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

A comprehensive overview of the Global Marine Engines Market is recently added by UnivDatos to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Marine Engines market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Marine Engines Market at regional and country levels.

Market Overview 

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. With increasing international trade, demand for commercial

cargo ship has increased in

the past decade. This is providing ample growth opportunity for the engine manufacture to produce

innovative and cost-efficient marine engine. 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 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. 

COVID-19 Impact 

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. 

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Global Marine Engines Market report is studied thoroughly with several aspects that

would help stakeholders in making their decisions more curated.  

By Power Range, the market is

primarily bifurcated into:    

>1000 hp     

1001-5000 hp  

5001-10000 hp 

10001-20000 hp 

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. Eneria provides a wide range of

Caterpillar engines to meet propulsion needs on all types for maritime applications. Ship engines are

obtainable in a power range from 60 kW to more than 5600 kW. 

By Type, the market is mainly segmented into:   

Two-stroke 

Four-stroke 

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. 

By Engine, the market is mainly segmented into: 

Propulsion Engine  

Auxiliary Engine 

In 2020, Propulsion engine segment

dominated the market and is expected to maintain its dominance throughout the forecast period 2021-2027. 

By Vessel, the market is mainly 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. 

By Fuels, the market is mainly segmented 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. In 2020, the International Maritime

Organization (IMO) has set a limit for the sulfur content of marine fuels.

Consequently, demand for high sulfur fuel oil (HSFO) is expected to decline

dramatically in 2020, whereas demand for marine

gas oil (MGO) is projected to increase to 1.98 million barrels per day for the

FY2020 and is expected to dominant fuel demand in the marine sector throughput

the forecast period. 

Global Marine Engines Market Geographical Segmentation

Includes: 

North America (United States, Canada, Rest of North America) 

Europe (Germany, UK, France, Spain, Rest of Europe)    

Asia-Pacific (China, Japan, India, South Korea, Rest of APAC)  

Rest of World 

Based on the

estimation, Asia-Pacific dominated the

market in 2020. Asia Pacific with countries such as China, Japan, South

Korea, India, Australia among others is expected to dominate the marine engines

market during the forecast period. Rising investments in shipbuilding, and commercial freight transport in the key markets offer

high-growth opportunities for the marine engines market in the Asia Pacific

region. 

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The major players targeting the market includes:    

Cummins    

Hyundai Heavy

Industries 

Caterpillar  

MAN SE     

Mitsubishi Heavy

Industries  

Volvo Penta 

Rolls-Royce 

Wartsila 

GE Transportation   

Deutz AG 

Competitive Landscape 

The degree of

competition among prominent companies has been elaborated by analyzing several

leading key players operating globally. The specialist

team of research analysts sheds light on various traits such as global market competition,

market share, most recent industry advancements, innovative product launches,

partnerships, mergers, or acquisitions by leading companies in the Global Marine Engines Market. The major players have been analyzed by using research methodologies

for getting insight views on market competition.

Key questions resolved through this analytical market research report include: 

What are the latest trends, new patterns, and technological advancements

in the Global Marine Engines Market?     

Which factors are influencing the Global Marine Engines Market over the forecast period?        

What are the global challenges, threats, and risks in the Global Marine Engines Market? 

Which factors are propelling and restraining the Global Marine Engines Market? 

What are the demanding global regions of the Global Marine Engines Market? 

What will be the market size in the upcoming

years?  

What are the crucial market acquisition strategies and policies applied

by the companies? 

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businesses, regions, and countries, we offer customized reports as per your

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