Market Research Future has published a half-cooked research report on the Global Marine Engine Market. Market Research Future (MRFR)’s assessment reveals that the global marine engine market is set to expand at a CAGR of 4.5% during the forecast period 2017 to 2023. The growth of the shipbuilding activities across the world is expected to dictate the growth trajectory of the global market. The inclusion of characteristics, such as fuel efficiency, high performance, easy maintenance, durability, etc. that are ideal for marine applications are poised to augment the market over the next couple of years.
The rising demand for luxury vessels such as cruise and yachts and increase in the number of marine travellers are anticipated to propel the expansion of the marine engine market in the forthcoming years. In addition, the growing demand for commercial vessels such as gas carriers and bulk carriers has also been predicted to influence market proliferation positively.
The market is forecasted to expand at a healthy pace through the review period. The technological developments and rising sea-borne activities are presumed to accelerate revenue creation for the market participants. Furthermore, the growth strategies such as mergers & acquisitions, collaborations, partnerships, etc. are further expected to catalyze the growth of the marine engine market in the upcoming years.
By power, the global marine engine market is segmented into Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP and Above 20,000 HP.
By application, the marine engine market has been segmented into commercial vessels, offshore support vessels, and other vessels.
By fuel, the global marine engine market has been segmented into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, and other fuels.
The global marine engine market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Among these, Asia Pacific is expected to dominate the global market and retain its position through the forecast period. It is also likely to emerge as the fastest growing regional market for marine engines in the upcoming years. The drastic increase in the shipbuilding activities is prognosticated to drive the expansion of the marine engine market in the region. The growth of the marine engine market in the region can be ascribed to the flourishing shipbuilding industry in countries such as South Korea, Japan, and China among others.
Europe secured the second spot in the global marketplace in 2016. Croatia, Finland, France, Denmark, Germany, Greece, and Italy are the major country-level markets of the region. North America is likely to exhibit stagnant but constant growth over the next couple of years.
GE Transportation (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), Caterpillar Inc. (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Brunswick Corporation (U.S.), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany) are some of the key players profiled in the report.
In September 2018, Mahindra Powerol, a business unit of the Mahindra Group, has introduced its Seahawk Series for venturing into building marine engines and taking on Chinese companies.
In October 2018, John Deere Power Systems, a major manufacturing division for Deere & Company, has introduced PowerTech 4045SFM85 for operators and boatbuilders.
In November 2018, energy supermajor Shell Global started the supply of new LNG fuel to cruise ships.
In December 2018, Mercury Marine, boating engine company, has received exclusions from 25 percent tariffs for its manufacturing of outboard engines in China.
In December 2018, Japan Engine Corporation (J-ENG) has received its first order for the installation of an environmentally friendly marine diesel engine on a 99,000-dwt bulk carrier which is supposed to be built at Oshima Shipbuilding.
In January 2019, planning permission has been sought for Dun Laoghaire Boat Engine Showroom.
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