines. The demand for propulsion engines for different types of engines is high and is expected to increase further as the demand for new build vessels increases. This could drive the growth of the propulsion engine segment of the marine engine market.
Segment above 20,000 HP, by power band, expected to be the largest market from 2022 to 2027
The segment above 20,000 HP held the largest market share of the marine engine market in 2021. Marine engines above 20,000 HP have applications mainly for very large vessels, which include large bulk carriers, cargo ships, container ships, defense ships, LPG carriers, LNG carriers and others, in which they are used as the main propulsion engine for the ship. The revival of maritime trade and the need for more and more vessels is expected to drive the growth of the above 20,000 hp segment during the forecast period.
Asia Pacific: Largest marine engine market region
Asia Pacific is expected to dominate the global marine engine market between 2022 and 2027. The growth of the regional market is driven by its strong shipbuilding industry, supported by governments through tax rebates and tax incentives, economic growth support and the development of efficient marine engine technologies. The demand for marine engines in the defense sector is also expected to increase due to the ongoing territorial disputes in the region. Asia Pacific should see further growth in the manufacturing sector due to lower capital and labor costs. The growth in the manufacturing industry is also expected to lead to an upward trend in the marine engine market as the import-export maritime trade increases.
Main topics covered:
1. Introduction
2 Research methodology
3 Executive summary
4 premium previews
4.1 Attractive Opportunities in the Marine Engines Market
4.2 Marine Engines Market, by Region
4.3 Asia Pacific: Marine Engine Market, By Vessel and Country, 2021
4.4 Marine Engines Market, By Engine
4.5 Marine Engines Market, by Type
4.6 Marine Engines Market, By Power Range
4.7 Marine Engines Market, By Fuel
4.8 Marine Engines Market, By Vessel
5 Market Overview
5.1 Presentation
5.2 COVID-19 Health Assessment
5.3 Economic Assessment of COVID-19
5.4 Path to recovery
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Growth of international maritime freight transport
5.5.1.2 Aging fleet
5.5.1.3 Adoption of smart motors for performance and safety
5.5.2 Constraints
5.5.2.1 Strict environmental regulations for the decarbonization of maritime transport
5.5.2.2 Skyrocketing Freight Rates and Charges
5.5.2.3 Dependence on heavy liquid fuels
5.5.3 Opportunities
5.5.3.1 Rise of e-commerce and e-commerce
5.5.3.2 Growing demand for dual-fuel and hybrid engines
5.5.4 Challenges
5.5.4.1 Structural factors increasing shipping costs
5.5.4.2 Volatility of oil and gas prices
5.6 Impact of COVID-19
5.7 Trends/disruptions affecting customer business
5.7.1 Revenue Transfer and New Revenue Pockets for Marine Engine Suppliers
5.8 Market map
5.9 Value chain analysis
5.9.1 Raw material suppliers/suppliers
5.9.2 Component manufacturers
5.9.3 Marine Engine Manufacturers/Assemblers
5.9.4 Distributors (Buyers)/End Users
5.9.5 After-sales service
5.10 Technology Analysis
5.10.1 Marine engines connected to IoT
5.10.2 Dual-fuel and hybrid marine engines
5.11 Price Analysis
5.11.1 Average marine engine sales prices by power range
5.12 Key Conferences and Events in 2022-2023
5.13 Tariffs, codes and regulations
5.13.1 Tariffs related to marine engines
5.13.2 Regulatory bodies, government agencies and other organizations
5.13.3 Marine Engine Codes and Regulations
5.14 Innovations and patent filings
5.15 Porter’s Five Forces Analysis
5.15.1 Threat of Substitutes
5.15.2 Bargaining power of suppliers
5.15.3 Bargaining power of buyers
5.15.4 Threat of new entrants
5.15.5 Intensity of competitive rivalry
5.16 Key Players and Purchase Criteria
5.16.1 Main players in the purchasing process
5.17 Purchase Criteria
5.18 Analysis of case studies
6 Marine Engines Market, By Engine
6.1 Presentation
6.2 Propulsion engine
6.3 Auxiliary engine
7 Marine Engines Market, by Type
7.1 Presentation
7.2 Two-stroke
7.3 Four-stroke
8 Marine Engines Market, By Power Range
8.1 Presentation
8.2 Up to 1,000 hp
8.3 1001 – 5000 hp
8.4 5,001 – 10,000 hp
8.5 10,001 – 20,000 hp
8.6 Above 20,000 hp
9 Marine Engines Market, By Fuel
9.1 Presentation
9.2 Heavy fuel oil
9.3 Marine diesel
9.4 Marine diesel
9.5 Others
10 Marine Engines Market, By Vessel
10.1 Presentation
10.2 Offshore Support Vessels
10.3 Oil Tankers
10.4 Bulk Carriers
10.5 General Goods
10.6 Container ships
10.7 Product tanks
10.8 Tugs
10.9 Others
11 Marine Engines Market, by Region
12 Competitive Landscape
12.1 Top Five Players Market Share Analysis
12.2 Top Five Market Players Revenue Analysis
12.3 Business Rating Quadrant
12.3.1 Star
12.3.2 Generalized
12.3.3 Emerging Leader
12.3.4 Participant
12.4 Marine Engines Market: Company Footprint
12.5 Competitive Scenario
13 company profiles
13.1 Key Players
13.1.1 Caterpillar
13.1.2 Volkswagen Group (Man Energy Solutions)
13.1.3Volvo Penta
13.1.4 Hyundai Heavy Industries Co. Ltd.
13.1.5 Rolls-Royce Holdings
13.1.6 Wartsila
13.1.7 Mitsubishi Heavy Industries, Ltd.
13.1.8 Cummins
13.1.9 Daihatsu Diesel Mfg. Co.Ltd.
13.1.10 Deutz AG
13.1.11 Wing
13.1.12 Siemens Energy
13.1.13 Fairbank Morse
13.1.14 Wabtec (Ge Transport)
13.1.15 Yanmar
13.2 Other Players
13.2.1 Isotta Fraschini Motori
13.2.2 Cnpc Jichai Power Company Limited
13.2.3 Bergen Motors
13.2.4 Doosan Infracore
13.2.5 Mahindra Powerol
13.2.6 Ihi Power Systems
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/4w8at
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