Marine Engine Market
Marine Engine Market Forecasts to 2030 - Global Analysis By Ship Type (Container Ships, General Cargo Ships, Oil Tankers, Bulk Carriers, Gas Carriers, Chemical Tankers, Support Vessels, Ferries and Passenger ships and Other Ship Types), Engine Type, Fuel Type, Speed, Application and By Geography
According to Stratistics MRC, the Global Marine Engine Market is accounted for $12.4 billion in 2023 and is expected to reach $17.5 billion by 2030 growing at a CAGR of 5.0% during the forecast period. A marine engine is a type of internal combustion engine specifically designed for use in marine environments, typically powering boats, ships, and other watercraft. These engines are designed to withstand the challenges of operating in a marine setting, including exposure to saltwater, vibrations, and varying weather conditions. These engines are crucial for propelling watercraft efficiently and reliably, with features and specifications tailored to the demands of marine applications, such as high torque at low speeds, corrosion resistance, and efficient cooling systems to manage heat generated during operation.
According to the United Nations Conference on Trade and Development (UNCTAD), merchant ship operations contribute close to USD 380 billion in freight rates within the global economy, which is equivalent to about 5% of the total world trade.
Market Dynamics:
Driver:
Growth in international marine freight transport
The market has witnessed substantial growth in international marine freight transport in recent years. This growth can be attributed to several factors such as globalization, increasing trade volumes between countries, and the demand for efficient and environmentally friendly shipping solutions. Technological advancements in marine engines have also played a significant role, enhancing fuel efficiency and reducing emissions, thus making them more attractive for international freight transport applications.
Restraint:
Competition from alternative propulsion technologies
The market faces intensifying competition from alternative propulsion technologies, such as electric and hybrid systems. These innovations promise reduced emissions, operational cost savings, and compliance with stringent environmental regulations. Electric propulsion, in particular, is gaining traction due to advancements in battery technology and increasing focus on sustainability. Hybrid solutions offer versatility by combining traditional engines with electric power, appealing to a wide range of marine vessel operators seeking efficiency and environmental responsibility.
Opportunity:
Rising demand for fuel-efficient ships
The market is experiencing a surge in demand for fuel-efficient ships. This trend is driven by growing environmental concerns and regulatory pressures to reduce emissions. Shipbuilders and operators are increasingly prioritizing engines that offer higher fuel efficiency to minimize operational costs and environmental impact. Additionally, advancements in technology, such as hybrid and LNG-powered engines, are further driving the adoption of fuel-efficient solutions in the maritime industry.
Threat:
High initial investment
Entering the market requires a substantial initial investment due to the sophisticated technology, stringent regulations, and specialized infrastructure needed. Costs for research and development, manufacturing facilities, distribution networks, and compliance with environmental standards contribute significantly. Moreover, ongoing expenses for maintenance, quality control, and marketing also add to the initial financial outlay.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the Marine Engine market, leading to disruptions in production, supply chains, and demand. Reduced maritime activities, including shipping and leisure boating, resulted in decreased sales of marine engines. However, the market also witnessed a shift towards more efficient and environmentally friendly engine technologies as part of recovery efforts. Overall, the pandemic highlighted the industry's resilience and adaptation to changing market dynamics and customer preferences.
The auxiliary engine segment is expected to be the largest during the forecast period
The auxiliary engine segment is expected to be the largest during the forecast period driven by increasing maritime trade activities, rising demand for fuel-efficient engines, and stringent emission regulations. Ship operators are adopting advanced auxiliary engines to enhance vessel performance and reduce operational costs. Technological advancements such as hybrid and electric auxiliary engines are also gaining traction, providing sustainable solutions for the marine industry.
The cruise ship segment is expected to have the highest CAGR during the forecast period
The cruise ship segment is expected to have the highest CAGR during the forecast period. With a focus on efficiency, sustainability, and performance, cruise ship operators seek cutting-edge engine technologies that can deliver power while minimizing environmental impact. This market segment plays a crucial role in shaping the future of marine propulsion, pushing for cleaner and more efficient solutions to meet the evolving needs of the maritime industry.
Region with largest share:
North America is projected to hold the largest market share during the forecast period driven by robust demand in sectors like commercial shipping, recreational boating, and naval applications. Factors such as technological advancements, stricter emissions regulations, and a growing focus on sustainable solutions are shaping market trends. Key players are investing heavily in research and development to offer efficient, eco-friendly engines that meet evolving industry standards.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period driven by rising disposable incomes and a growing interest in recreational boating activities. The future of the market in the region is likely to be shaped by trends such as electrification, digitalization, and sustainable practices. Electric and hybrid propulsion systems are gaining traction, while digital technologies are being integrated into marine engines for better performance monitoring and maintenance.
Key players in the market
Some of the key players in Marine Engine market include Yanmar Holdings Co. Ltd., Volvo Penta, Kawasaki Heavy Industries Ltd., Deutz AG, MTU Friedrichshafen GmbH, Scania AB, Hyundai Heavy Industries Co. Ltd., Mercury Marine, Brunswick Corporation, John Deere Power Systems, Textron Inc., Groupe Renault, Daihatsu Diesel Mfg. Co. Ltd., STX Engine Co. Ltd., Caterpillar Inc., Cummins Inc., Wärtsilä Corporation, MAN Energy Solutions SE, Rolls-Royce Holdings plc and Mitsubishi Heavy Industries Ltd.
Key Developments:
In February 2024, Caterpillar and Solstad Offshore ASA (Solstad) and Cat® dealer Pon Power AS comes into partnership where Caterpillar Marine is committed to helping vessel owners increase fuel efficiency and reduce GHG emissions and offer pathways to support these operational and sustainability targets by providing a range of solutions for alternative fuels and powertrain integration.
