USD 12.95 billion
Marine Engine Market Size, Share, Growth Analysis, By Fuel(Heavy Fuel Oil, Marine Diesel Oil, Intermediate Fuel Oil, Marine Gas Oil), By Engine(Propulsion Engine, Auxiliary Engine), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2159 |
Region:
Global |
Published Date: April, 2024
Pages:
260
|Tables:
64
|Figures:
75
Marine Engine Market Insights
Marine Engine Market size was valued at USD 12.95 billion in 2019 and is poised to grow from USD 13.57 billion in 2023 to USD 18.84 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).
The transportation of a ship from one port to another is accomplished by marine engines. A marine engine, either a 4-stroke or a 2-stroke engine, is installed onboard a ship for the purpose of propulsion whether it is a small ship operating in coastal areas or a big one travelling international waterways. Marine engines are heat engines that build thermal energy and convert it into mechanical energy in order to transfer heat produced by the combustion of fuel into usable work. The engines used on ships are of the type known as internal combustion engines, in which the fuel is burned inside the engine cylinder and heat is produced after the combustion process.
US Marine Engine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Propulsion Engine
Fastest Growth
Propulsion Engine
Growth Rate
4.8% CAGR
Global Marine Engine Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
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Marine Engine Market Segmental Analysis
Global marine engine market is segmented based on the Fuel, Engine, and region. Based on the Fuel, the Global Marine Engine Market is segmented as Heavy fuel oil, Marine diesel oil, Intermediate fuel oil, Marine gas oil and Others. Based On Engine, the Global Marine Engine Market is segmented as Propulsion Engine and Auxiliary Engine. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Marine Engine Market Analysis by Fuel
With a 25.5 % in 2019, the marine diesel oil sector dominated the marine engine industry globally. Reduced costs and the properties of oxidation and thermal stability are what are primarily causing the market to grow. The market for gas carriers, according to ship type, is predicted to have the highest CAGR during the forecast period. This is because it uses natural gas as fuel and emits the least amount of sulphur and nitrogen oxides.
Marine Engine Market Analysis by Engine
Global marine engine market has been segmented on the basis of Engine as Propulsion Engine and Auxiliary Engine. In 2021, the propulsion engine segment accounted for the largest market share for marine engines, and a similar pattern is probably going to hold in the near future. The main supporting structure of a ship is its propulsion system, which includes the propulsion engines. Ships' marine propulsion engines, which are the vessel's main propulsion system, are a very valuable asset. Thus, there is a significant and predicted future need for propulsion engines across all engine types. Gas turbines, diesel engines, steam turbines, and dual-fuel engines are further classified as propulsion engines. All ships, from little passenger ferries to enormous container ships, need propulsion or a primary engine to drive them across the water.
Global Marine Engine Market By Engine, 2021 (%)
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Marine Engine Market Regional Insights
The Asia Pacific region that now dominates the global market is expected to continue to do so during the projection period. A total of 62% commodities unloaded (imported) in 2019 were brought in from Asia, as were 41% of the total goods loaded (exported), which came from the same continent. The expanding shipbuilding sector in Asian nations like India, South Korea, China, and Japan may be partly responsible for the expansion of the sector in the area. The maritime sector is flourishing in the area.
India, Bangladesh, and China are a few of the countries with the fastest-growing economy in the globe. These nations are the top exporters of machinery, autos, electronics, medicines, jute, and mineral fuels. A high number of manufacturers are present in the area as a result of the region's low labour costs and rising demand for commodities, which is expected to be a major factor in the market's growth in the years to come. Asia Pacific is the global centre for production, and a variety of goods, including machinery, electronics, etc., are shipped via sea transportation to various locations across the globe. With 92.5% of the new building deliveries in 2019, China, the Republic of Korea, and Japan continued to hold the top positions in the shipbuilding sectors. Each nation has its own areas of shipping specialisation.
Global Marine Engine Market By Geography, 2021 - 2028
- Largest
- Fastest
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Marine Engine Market Dynamics
Marine Engine Market Driver
- The rise of technologically advanced and highly efficient engines, the rising number of leisure travelers, and the vast worldwide maritime transport industry expansion are the main drivers of the rising demand for marine engines. The industry is anticipated to develop as a result of severe government regulations on emissions from maritime vessels, rising consumer awareness of the need to switch to greener fuels, and the depletion of traditional fuel supplies. The development of goods that adhere to stringent emission laws and run-on cleaner fuels like LNG and solar and wind power is anticipated to coincide with the increase in demand for marine engines worldwide. Economic stability and rising consumer disposable incomes are further drivers of market expansion.
