Marine and Maritime Engine Market Trends, Analysis and Forecasts 2030
The marine engine market is highly consolidated with global players cumulatively contributing more than 50% to the market in terms of revenue and volume. The competitive landscape of the market is highly evolving owing to changing demand from the marine transportation industry. The advent of gas turbine engines has altered the market dominance of compression ignition (CI) engines and is on the verge of updating to use other clean fuels such as solar and fuel cells. The supply chain of the global manufacturing industry is primarily run through marine transportation. It plays a vital role in the transportation of raw materials, commodities, and finished products form the manufacturing hubs to the consumption centers. Consequently, the ships have become the backbone of the global economy. The number of luxury ships, yachts, and boats is increasing at a rapid pace, thereby creating a demand for marine engines across the globe. The global marine and maritime engine market are anticipated to register a CAGR close to 4% during the forecast period.
The Asia Pacific contributed the largest share to the global marine and maritime engine market in 2019 and is anticipated to be the major revenue-generating region during the forecast period. Europe and North America are anticipated to be the centers for research & development focused on the design and production of engines powered by fuel cells and solar energy. Major players dominating the global marine and maritime engine market include Caterpillar, Cummins Inc., Doosan Infracore, General Motors, Honda Motor Co., Ltd., Hyundai Heavy Industries, KONGSBERG, MAHINDRA POWEROL, MAN Energy Solution, MITSUBISHI HEAVY INDUSTRIES, LTD., Rolls-Royce plc, Wärtsilä, and Yamaha Motor Co., Ltd.
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The report titled “Marine and Maritime Engine Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030” offers market estimates for a period 2018 to 2030, wherein 2018 is a historic period, 2019 is the base year, and 2020 to 2030 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide a company overview and market outlook for leading players in the global marine and maritime engine market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, security & exchange overview, research & development activities, production facilities, product portfolio, employee strength, and key executive, for all the players considered under the scope of the study. For instance, Caterpillar reported revenues of US$ 54.7 Billion in 2018 and the segment and geographic analysis of the company indicates that the construction industry business segment of the company dominated revenue in 2018 with the U.S. being the major revenue-generating region.
The global marine and maritime engine market are segmented based on type, engine power, vessel type, fuel type, engine type, and geography. Based on type, the global marine and maritime engine market are segmented into two-stroke engines and four-stroke engines. Based on engine power, the market is segmented into less than 1000HP, 1000HP – 5000HP, 5001HP – 10000HP, 10001HP – 20000HP, and more than 20000HP. Based on vessel type, the global market is segmented into oil tankers, bulk carriers, cargo & container ships, gas & chemical carriers, support vessels, passenger ships, and others. Based on fuel type, the global marine and maritime engine market are segmented into heavy fuel oil, intermediate fuel oil, marine diesel, marine gas oil, natural gas, and others. Based on engine type, the global marine and maritime engine market are segmented into the propulsion engine and auxiliary engine. Based on geography, the global marine and maritime engine market are segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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Additionally, the study provides an in-depth analysis of individual companies considered under the scope of study with a focus on all operating business segments and would identify the segment of the company focusing on marine and maritime engines. Further, the market share of the company in the global marine and maritime engine market would also be calculated. For instance, Caterpillar operates through six business divisions, of which four are reportable segments namely Construction Industries, Resource Industries, Energy & Transportation and All Other operating segments. Marine Engines are delivered under the Energy & Transportation business segment, which is operated under the Machinery, Energy & Transportation division of the company with a revenue contribution of US$ 22,785 Million in 2018.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, SWOT analysis, and research and development focus of all the marine and maritime engine companies. Furthermore, the global marine and maritime engine market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. The product portfolio would focus on all the products under the marine and maritime engine market business segment of the company. Similarly, the recent development section would focus on the latest developments of a company such as strategic alliances and partnerships, merger and acquisition, a new product launched and geographic expansion in the global marine and maritime engine market arena. Key players in the global marine and maritime engine market are strongly focusing on developing advanced and efficient marine engines to cater to the rising demand for low energy consuming and low Sulphur emitting marine engines.