In December 2023, MAN Energy Solutions has announced an agreement with Alfa Laval, the Swedish industrial concern, to develop a methanol fuel-supply solution for MAN four-stroke engines and its fuel-injection technology.
Ship Types Covered:
• Container Ships
• General Cargo Ships
• Oil Tankers
• Bulk Carriers
• Gas Carriers
• Chemical Tankers
• Support Vessels
• Ferries and Passenger ships
• Other Ship Types
Engine Types Covered:
• Propulsion Engine
• Auxiliary Engine
• Other Engine Types
Fuel Types Covered:
• Marine Gas Oil
• Intermediate Fuel Oil
• Heavy Fuel Oil
• Marine Diesel Oil
• Other Fuel Types
Speeds Covered:
• Low Speed
• Medium Speed
• High Speed
Applications Covered:
• Cargo Ship
• Cruise Ship
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Marine Engine Market, By Ship Type
5.1 Introduction
5.2 Container Ships
5.3 General Cargo Ships
5.4 Oil Tankers
5.5 Bulk Carriers
5.6 Gas Carriers
5.7 Chemical Tankers
5.8 Support Vessels
5.9 Ferries and Passenger ships
5.10 Other Ship Types
6 Global Marine Engine Market, By Engine Type
6.1 Introduction
6.2 Propulsion Engine
6.3 Auxiliary Engine
6.4 Other Engine Types
7 Global Marine Engine Market, By Fuel Type
7.1 Introduction
7.2 Marine Gas Oil
7.3 Intermediate Fuel Oil
7.4 Heavy Fuel Oil
7.5 Marine Diesel Oil
7.6 Other Fuel Types
8 Global Marine Engine Market, By Speed
8.1 Introduction
8.2 Low Speed
8.3 Medium Speed
8.4 High Speed
9 Global Marine Engine Market, By Application
9.1 Introduction
9.2 Cargo Ship
9.3 Cruise Ship
9.4 Other Applications
10 Global Marine Engine Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Yanmar Holdings Co. Ltd.
12.2 Volvo Penta
12.3 Kawasaki Heavy Industries Ltd.
12.4 Deutz AG
12.5 MTU Friedrichshafen GmbH
12.6 Scania AB
12.7 Hyundai Heavy Industries Co. Ltd.
12.8 Mercury Marine
12.9 Brunswick Corporation
12.10 John Deere Power Systems
12.11 Textron Inc.
12.12 Groupe Renault
12.13 Daihatsu Diesel Mfg. Co. Ltd.
12.14 STX Engine Co. Ltd.
12.15 Caterpillar Inc.
12.16 Cummins Inc.
12.17 Wärtsilä Corporation
12.18 MAN Energy Solutions SE
12.19 Rolls-Royce Holdings plc
12.20 Mitsubishi Heavy Industries Ltd.
List of Tables
1 Global Marine Engine Market Outlook, By Region (2021-2030) ($MN)
2 Global Marine Engine Market Outlook, By Ship Type (2021-2030) ($MN)
3 Global Marine Engine Market Outlook, By Container Ships (2021-2030) ($MN)
4 Global Marine Engine Market Outlook, By General Cargo Ships (2021-2030) ($MN)
5 Global Marine Engine Market Outlook, By Oil Tankers (2021-2030) ($MN)
6 Global Marine Engine Market Outlook, By Bulk Carriers (2021-2030) ($MN)
7 Global Marine Engine Market Outlook, By Gas Carriers (2021-2030) ($MN)
8 Global Marine Engine Market Outlook, By Chemical Tankers (2021-2030) ($MN)
9 Global Marine Engine Market Outlook, By Support Vessels (2021-2030) ($MN)
10 Global Marine Engine Market Outlook, By Ferries and Passenger ships (2021-2030) ($MN)
11 Global Marine Engine Market Outlook, By Other Ship Types (2021-2030) ($MN)
12 Global Marine Engine Market Outlook, By Engine Type (2021-2030) ($MN)
13 Global Marine Engine Market Outlook, By Propulsion Engine (2021-2030) ($MN)
14 Global Marine Engine Market Outlook, By Auxiliary Engine (2021-2030) ($MN)
15 Global Marine Engine Market Outlook, By Other Engine Types (2021-2030) ($MN)
16 Global Marine Engine Market Outlook, By Fuel Type (2021-2030) ($MN)
17 Global Marine Engine Market Outlook, By Marine Gas Oil (2021-2030) ($MN)
18 Global Marine Engine Market Outlook, By Intermediate Fuel Oil (2021-2030) ($MN)
19 Global Marine Engine Market Outlook, By Heavy Fuel Oil (2021-2030) ($MN)
20 Global Marine Engine Market Outlook, By Marine Diesel Oil (2021-2030) ($MN)
21 Global Marine Engine Market Outlook, By Other Fuel Types (2021-2030) ($MN)
22 Global Marine Engine Market Outlook, By Speed (2021-2030) ($MN)
23 Global Marine Engine Market Outlook, By Low Speed (2021-2030) ($MN)
24 Global Marine Engine Market Outlook, By Medium Speed (2021-2030) ($MN)
25 Global Marine Engine Market Outlook, By High Speed (2021-2030) ($MN)
26 Global Marine Engine Market Outlook, By Application (2021-2030) ($MN)
27 Global Marine Engine Market Outlook, By Cargo Ship (2021-2030) ($MN)
28 Global Marine Engine Market Outlook, By Cruise Ship (2021-2030) ($MN)
29 Global Marine Engine Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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