Marine Engines Market Trends, Analysis and Forecasts 2024
Marine engines are mechanical engines which helps in the supply of power to various types of auxiliary equipment, vessels, propulsion systems, generators and central systems to maritime undertakings and vehicles. Various types of marine engines are widely available in the market which helps in serving several distinct purposes of various marine systems and vehicles. Marine engines can be categorized depending upon different criteria such as the propulsion system type in utilization, fuel involved to power the engine, power range of the engine and other major applications.
The employment of renewable sources of energy including wind and solar energy to fulfill the auxiliary requirements of power is anticipated to increase over the coming years, thus in turn bolstering the growth of the global marine engines market. Increasing demand for effective as well as operationally reliable ships is projected to lead to modernization over the foreseeable years. Moreover, increasing emphasis on rising diesel engine capacity to drive advanced and new generation tanks with huge cargo holding capacities is further anticipated to propel the growth of the global marine engines market.
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Increase in the number of relaxation marine travellers, advent of advanced technology and highly consistent engines, rapid expansion of the global seaborne transport industry, increasing per capita disposable incomes and economic stability are some of the key aspects driving the growth of the global that have driven the global marine engines market in the past few years. Although, strict governmental legislations and regulations concerning harmful emissions from marine engines as well as rising awareness across consumers regarding the demand for the adoption of greener fuels as well as depleting reserves of traditional fuels are more likely to bolster the growth of the global marine engines market. The global marine engines market is anticipated to foresee large number of developments in products which conform to the stringent legislator regulations regarding the emission of gases as well as work with relatively greener fuels such as solar, LNG and wind power among others.
Moreover, some of the other major factors contributing to the growth of the global market include easy availability of repair networks, spare parts, and trained professionals for repairing marine engines across the globe. The global marine engines market can be segmented on the basis of fuel, power, application and geography. On the basis of fuel, the global marine engines market can be segmented into marine diesel oil, marine gas oil, heavy fuel oil, intermediate fuel oil and others. On the basis of power, the global marine engines market can be 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.
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On the basis of application, the global marine engines market can be segmented into commercial vessels, offshore support vessels and other vessels. On the basis of geography, the global marine engines market can be segmented into North America, Europe, Asia-Pacific and Rest of the World. Some of the key players in the global marine engines market include GM Powertrain, Caterpillar, Inc., Cummins Engines, Wartsila Corporation, Yamaha, Rolls Royce, Sinopec, Volvo Penta, Shell, Idemitsu, Hydrosta BV, Hydraulic Marine Systems, Exxon Mobil Corporation and Cummins among others.