Marine Engine Market is expected to exceed the market valuation of more than US$ 18 billion in 2027 and is expected to grow at a CAGR of 3.8% during the forecast period 2021-2027
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. Asia-Pacific is considered the leading supplier of manufactured goods, thus, the overall demand for container ships is significantly high in the Asia-Pacific region. Most shipbuilding companies, including manufacturers of propulsion systems and engines, are headquartered in the Asia-Pacific region. Thus, the demand for maritime transport services and the growth of the shipping industry in the Asia-Pacific region is expected to provide ample growth opportunity for the marine engines manufacturers during the forecast period 2021-2027.
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. Furthermore, in February 2019,
MAN Diesel & Turbo received an order to supply 18 TIER II-compliant main
engines for lane-meter RoRo vessels intended for operation in the Mediterranean Sea. To
add on, Wärtsilä in the same year received an order to supply Castle Hill, Fraserburgh with a ship design, a Wärtsilä 32 main engine, and all equipment for the ship.
Based on type, the market is bifurcated into Two-stroke and Four-stroke
marine engines. In 2020, the two-stroke engine segment is expected to witness the fastest growth in the market, however, the four-stroke
segment dominated the market 2020 in volume terms. The four-stroke engine, one
of the pioneer designs to improve fuel combustion efficiency, follows the
sequence of induction, combustion, power, and exhaust strokes in four
revolutions of its crankshaft.
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Based on engine, the market is bifurcated into Propulsion Engine and
Auxiliary Engine. Currently, the propulsion engine segment dominated the
market, however, the segment is expected to witness the highest CAGR growth during the forecast period
2021-2027. Marine propulsion engines is a machine that burns fuel to create thrust, which helps
ships or even small boat to move across the waterways.
APAC to witness extensive growth
For a better understanding of the
market, the report provides a detailed analysis of the major region and
countries including North America (US, Canada, rest of North America); Europe
(Germany, UK, France, Italy, Spain, rest of Europe); Asia-Pacific (China,
Japan, India, South Korea, Rest of Asia-Pacific) and Rest of World. Currently,
APAC dominated the market and is expected to maintain its dominance throughout the forecast period. Moreover,
Asia-Pacific is expected to witness the highest CAGR growth during the forecast period
According to UnivDatos ’, the key players with a considerable market share in the
global marine engines industry are Hyundai Heavy Industries, Caterpillar, MAN
SE, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Cummins, Deutz AG, General Electric Company, Winterthur Gas & Diesel.
Several M&A’s along with partnerships have been undertaken by these players
to boost their presence in different regions.
“Global Marine Engine Market provides
comprehensive qualitative and quantitative insights on the industry potential,
key factors impacting sales and purchase decisions, hotspots, and opportunities
available for the market players. Moreover, the report also encompasses the key
strategic imperatives for success for competitors along with strategic
factorial indexing measuring competitor's capabilities on different parameters.
This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
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