Marine Engine Market: Current Analysis and Forecast (2021-2027)
$4999 – $8699
Emphasis on Power Range (>1000 HP, 1001-5000 HP, 5001-10000 HP, 10001-20000 HP and Above 20000 HP); Type (Two-stroke, Four-stroke); Engine (Propulsion Engine, Auxiliary Engine), Vessel Type (Commercial Vessel, Offshore Support Vessel, Others; Fuels (Heavy Fuel oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Other); and Region and Country
Marine transport sector is considered as 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. Cost of transportation via sea is considered cheaper compared to that of rail and road transport. Asia-Pacific is considered as the leading supplier of manufactured goods, thus, the overall demand for container ships is significantly high in the Asia-Pacific region. CO2 emission from the Shipping sector account for 18% of global transportation sourced 20-year CO2equivalent global warming potential. In addition, the sector targets to reduce CO2 emission by 50% by 2050, through the adoption of new low-carbon and net-zero carbon fuels and engines. This would provide ample growth opportunity for the biomass and biofuels demand in the shipping industry. Currently, global shipping industry consumer 300 Mt/years.
Transportation CO2 By Source, 2021
The Covid-19 pandemic have resulted in a drop of 8.5% in global transport fuel consumption in 2020, compared to 2019 value, owing to the restrictions imposed on people’s movements and disruption in trade logistics around the globe. With the ongoing economic downturn, shut down 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 is also expected to affect the demand for marine engines.
Insights Presented in the Report
“Amongst Power Range, engine with power range of 5001-10000 HP dominated the market in 2020.”
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. Current, engine with power range between 5001-10000 HP dominates the market, owing to its increased demand from commercial medium-sized passenger ferries, military patrol boats, and maritime tourism.
“Amongst Type, Two-Stroke marine engine dominated the market in 2020.”
Based on Type, the market is bifurcated into Two-stroke and Four-stroke marine engine. In 2020, 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.
“Amongst Engine, Propulsion Engine dominated the market in 2020.”
Based on Engine, the market is bifurcated into Propulsion Engine and Auxiliary Engine. Current, Propulsion engine segment dominated the market.
“Amongst Vessel, Commercial vessel segment dominated the market in 2020.”
Based on Vessel type, the market is segmented into Commercial Vessel, Offshore Support Vessel, Others. In 2020, 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.
“Amongst Fuels, Heavy Fuel oil dominated the market in 2020.”
Based on Fuel, the report segments the market into Heavy Fuel oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Other. Current, heavy fuel oil segment dominated the market and is expected to maintain its dominance throughout the analyzed period. High share of the segment can be credited to its increased application in medium and low-speed marine engines.
“Asia-Pacific represents as the largest markets in the Global Marine Engines Market.”
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. In 2020, Asia-Pacific dominated the market. 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. Some of the major companies profiled in the report includes Cummins, Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Wartsila, GE Transportation, Deutz AG.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive country level analysis of the industry
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|1.4.||Currency Used in Report|
|2.1.||Research Methodology for the Global Marine Engines Market|
|2.1.1.||Main Objective of the Global Marine Engines Market|
|5||GLOBAL MARINE ENGINES MARKET AMID COVID-19|
|6||GLOBAL MARINE ENGINES MARKET REVENUE (USD BN), 2019-2027F|
|7.5.||Above 20000 Hp|
|10.2.||Offshore Support Vessel|
|11.1.||Heavy Fuel oil|
|11.2.||Intermediate Fuel Oil|
|11.3.||Marine Diesel Oil|
|11.4.||Marine Gas Oil|
|12.1.||North America Marine Engines Market|
|12.2.||Europe Marine Engines Market|
|12.3.||Asia Pacific Marine Engines Market|
|12.4.||Rest of World Marine Engines Market|
|14||MARINE ENGINES MARKET OPPORTUNITIES|
|15||MARINE ENGINES MARKET TRENDS|
|16||LEGAL & REGULATORY FRAMEWORK|
|17.1.||Demand Side Analysis|
|17.2.||Supply Side Analysis|
|17.2.1.||Top Product Launches|
|17.2.2.||Top Business Partnerships|
|17.2.3.||Top Business Expansions, Investments and Divestitures|
|17.2.4.||Top Merger and Acquisitions|
|18||VALUE CHAIN ANALYSIS|
|19.1.||Porter’s Five Forces Analysis|
|19.1.1.||Bargaining power of Supplier|
|19.1.2.||Bargaining power of Buyer|
|19.1.4.||Availability of Substitute|
|19.1.5.||Threat of new Entrants|
|19.2.1.||Company Shares, By Revenue|
|20.4.||Mitsubishi Heavy Industries|
|20.7.||Hyundai Heavy Industries|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Marine Engines were the three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Marine Engines industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Marine Engines market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Marine Engines market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by power range, type, Engine, Vessel, and fuels. Further regional and country-level analyses were conducted to evaluate the overall adoption of the Marine Engines globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Marine Engines. Further, we conducted factor analysis using dependent and independent variables such as growing international trade, and rising demand for dual-fuel engines etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Marine Engines industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Marine Engines market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Marine Engines across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Marine Engines market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Marine Engines market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of power range, type, Engine, Vessel, and fuels.
The main objective of the Marine Engines Market Study
The current & future market trends of Global Marine Engines were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Marine Engines in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of power range, type, Engine, Vessel, and fuels
- Defined analysis of the regulatory framework for the Marine Engines industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Marine Engines for the major countries
- Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
- Company profiles of the Marine Engines market players and the growth strategies adopted by them to sustain in the fast-growing market
Deep dive country level analysis of the industry