The global marine engine market is forecast to grow at a compound annual growth rate (CAGR) of more than 5% during the forecast period from 2021-2030.
An engine is a component of a marine vehicle like a ship, submarine, or boat that provides it with power. Among the different components of these engines are a crankshaft, a liner, pistons, a bedplate, and a head. Corrosion-resistant materials are employed in their construction, and seals & bearings are compatible with seagoing environments. The development of new technologies in the marine engine market has addressed the issue of harmful gas emissions. The properties of marine engines make them ideal for marine applications, such as high performance, durability, fuel efficiency, low emissions, quiet operation, and ease of maintenance.
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Factors Affecting
- Marine engine markets are developing at the same pace as development in the boat and shipbuilding industries. Seaborne trade, stringent regulations governing emissions of harmful gases, an increase in inland waterway vessel production, and new technologies are the major drivers of the marine engine market.
- The four-stroke engine is registering rapid market growth due to its quiet operation, smoothness, and reliability, and the fact that it generates fewer pollutants.
- Overproduction in the shipping industry, high R&D costs, low shipping rates for goods, and huge capital requirements for replacing existing vessels can hinder the growth of the marine engine market. The marine engine market also faces the challenge of complying with government regulations with new technologies.
Impact Analysis of COVID-19
This Covid19 pandemic has disrupted our daily lives. In the wake of this pandemic, various enterprises have been adversely affected, including the closure of homegrown mechanical activities, interruptions to friendship chains, an inability to market items globally, lack of new orders, separation from raw materials, and a lack of laborers, among numerous others.
Apart from fundamental factors, the COVID-19 pandemic and the resulting broad lockdowns halted production, and reduced exchange of goods have generally affected Marine Engine Market Growth. Shipping businesses rely on multiple factors, such as business travel, cargo ships, and offshore oil and gas production. Since global lockdowns, a lack of interest in voyage and payload transport was a severe blow to the marine motor market has suffered.
Regional Overview
During the forecast period, the Asia Pacific region is forecast to lead the marine engines market. China, Japan, and South Korea constitute major manufacturing hubs for marine engines and offer strong growth potential for the marine engines market. Increasing investments in shipbuilding and commercial freight transportation in emerging markets provide high-growth opportunities for the marine engines market in the Asia Pacific.
Leading Companies
The leading companies profiled in the global marine engine market are:
- Hyundai Heavy Industries (South Korea)
- Caterpillar (U.S.)
- Sumitomo Heavy Industries (Japan)
- Mercury Marine (U.S.)
- MAN Diesel & Turbo SE (Germany)
- Mitsubishi Heavy Industries (Japan)
- Volvo Penta (Sweden)
- Rolls-Royce (U.K.)
- Cummins (U.S.)
- Wartsila (Finland)
- GM Powertrain (Italy)
- GE Transportation (U.S.)
- Deutz AG (Germany)
- Other Prominent Players
Scope of the Report
The global marine engine market segmentation focuses on Type, Fuel, Engine, Vessel, and Geography.
Segmentation based on Type
- Two Stroke
- Four Stroke
Segmentation based on Fuel
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marine Diesel Oil
- Marine Gas Oil
Segmentation based on Engine
- Propulsion Engine
- Auxiliary Engine
Segmentation based on Vessel
- Commercial Vessels
- Offshore Support Vessels
- Inland Waterways Vessels
Segmentation based on Geography
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Marine Engine Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Marine Engine market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Marine Engine Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Marine Engine market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Marine Engine market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Marine Engine market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Marine Engine market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Marine Engine business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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