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Market Overview
- The Global Marine Engines market size is expected to grow at a CAGR of 4.5% during the forecast period 2020-2027
- An engine for marine use, installed in a boat or ship. For small vessels, these are usually adapted automotive engines; for large vessels, they are specially built for the purpose. Marine automobile engines are types of automobile petrol- or diesel engines that have been specifically modified for use in the marine environment. The differences include changes made for operating in a marine environment, safety, performance, and regulatory requirements. The engines used onboard ships are internal combustion engines (a type), in which, the combustion of fuel takes place inside the engine cylinder and the heat is generated post the combustion process.
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Market Dynamics
- A rise in the growth of maritime tourism worldwide and Increasing demand for dual-fuel engines are the driving factors for the growth of the market globally. The global countries are concentrating to develop maritime tourism worldwide. Fire instance, The European Maritime Day (EMD) focused on coastal and maritime tourism and was the opportunity to introduce the results of a public consultation launched to prepare a communication on coastal and maritime tourism. The EU Commission adopted a Communication on "A European Strategy for more Growth and Jobs in Coastal and Maritime Tourism" on 20 February 2014, presenting a new strategy to enhance coastal and maritime tourism in Europe to unlock the potential of this promising sector.
- Strict environmental rules and regulations globally and instabilities in oil & gas prices are the key restraints hindering the market growth worldwide. For instance, EPA has adopted exhaust emission standards for marine diesel engines installed in a variety of marine vessels ranging in size and application from small recreational vessels to tugboats and large ocean-going vessels.
Market Segmentation Analysis
- Based on the engine, the marine engines market is divided into the auxiliary engine, propulsion engine, generator drive engines, and others. Others include diesel-electric engines. The global marine engine market size by the propulsion engine segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The High efficient and durable marine propulsion engines power various types of marine applications. Companies are focusing to introduce propulsion diesel engines. For instance, Yanmar produces and provides medium speed propulsion diesel engines between 374 and 4,500kW for the commercial ship, workboats, and large fishing boats, etc. Adding to this, the ABC engine has launched with a well-designed propulsion system ensures optimal performance at the lowest fuel consumption while complying with the existing and future emission regulations.
- By application, the marine engines market is divided into offshore support vessels, commercial vessels, inland waterways vessels, and others. Others include recreational, pure car carriers. The global marine engine market size by the inland waterways vessel segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
- By fuel type, the marine engine market is segmented into marine diesel oil, marine gas oil, heavy fuel time, intermediate fuel oil, and others. Others include LNG, gasoline, hybrid, gas turbine. The global marine engine market size by the marine diesel oil segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
- Based on the power range, the marine engines market is classified into up to 5,000 HP, 5,000 HP to 15,000 HP, and above 15,000 HP. The global marine engine market size by 5,000 HP to 15,000 HP segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
- By type, the marine engines market is classified into two-stroke and four-stroke. The global marine engine market size by two-stroke was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Market Geographical Analysis
- The Asia Pacific marine engine market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The Asia Pacific is expected to grab the major market share in the forecast period due to the presence of key manufacturing hubs for marine engines in Asia Pacific economies like Japan, South Korea, China, and other southeast Asian countries. For instance, Marine Engines & Systems engines are manufactured by a family of licensees, primarily based in Asia, and serve a multitude of marine applications and segments. Furthermore, In April, Rolls-Royce announced it has inked a pact with Goa Shipyard Ltd (GSL) to manufacture technologically-advanced MTU Series 8,000 engines, used in offshore patrol vessels, in India. Adding to this, The Volkswagen group-owned company, Commercial vehicles, and engine manufacturer Scania have launched its marine engine platform with the high-output 16-liter V8, the powerful 13-liter, and the new 9-liter engines.
Market Competitive Trends
- The Marine Engines market is competitive with existing players in the market.
- Some of the major players include Mitsubishi Heavy Industries, Wärtsilä, Rolls-Royce, John Deere, GE Transportation, Man SE, Hyundai Heavy Industries, Caterpillar, Volvo Group and Deutz AG.
- The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Marine Engines Market.
- In April, Rolls-Royce announced it has inked a pact with Goa Shipyard Ltd (GSL) to manufacture technologically-advanced MTU Series 8,000 engines, used in offshore patrol vessels, in India.
- The Volkswagen group-owned company, commercial vehicles, and engine manufacturer Scania has launched its marine engine platform with the high-output 16-liter V8, the powerful 13-liter, and the new 9-liter engines in India.
- In April 2019, Norwegian technology group Kongsberg Gruppen announced that it has completed its acquisition of Rolls-Royce Commercial Marine (RRCM).
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