Marine Engines Market to exceed US$ 18.9 Billion by 2027 Globally |CAGR: 4.7%| UnivDatos Market Insights

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NOIDA, India, April 21, 2022 /PRNewswire/ -- A comprehensive overview of the Global Marine Engines Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Marine Engines market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Marine Engines Market at regional and country levels. The Global Marine Engines Market is expected to grow at a CAGR of 4.7% from 2021-2027 to reach USD 18.9 billion by 2027.

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Market Overview

The marine transport sector is considered the pillar of international trade. According to the International Chamber of Shipping (United Kingdom), more than 90% of the global merchandise trade in terms of volume is conceded via sea/ocean. The cost of transportation via sea is considered cheaper compared to that of rail and road transport. With increasing international trade, demand for commercial cargo ships has increased in the past decade. This is providing ample growth opportunities for engine manufacturers to produce innovative and cost-efficient marine engines. Looking at the opportunities marine engine manufacturer are adopting various growth strategies to sustain in the growing market. For instance, in 2019, Hyundai Heavy Industries acquired a 55.7% stake in the Daewoo Shipbuilding & Marine Engineering (DSME) for US$ 1.08 billion. The acquisition is expected to strengthen the market position of Hyundai Heavy Industries. In the same year, MAN Diesel & Turbo SE won the contract to supply engines for a new harbor tug in Spain, which would be operated by P&O Reyser in the Port of Barcelona.

COVID-19 Impact

The Covid-19 pandemic has resulted in a drop of 8.5% in global transport fuel consumption in 2020, compared to the 2019 value, owing to the restrictions imposed on people's movements and disruption in trade logistics around the globe. With the ongoing economic downturn, the shutdown of production facilities, and lockdowns, the demand for commercial vessels is witnessing a decline in demand. In addition, the cancelation of cruise ships and the slowdown in international trade investments in commercial vessels are also expected to affect the demand for marine engines.

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Global Marine Engines Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Power Range, the market is primarily bifurcated into:

• >1000 hp
• 1001-5000 hp
• 5001-10000 hp
• 10001-20000 hp
• Above 20000 hp

Based on power range, the global marine engine market is bifurcated into <1000 HP, 1001-5000 HP, 5001-10000 HP, 10001-20000 HP, and Above 20000 HP. In 2020, the engine with a power range above 20000 HP dominates the market, owing to high usage in bulk containers and other commercial vessels. A bulk container is designed to store and transport bulk liquid and granulated substances, such as food ingredients, solvents, chemicals, and pharmaceuticals, among others, in large quantities.

By Type, the market is mainly segmented into:

• Two-stroke
• Four-stroke

Based on type, the global marine engine market is bifurcated into two-stroke and four-stroke. In 2020, the two-stock engine segment dominated the market. At the beginning of 2020, the total world fleet amounted to 98,140 commercial ships of 100 gross tons and above, equivalent to a capacity of 2.06 billion. In 2019, the global commercial shipping fleet grew by 4.1%, representing the highest growth rate since 2014.

By Engine, the market is mainly segmented into:

• Propulsion Engine
• Auxiliary Engine

Based on the engine, the global marine engine market is bifurcated into propulsion engine and auxiliary engine. In 2020, the propulsion engine segment dominated the market and is expected to maintain its dominance throughout the forecast period 2021-2027. In late 2020, the consortium chose Kawasaki Heavy Industries to build the ship's propulsion system. In March 2021, Corvus Energy (which also supplied the ESS on Ampere) was chosen to provide the ESS for the e5 vessels.

By Vessel, the market is mainly segmented into:

• Commercial Vessel
• Offshore Support Vessel
• Others

Based on the vessel, the global marine engine market is bifurcated into the commercial vessel, offshore support vessel, and others. In 2020, the commercial vessel segment dominated the market and is expected to maintain its dominance throughout the forecast period. The high share of the commercial vessel segment can be attributed to the increasing international freight trade and cargo movement paired with the increased installation of advanced electrical devices as a replacement for the aging infrastructure.

By Fuel, the market is mainly segmented into:

• Heavy Fuel oil
• Intermediate Fuel Oil
• Marine Diesel Oil
• Marine Gas Oil
• Others

Based on the fuel, the global marine engine market is bifurcated into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, and others. In 2020, the heavy fuel oil segment dominated the market and is expected to maintain its dominance throughout the analyzed period. In 2020, the International Maritime Organization (IMO) has set a limit on the sulfur content of marine fuels. Consequently, demand for high sulfur fuel oil (HSFO) is expected to decline dramatically in 2020, whereas demand for marine gas oil (MGO) is projected to increase to 1.98 million barrels per day for the FY2020 and is expected to dominant fuel demand in the marine sector throughout the forecast period.

Global Marine Engines Market Geographical Segmentation Includes:

• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Rest of APAC)
• Rest of World

Based on the estimation, Asia-Pacific dominated the market in 2020. The Asia Pacific with countries such as China, Japan, South Korea, India, and Australia among others is expected to dominate the marine engines market during the forecast period. Rising investments in shipbuilding and commercial freight transport in the key markets offer high-growth opportunities for the marine engines market in the Asia Pacific region.

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The major players targeting the market include:

• Cummins
• Hyundai Heavy Industries
• Caterpillar
• MAN SE
• Mitsubishi Heavy Industries
• Volvo Penta
• Rolls-Royce
• Win GD
• GE Transportation
• Deutz AG

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Marine Engines Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Global Marine Engines Market?
• Which factors are influencing the Global Marine Engines Market over the forecast period?
• What are the global challenges, threats, and risks in the Global Marine Engines Market?
• Which factors are propelling and restraining the Global Marine Engines Market?
• What are the demanding global regions of the Global Marine Engines Market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?

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