The new report by Expert Market Research titled, ‘Marine Engines Market Report and Forecast 2023-2028’, gives an in-depth analysis of the marine engines market report, assessing the market based on its end-use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 13 Billion
- Forecast CAGR (2023-2028): 3.7%
- Forecast Market Size (2028): USD 16 Billion
The growth in the marine engines market is being driven by the escalating maritime tourism, rising global imports and exports, and the surge in international maritime freight transport. The technological advancements and highly efficient engines are important factors contributing to the global demand. The shift in focus to low sulphur fuel from the conventional fuel and strict directives from the government for adopting green is expected to boost the demand of engines that support LNG, LSFO and hybrid fuel.
Marine Engines Industry Definition and Major Segments
Marine engines refer to the machine used to propel the marine vehicles across the water. Ships, yachts, boats, and other such vehicles are the marine vehicles which are supplied power using these engines in the marine environment. These marine vehicles may be used for industrial/commercial, security or personal uses. They are mainly used for transportation, surveillance, offshore assistance, and other related purposes.
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Based on the power range, marine engines can be divided into:
- Up to 1,000 HP
- 1,001 – 5,000 HP
- 5,001 – 10,000 HP
- 10,001 – 20,000 HP
- Above 20,000 HP
Based on engine, the industry is segmented into:
- Auxiliary Engine
- Propulsion Engine
Based on type, the market is divided into:
- Two Stroke
- Four Stroke
Based on fuel-type, the market is divided into:
- Heavy Fuel Oil
- Marine Diesel Oil
- Intermediate Fuel Oil
- Marine Gas Oil
Based on application, the market is divided into:
- Commercial Vessels
- Offshore Support Vessels
- Passenger Ship
On the basis of regional markets, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Marine Engines Market Trends
Implementation of government mandates to minimize marine emissions mainly in Emission Control Areas (ECAs) would drive the low emission engines market. Increased efforts to expand engine capability have also led to initiatives to develop dependable and advanced technologies. In addition, increased demand for economically beneficial engines, combined with increasing maritime tourism, would supplement product rollout.
Strong government controls on emissions from marine vessels, growing consumer awareness of the need to implement greener fuels and the reduction of conventional fuel reserves are expected to drive demand growth. The global demand for marine engines is anticipated to witness the production of products that comply with strict emission regulations and operate with greener fuels such as LNG and wind and solar power.
Key Market Players
The major players in the market are Hyundai Heavy Industries Engine Machinery, Caterpillar Inc., Mitsubishi Heavy Industries Group, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Wärtsilä Corporation, and Deere & Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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