News

Jun 03, 2023

Marine Engine Market to Worth USD 18.84 Billion by 2030

Marine engine market is segmented based on the fuel and engine. Based on the fuel, the global marine engine market is segmented as heavy fuel oil, marine diesel oil, intermediate fuel oil, and marine

Marine engine market is segmented based on the fuel and engine. Based on the fuel, the global marine engine market is segmented as heavy fuel oil, marine diesel oil, intermediate fuel oil, and marine gas oil. Based on engine, the global marine engine market is segmented as propulsion engine and auxiliary engine- Industry forecast 2023-2030

Westford,USA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, trade plays an indispensable role in the economic development of countries, acting as the backbone of the world economy in the marine engine market. The exchange of goods and services between countries raises economic growth, boosts employment opportunities, and enhances citizens' living standards. Moreover, trade catalyzes innovation and specialization, enabling countries to focus on their comparative advantages and produce goods efficiently.

Browse in-depth TOC on the "Marine Engine Market"

Pages - 260

Tables - 64

Figures – 75

Several key factors in the maritime industry propel the increasing demand for marine engines in the marine engine market. The rise of technologically advanced and highly efficient engines has improved performance, fuel economy, and reduced emissions, making them attractive choices for ship-owners and operators.

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Report Scope & Segmentation:

Attributes

Details

Market Size in 2022

USD 13.57 Billion

2030 Value Projection

USD 18.84 Billion

CAGR

4.8%

Forecast Period

2023-2030

Segments Covered

Fuel

Engine

Regions Covered

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

Prominent Players in the Marine Engine Market

Caterpillar Inc.

Cummins Inc.

Wärtsilä Corporation

MAN Energy Solutions SE

Rolls-Royce Holdings plc

Mitsubishi Heavy Industries Ltd.

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. (Cessna)

Groupe Renault

Daihatsu Diesel Mfg. Co. Ltd.

STX Engine Co. Ltd.

Marine Diesel Oil Segment is Expected to Grow in the Market Due to the Reduced Costs

Marine diesel oil sector has established its dominance in the global marine engine market. This prominence is primarily attributed to the reduced costs and advantageous oxidation and thermal stability properties that marine diesel oil offers. The market for marine engine is experiencing substantial growth as it presents a cost-effective and reliable fuel option for marine engines, ensuring optimal performance and efficiency.

The markets in the Asia-Pacific hold a dominant position in the global marine engine market, and this trend is expected to continue throughout the forecast period. The region's economic significance and trade prowess contribute to its leadership in the market.

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Propulsion Engine Segment is Expected to Dominate the Market Due to Propelling the Vessel through Water

Propulsion engine segment has emerged as the leading market share holder in the marine engine market, and this trend is expected to continue in the predictable future. The propulsion system forms the backbone of any ship, playing a pivotal role in powering and propelling the vessel through water.

Regional markets in Europe are the second-largest marine engine market, bolstered by its strong maritime industry. The region plays a pivotal role in global maritime trade and transportation with Europe being home to the world's largest shipping fleet. European ship-owners operate one of the most significant, youngest, and technologically advanced fleets worldwide.

A comprehensive analysis of the major players in the marine engine market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.

Key Developments in the Marine Engine Market

Bergen Engines AS and Kongsberg Maritime AS announced their partnership in 2022. Kongsberg Maritime has been designated as the exclusive route to market for Bergen engines and parts in the commercial marine sector. This strategic agreement aims to leverage Kongsberg Maritime's extensive network and expertise to enhance the distribution and accessibility of Bergen engines and components in the marine industry, catering to the specific needs of commercial marine applications.

MAN Energy Solutions and DNV, a prominent classification society, recently joined hands in a significant Memorandum of Understanding (MoU). Effective immediately and spanning three years, this collaboration signifies a commitment to cooperation and progress in critical areas.

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Key Questions Answered in Marine Engine Market Report

What specific growth drivers are projected to impact the market during the forecast period?

List the top companies in the market and explain how they have achieved their positions of influence.

In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?

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