The report, now available on ASDReports, “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.
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.