According to the new market research report “Marine Engine Market by propulsion (2 stroke, 4 stroke, diesel electric & others), by power 000’ HP (up to 20, 20-40, 40-60, 60-80 & above 80), by vessels (commercial, offshore support, & inland waterways) by fuel & by region - Global Forecast to 2020”, defines and segments the global marine engines market with an analysis and forecast of the market size.
Browse 91 market data tables and 61 figures spread through 171 Pages and in-depth TOC on "Marine Engine Market - Global Forecast to 2020"
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The marine engines market is expected to grow from an estimated USD 9.10 Billion in 2015 to USD 11.06 Billion by 2020, at a CAGR of 4.0% during the forecast period. Rise in international seaborne trade and growing need for efficient & reliable power for propelling ships are driving the marine engines market across the globe.
Higher functional advantages drive the growth of diesel electric engines
Among the three major types of propulsion systems, diesel electric engines are considered to be the best alternative when compared to other conventional propulsion systems, such as two stroke engines. This segment is estimated to grow at a higher rate when compared to two stroke and four stroke propulsion systems due to stringent environmental norms to reduce harmful gas emissions.
Increasing preference for LNG and its hybrid fuels
The report also segments the marine engines market on the basis of fuel used, which includes HFO, IFO, MDO, MGO, and others. HFO-based marine engines have been widely accepted in the past few years, but LNG-based marine engines are at an emerging stage. Increasing emission control regulations and recent revisions in IMO standards have led to an increasing use of low sulfur oils such as MDO and MGO, replacing the use of bunker oil (HFO). However, most marine engines use HFO as it is a conventional fluid and is more economical than other marine engine fuels. In future, LNG and its hybrid fuel is expected to grow at a higher CAGR compared to other fuels during the forecast period.
Asia-Pacific is the dominant market for marine engines
In this report, the marine engines market has been analyzed with respect to five regions, namely, North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific will continue to dominate the market with growth in the shipbuilding market in China, Japan, South Korea, and India.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the marine engines market including Caterpillar Inc. (U.S.), GM Powertrain (Italy), Rolls Royce (U.K.), Wartsila Corporation (Finland), and Mercury Marine (U.S.) among others. Dominant players are trying to penetrate developing economies and adopting various methods to grab the market share.
MarketsandMarkets broadly segments the marine engines market on the basis of application, by propulsion mechanism, by power capacity, by fuel, and by location. The study covers more than 25 vessel types including bulker, containership, general cargo, reefer, tanker, tugs, chemical carrier, LNG carrier, LPG carrier, product carrier, special carrier, and other carrier.
This research study involves extensive usage of secondary sources, directories, and databases (such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource) to identify and collect information useful for this technical, market-oriented, and commercial aspects of marine engines. The research design applied to make this report on marine engines is explained below:
- Analysis of all the operational and upcoming shipbuilding projects across the globe along with propulsion and fuel types
- Estimation of equipment cost of marine engines for various power range and applications using cost variance models
- Estimation of unit sales of marine engines and arriving at the total market size using market engineering process
- Analyzing market trends in various regions supported by on-going ship building spending in respective regions
- Overall market size have been finalized by triangulating the supply side data, which include product developments, supply chain, and annual shipments of marine engines worldwide
After arriving at the overall market size, the total market has been split into several segments and subsegments.
The ecosystem of the marine engine market begins with raw material suppliers or ancillary parts, which include piston spark plug, crankshaft, and metal enclosure among others. In the later stage, manufacturing of marine engines takes place where all ancillary parts are assembled. These engines are then distributed to shipbuilding companies and installed for supplying power to the vessels.
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The stakeholders for the report include:
- OEMs/Marine Engine Manufacturers - Caterpillar Inc. (U.S.), GM Powertrain (Italy), Rolls Royce (U.K.), Wartsila Corporation (Finland), and Mercury Marine (U.S.) among others
- Shipbuilding Companies- These include Mitsubishi Heavy Industries (Japan), Samsung Heavy Industries (South Korea), Hyundai Heavy Industries (South Korea), China State Shipbuilding Corporation (China), and Sumitomo Heavy Industries (Japan) among others
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