The global marine engine market will derive growth from the advent of electric automobiles for trading purposes. The market was valued at USD 12.05 Billion in 2018 and exhibit a CAGR of 4.58% from 2019 to 2026. According to a report published by Fortune Business Insights, titled “Marine Engine Market Size, Share & Industry Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries & Passenger ships, and Others), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP, 40000 – 50000 HP, 50000 – 60000 HP, 60000 – 70000 HP, 70000 – 80000 HP, 80000 – 90000 HP, 90000 – 100000 HP, 100000 – 110000 HP, and Greater than 110000 HP ), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke (Two Stroke, Four Stroke, and Others) and Regional Forecast, 2026,” the market will reach USD 17.09 Billion by 2026.
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- Hyundai Heavy Industries
- Man Diesel & Turbo
- Mitsubishi Heavy Industries
- Mahindra Powerol
- General Motors
- Yanmar Holdings Co. Ltd.
- Doosan Infracore
- Honda Motors Co. Ltd.
Key Market Driver – Growing seaborne trade and steady progress in offshore activities
Key Market Restraint – Technological advancement increasing the cost of the engine
Trade activities have become an integral part of the economy of a country. Improving global relations and agreements have given rise to an increase in the number of trade activities across the world. The growing trade activities will have a direct impact on the world economy. A primary factor of all trade activities is the mode of transport and distance. A cost-effective transport will enable enhanced trade activities, all within lesser time. Marine trade activities are gaining rapid popularity on a global scale due to its advantages over other modes. Low time for transport, lesser traffic and congestion, and the ability of marine automobile to carry larger weights are some of the benefits offered by marine transport.
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The demand for marine automobile will have a positive impact on the marine engines market. Several factors have contributed to the increasing demand for marine engines in recent years. Moreover, technological advancements and cost-effective transportation have aided market growth. The report identifies a few of the primary factors that have constituted an increase in the global marine engine market size in recent years and highlights leading growth drivers. Additionally, the report discusses a few of the factors that have restrained market growth. Besides this, the report labels leading companies in the market.
1. By Fuel Type
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marie Diesel Oil
- Marine Gas Oil
2. By Propulsion
- Two-Stroke Engine
- Four Stroke Engine
3. By Power Range
- Up to 1000HP
- 1001HP – 5000HP
- 5001HP – 10000HP
- 10001HP – 20000HP
- Above 20000HP
4. By Application
- Offshore Support Vessel
- Commercial Vessel
- Other Vessel
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Global Supply Chains of Manufacturing and Resource Production to Provide Impetus for Market Growth
The increasing resource production and improved raw material production will aid the demand for trade activities across the world. The increasing number of supply chains will create more trade opportunities, which in turn will have a direct impact on marine automobile and marine engine. The involvement of industrial expertise and experienced examination in manufacturing of marine automobile will benefit the overall industry. These factors have a significant influence on the export activities of a country. The advancements in marine carriage ships such as high fuel efficiency, improved stability, and larger spaces will provide platforms for growth of the global marine engine market in the coming years.
Asia Pacific to Emerge as the Leading Region
The growing trade activities in several countries across the Asia Pacific has led to a huge demand for marine engines in this region. The growing adoption of ships and boats for entertainment and travel purposes will contribute to market growth. The enormous oil and gas industry in Asia Pacific has led to an increase in export activities. The growing population has created an overall increase in the demand for resources across diverse industries. Asia Pacific generated an engine market revenue of USD 5.13 Bn in 2018.
Table of Content
5. Global Marine Engine Market Analysis (USD billion), Insights and Forecast, 2015-2026
5.1. Key Findings/Summary
5.2.Market Analysis, Insights and Forecast – By Ship Type
5.2.3.General Cargo Ships
5.2.8.Ferries and Passenger ships
5.3.Market Analysis, Insights and Forecast – By Capacity
22.214.171.124 – 10000 HP
126.96.36.19900 – 20000 HP
188.8.131.5200 – 30000 HP
184.108.40.206000 – 40000 HP
220.127.116.11000 – 50000 HP
18.104.22.168000 – 60000 HP
22.214.171.124000 – 70000 HP
126.96.36.199000 – 80000 HP
188.8.131.52000 – 90000 HP
184.108.40.206000 – 100000 HP
220.127.116.11000 – 110000 HP
5.3.12.Greater than 110000 HP
5.4.Market Analysis, Insights and Forecast – By Speed
5.5.Market Analysis, Insights and Forecast – By Strokes
5.6.Market Analysis, Insights and Forecast – By Fuel
5.6.1.Heavy Fuel Oil
5.6.2.Intermediate Fuel Oil
5.6.3.Marine Diesel Oil
5.6.4.Marine Gas Oil
6. North America Marine Engine Market Analysis (USD billion), Insights and Forecast, 2015-2026
6.1.Key Findings/ Summary
6.2.Market Analysis, Insights and Forecast – By Ship Type
6.2.3.General Cargo Ships
6.2.8.Ferries and Passenger ships
6.3.Market Analysis, Insights and Forecast – By Capacity
18.104.22.168 – 10000 HP
22.214.171.12400 – 20000 HP
126.96.36.19900 – 30000 HP
188.8.131.52000 – 40000 HP
184.108.40.206000 – 50000 HP
220.127.116.11000 – 60000 HP
18.104.22.168000 – 70000 HP
22.214.171.124000 – 80000 HP
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Key Industry Developments
- In April 2019, A contract has been awarded by Seaspan Shipyards to Man Energy Solutions Canada to provide power generation and propulsion system for the Royal Canadian Navy’s (RCN) new Joint Support Ships (JSS). The contract is valued at $55 million in which company will provide tow MAN 12V32/44CR propulsion engines featuring environmental protection SCR technology.
- In April 2019, Kongsberg recently completed Rolls Royce Commercial Marine acquisition to extend its portfolio for sustainable, safe and secure marine operations.
- In September 2018, Mahindra Powerol entered into building marine engines with its Seahawk series to compete against Chinese companies. The power ranging between 24hp and 300hp include 11 variants of engines and generators that propel fishing boats, trawlers, and small tugs.
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