Global Marine Engines Industry is expected to foresee significant growth. APAC to lead the growth!

Global marine engines industry is expected to generate USD 18 billion in revenue, growing at a CAGR of 3% over the period of 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.

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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 power range the global marine engine market is bifurcated into 500-750 HP, 751-1360 HP, 1361-2700 HP, 2701-4761 HP, 4761-6800 HP, 6801-10200 HP, and Above 10200 HP. Current, engine with a power range between 500-750 HP dominates the market (in terms of volume), owing to its increased demand from maritime tourism.

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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 and is expected to witness the highest CAGR growth during the forecast period 2021-2027.

Based on Fuel, the report segments the market into Heavy Fuel oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, and Others. Currently, the Heavy Fuel oil segment dominated the market, however, other segments are expected to witness the highest CAGR growth during the forecast period 2021-2027

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.

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Some of the major companies operating in the global marine engine market include Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Cummins, Deutz AG, General Electric Company, Winterthur Gas & Diesel

Global Marine Engines Industry Segmentation (Value and Volume)

Market Insight, by Power Range (HP)

• 500-750 HP
• 751-1360 HP
• 1361-2700 HP
• 2701-4761 HP
• 4761-6800 HP
• 6801-10200 HP
• Above 10201 HP

Market Insight, by Power Range (KW)

• 500-750 HP
• 751-1360 HP
• 1361-2700 HP
• 2701-4761 HP
• 4761-6800 HP
• 6801-10200 HP
• Above 10201 HP

Market Insight, by Type

• Two-stroke
• Four-stroke
  • High-Speed
  • Medium-Speed

Market Insight, by Engine

• Propulsion Engine (KW)
  • 400-560
  • 561-1000
  • 1001-2000
  • 2001-3500
  • 3501-5000
  • 5001-7500
  • Above 7500
• Auxiliary Engine (KW)
  • 400-560
  • 561-1000
  • 1001-2000
  • 2001-3500
  • 3501-5000
  • 5001-7500
  • Above 7500

Market Insight, by Vessel

• Commercial Vessel
• Offshore Support Vessel
• Others

Market Insight, by Fuel

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

Market Insight, by Region

• North America Marine Engines Market
  • U.S.
  • Canada
  • Rest of North America
• Europe Marine Engines Market
  • Germany
  • United Kingdom
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific Marine Engines Market
  • China
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Marine Engines Market

Top Company Profiles

• Cummins Inc.
  • Caterpillar
  • MAN Energy Solutions
  • Mitsubishi Heavy Industries
  • Volvo Penta
  • Rolls-Royce
  • Hyundai Heavy Industries Co. Ltd.
  • General Electric Company
  • DEUTZ AG
  • Winterthur Gas & Diesel
  • Yanmar Co. Ltd.
  • Daihatsu Motor Co. Ltd.
  • Wärtsilä Corporation