The global marine engines market size is projected to grow from USD 11.8 billion in 2020 to USD 13.7 billion by 2025; it is expected to grow at a CAGR of 3.1% from 2020-2025. The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety. However, due to the COVID-19 pandemic, and resultant extensive lockdowns, halted production, and decline in trade of goods apart from essential items, the marine sector has been affected to a large extent. Marine and shipping industries rely on other sectors such as commercial cruises, cargo vessels, and the offshore oil & gas industry. Due to worldwide lockdowns and lack of demand for cruise and cargo ships, the marine engine market has been highly impacted.
“The 5001-10000 hp segment, by power range, is expected to be the largest market from 2020 to 2025.”
The power range segment is categorized as up to 1000 hp, 1001-5000 hp, 5001-10000 hp, 10001-20000 hp, above 20000 hp. The 5,001–10,000 hp marine engines are the most widely used engines across application around the world. These engines, usually medium-speed engines, are used in applications such as containerships, cruise ships, tug vessels and other offshore support vessels, standby and rescue vessels, chemical carriers, cargo vessels, defense vessels such as coast guard, and various other applications. With the increased marine freight transport and growing marine tourism the demand for marine engines in this segment are expected to remain the largest during the forecast period.
“The propulsion engine segment, by engine, is expected to be the fastest-growing market from 2020 to 2025.”
The marine engines market by segment is categorized into propulsion engine and auxiliary engine. The propulsion engines segment is expected to grow at the fastest rate during the forecast period. Propulsion engines are the key component on any marine vessel. These engines are responsible for providing thrust and power to vessels to move and sail the oceans. These engines act as prime movers of ships and are thus major assets of all vessels. With the growing demand for marine freight transport and marine tourism the demand for sips and vessels is expected to increase which is further expected to drive the demand for marine propulsion engines.
“Asia Pacific: The largest and the fastest-growing region in the marine engines market.”
Asia Pacific is expected to be the largest and fastest marine engines market during the forecast period. Asia Pacific comprises China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. Asia Pacific is global leader in shipbuilding industry both in terms of exports and imports. It is considered to be a lucrative region for maritime trade. Countries such as China, Japan, and South Korea are considered as the main manufacturing hubs for marine engines. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in the maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 55%, Tier 2- 20%, and Tier 3- 25%
- By Designation: C-Level- 40%, Director Level- 35%, and Others- 25%
- By Region: Asia Pacific- 40%, North America- 25%, Europe- 20%, Middle East & Africa– 8%, and South America- 7%
*Others include sales managers, engineers, and regional managers.
Note: Tier 1 Company?Revenue > USD 5 billion, Tier 2 Company?Revenue between USD 50 million and USD 5 billion, and Tier 3 Company?Revenue < USD 50 million
The global marine engines market is dominated by a few major players with an extensive regional presence and a large number of local players. The leading players in the marine engines market are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), and Volvo Penta (Sweden).
The report defines, describes, and forecasts the marine engines market by power range, vessel, engine, type, fuel, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, including the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the marine engines market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for marine engine sales, which would help equipment manufacturers and service providers review the demand growth.
- The report helps system providers understand the market’s pulse and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand their competitors’ strategies better and help them make better strategic decisions.