- In the long run, structural variables like port infrastructure, economies of scale, trade imbalances, trade facilitation, and maritime connectivity are predicted to drive shipping and port prices. In the coming years, developing nations, particularly those with weak port and shipping facilities, may pay the most for maritime transportation. In order to reduce transition costs and the decreased connectivity that would ensue from decarbonizing maritime transport, these structurally vulnerable developing nations will also require assistance. Therefore, enhancing structural factors like port infrastructure, a climate that facilitates trade, and shipping connectivity will significantly reduce maritime transport costs.
Marine Engine Market Restraint
- Strict ecological regulations all across:
Depending on the intensity of discharges caused by dangerous gases like SOx, NOx, and CO2, natural guidelines, strategies, and sponsorship plans change from country to country. For instance, the International Maritime Organization (U.K. delivery)'s of MARPOL Annex VI guidelines in 2005 described the cutoff levels for NOx fluxes. They commanded the use of low-sulfur electricity sources. These regulations apply to boats and vessels operating within 200 nautical miles of the North American coastline, often known as the North American Emission Control Area (E.C.A.). The focus of manufacturers of boat parts is on developing marine propulsion frameworks that adhere to various natural laws established by national legislators all over the world.
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Marine Engine Market Competitive Landscape
Global marine engine market is not much fragmented nor consolidated. The main competitors in the market are concentrating on offering items that are customised to meet the needs of their customers. They will be able to dominate other businesses due to this. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Marine Engine Market Top Player's Company Profiles
- Caterpillar Inc.
- Cummins Inc.
- Wärtsilä Corporation
- MAN Energy Solutions SE
- Rolls-Royce Holdings plc
- Mitsubishi Heavy Industries Ltd.
- Yanmar Holdings Co. Ltd.
- Volvo Penta
- Kawasaki Heavy Industries Ltd.
- Deutz AG
- MTU Friedrichshafen GmbH
- Scania AB
- Hyundai Heavy Industries Co. Ltd.
- Mercury Marine
- Brunswick Corporation
- John Deere Power Systems
- Textron Inc. (Cessna)
- Groupe Renault
- Daihatsu Diesel Mfg. Co. Ltd.
- STX Engine Co. Ltd.
Marine Engine Market Recent Developments
- In April 2022, Bergen Engines AS and Kongsberg Maritime AS, announced that the agreement between them whereby Kongsberg Maritime provides the exclusive route to market for Bergen engines and parts in the commercial marine sector.
- In March 2022 at a digital ceremony, MAN Energy Solutions and classification society, DNV, signed a Memorandum of Understanding (MoU). Effective immediately, the MoU is due to run for a period of three years. Under the terms of the memorandum, the two companies will detail action plans within the fields of decarbonization, the hydrogen value-chain and digitalization.
Marine Engine Key Market Trends
- The pandemic caused a change in how customers made purchases. The pandemic has sped up the transition from traditional retail to online buying by about five years. Customers were looking for a secure means to satisfy their needs, which caused a dramatic increase in online retail sales activity. Although the increase in trade is to be appreciated, it is growing at such a rate and scale that port operations and shipping services frequently cannot keep up, leading to logistical bottlenecks. Lacks in shipping capacity, containers, and other equipment affect the entire sector. Retailers must reduce supply chain uncertainty and logistical bottlenecks if they want to hold onto more inventory. This trend of growth in e-commerce can make significant rise of marine engine in the market.
Marine Engine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global marine engine market Analysis, in terms of fuel, the marine diesel oil segment held the largest share. In terms of Engine, The propulsion engine segment is expected to contribute most to the marine engines market over the anticipated time frame. In 2021, the propulsion engine segment accounted for the biggest market share for marine engines, and a similar pattern is probably going to hold in the near future. The development of efficient marine engine technologies, the expansion of maritime commerce operations in the region, and the rise of the regional shipbuilding sector are the main factors driving the Asia Pacific market's expansion among the other regions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 12.95 billion |
| Market size value in 2031 | USD 18.84 billion |
| Growth Rate | 4.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Marine Engine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Marine Engine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Marine Engine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Marine Engine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Marine Engine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Marine Engine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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