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 2027. 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, 2027,” the market will reach USD 17.09 Billion by 2027.
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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
For more information in the analysis of this report, visit https://www.prnewswire.com/news-releases/marine-engine-market-to-rise-at-a-cagr-of-4-58-advent-of-electric-modes-of-transportation-to-favor-market-growth-says-fortune-business-insights-300941900.html
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
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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Table of Content
5. Global Marine Engine Market Analysis (USD billion), Insights and Forecast, 2015-2027
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
188.8.131.52 – 10000 HP
184.108.40.20600 – 20000 HP
220.127.116.1100 – 30000 HP
18.104.22.168000 – 40000 HP
22.214.171.124000 – 50000 HP
126.96.36.199000 – 60000 HP
188.8.131.52000 – 70000 HP
184.108.40.206000 – 80000 HP
220.127.116.11000 – 90000 HP
18.104.22.168000 – 100000 HP
22.214.171.124000 – 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, 2015-2027
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
126.96.36.199 – 10000 HP
188.8.131.5200 – 20000 HP
184.108.40.20600 – 30000 HP
220.127.116.11000 – 40000 HP
18.104.22.168000 – 50000 HP
22.214.171.124000 – 60000 HP
126.96.36.199000 – 70000 HP
188.8.131.52000 – 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.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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