Marine Engines Market Worth $13.3 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 7, 2022 /PRNewswire/ -- According to the new market research report "Marine Engines Market by Engine (Propulsion Engine, Auxiliary Engine), Type (Two Stroke, Four Stroke), Power Range (Up to 1,000 hp, 1,001-5,000 hp, 5,001-10,000 hp, 10,001-20,000 hp, Above 20,000 hp), Fuel, Vessel and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Marine Engines Market size will grow to USD 13.3 billion by 2027 from USD 11.7 billion in 2022, at a CAGR of 2.6% during the forecast period.
Growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety are the driving factors for the Marine Engines Market, globally. Global maritime trade has increased significantly in the past decade. This rise can be attributed to the growing economies of Asia Pacific, and the rise of e-commerce and online trade. Maritime trade, however, slumped in 2020 due to the pandemic induced lockdown and the disruption of marine industrial activity and trade. This in turn also led to a decline in ship deliveries in 2020. With the resumption of trade, 2021 saw a surge in new orders for ships and marine engines. Also, the shipping companies are targeting to replace their aging fleet with new build vessels equipped with cleaner and more efficient engines. Stringent regulations put in force by the International Maritime Organization (IMO) from January 2020, to limit the emission of sulfur from ships to 0.5%, are further compelling shipowners to either procure ships with cleaner and greener engines, or retrofit their older vessels with new engines which are significantly more efficient and emit less SOx. This has also led to a shift in fuel consumption pattern of marine engines with more and more engines utilizing cleaner distillate fuels rather than heavy fuel oils. Many marine engine manufacturers have also developed smart engines, pure gas engines, and hybrid or dual-fuel engines to address the issue and comply with the regulations. Thus, the growth of maritime trade, aging fleet and the development of smart and hybrid engine technologies to adhere to the stringent regulations are expected to lead to the growth of the Marine Engines Market.
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The propulsion engine segment is expected to dominate the Marine Engines Market, by engine, during the forecast period.
The propulsion engine segment is expected to hold the largest market share of the Marine Engines Market. Propulsion engines are the main supporting system of a ship and are an integral part of the ship's propulsion mechanism. They are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Thus, the demand for propulsion engines across various engine types is high and expected to increase further. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines, and dual-fuel engines. All the vessels, from a small passenger ferry to very large container ships, require a propulsion or a main engine to direct the vessel's movement through the water. Full-scale resumption of global maritime trade, growth of the shipbuilding industry, and the replacement of aging fleet with new build vessels are expected to drive the propulsion engine segment of the Marine Engines Market during the forecast period.
The above 20,000 HP segment is expected to be the largest in the Marine Engines Market, by power range, during the forecast period.
The above 20,000 MW segment held the largest market share of the Marine Engines Market in 2021. The above 20,000 HP marine engines mostly have applications for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and others. They are primarily used as prime moves to facilitate the movement of these ships through the waters. The growth of global maritime trade and the requirement of more and more vessels to cope with tight vessel supply, as well as the requirement to replace some of the existing fleet to comply with the stringent International Maritime Organization (IMO) regulations put in force from January 2020, are expected to drive the growth of the above 20,000 HP segment during the forecast period.
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The two stroke segment is expected to be the largest segment in the Marine Engines Market, by type, during the forecast period.
The two stroke segment accounted for the largest share of the Marine Engines Market, by type, in 2021. The two-stroke engines can run on low-grade fuels, have better efficiency and high power; and are more reliable. They are preferred as main engines in vessels in case of long journeys via oceans when higher power and efficiency are required. They offer high torque at a low engine speed, which helps boats/vessels cruise at a constant speed without adjusting the engine speed. Two-stroke engines have one revolution of the crankshaft during one power stroke. They also have a larger ratio in terms of power to weight and are slow-speed, crosshead engines. The growth of international maritime trade will lead to an increase in the requirement of prime movers for ocean going vessels, which eventually will drive the demand for two stroke marine engines during the forecast period.
The marine diesel oil segment is expected to be the largest in the Marine Engines Market, by fuel, during the forecast period.
The largest share of the Marine Engines Market in 2021 was held by the marine diesel oil segment. Marine diesel oil, unlike heavy fuel oil (HFO), does not require heating during storage. The various blending ratios of marine diesel oil can be regulated directly by refinery processes or by mixing ready-made marine fuels. The growing stringency of emission control regulations and continuous revisions in the IMO standards have led to the substitution of bunker oil or heavy fuel oil with low sulfur oils such as marine diesel oil, driving the growth of this segment in the Marine Engines Market during the forecast period.
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The bulk carriers segment is expected to be the largest in the Marine Engines Market, by vessel, during the forecast period.
The largest share of the Marine Engines Market in 2021 was held by the bulk carriers segment. Bulk carriers are the merchant fleets workhorses, transporting raw ingredients including grain, iron ore, and coal, as well as products such as bauxite, cement, fertilizers, rice, sugar, and timber to name a few. Bulk carriers can also transport manufactured goods such as steel coils. They are the most environmentally efficient way to move big volumes of dry freight over long distances. As the demand for raw materials, grains, and metals transportation increases, shipping companies will react with a surge of new orders for dry bulk carriers. The recovery of world trade post 2020 also led to a surge in new orders to address severe fleet capacity constraints and the uptick in freight rates, which may drive the bulk carriers segment of the Marine Engines Market during the forecast period.
Asia Pacific likely to emerge as the largest Marine Engines Market.
The Asia Pacific region accounted for the largest share of the Marine Engines Market in 2021. The region is a global shipbuilding hub, dominated by countries such as China, South Korea, Japan, and the Philippines. Also, the region is experiencing rapid economic growth, creating a favourable environment for the growth of maritime trade. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. The demand for marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts among countries in the region. The governments in the region are offering tax rebates to the shipbuilding industry as well. Hence, the region is witnessing a spike in investments in the shipbuilding industry, consequently leading to a rise in demand for marine engines.
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The Marine Engines Market is dominated by a few major players that have a wide regional presence. The leading players in the Marine Engines Market are Caterpillar (US), Wärtsilä (Finland), Volkswagen Group (MAN Energy Solutions) (Germany), Rolls-Royce Holdings (UK), Volvo Penta (Sweden), Mitsubishi Heavy Industries, Ltd. (Japan), Cummins (US), Hyundai Heavy Industries Co., Ltd. (South Korea), Daihatsu Diesel Mfg. Co., Ltd. (Japan), Deutz AG (Germany), WinGD (Switzerland), Siemens Energy (Germany), Fairbanks Morse (US), Wabtec (GE Transportation) (US), Yanmar (Japan), Isotta Fraschini Motori (Italy), CNPC Jichai Power Company Limited (China), Bergen Engines (Norway), Doosan Infracore (South Kore), Mahindra Powerol (India), IHI Power Systems (Japan), and others.
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