Marine Propulsion Engine Market Size to grow by USD 1.34 billion | Market Insights highlights the increase in maritime trade and fleet size as key driver | Technavio

Vendor Insights 

The marine propulsion engine market is fragmented due to the presence of several players and is expected to remain fragmented during the forecast period. The market is highly capital-intensive and poses a stiff challenge to local players. Small players find it difficult to compete with international vendors in terms of quality, features, functionalities, and services. The introduction of products with new features and innovative technologies is expected to intensify the competition during the forecasted period.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• AB Volvo
• BAE Systems Plc
• Beta Marine Ltd.
• Caterpillar Inc.
• Cummins Inc.
• General Electric Co.
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce Plc
• Wartsila Corp.
• Yanmar Holdings Co. Ltd.

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Geographical Market Analysis 

During the forecast period, APAC will account for 69% of market growth. The primary markets for marine propulsion engines in the region are China, South Korea (Republic of Korea), and Japan. With the expansion of global trade, there will be greater demand for new ships, particularly container ships and tankers that can transport oil, natural gas, and mineral ores.

China, Japan, and South Korea account for the largest proportion of the worldwide marine propulsion engine market in APAC. Due to the government's significant investments in the shipbuilding business and the advantage of the country's low-cost workforce, China is the market leader. South Korea and Japan come in second and third, respectively. The activity in the marine propulsion engine market had gradually resumed with limited capacity while preserving social distance standards. During the forecast period, this is expected to steady the regional market's growth.  

Furthermore, countries such as China, South Korea (Republic of Korea), Japan, Germany, and the US are expected to emerge as prominent markets for the marine propulsion engine market during the forecast period. 

Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/marine-propulsion-engine-market-industry-analysis

Key Segment Analysis

Diesel is the most widely used fuel type by the marine sector for propulsion engines onboard. It costs lesser than any other form of fuel, and hence, has widespread popularity and acceptance. Furthermore, maritime cargo operators and shipping lines are increasingly looking for ultra-large boats that combine fuel economy and economies of scale. Shipbuilders in APAC are well-positioned to supply such boats due to the region's large shipbuilding yards and deep ports. As a result the momentum in the shipbuilding industry will likely arise from APAC countries during the forecast period.

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Key Market Drivers & Trends: 

The increase in maritime trade and fleet size acts as a key driver in the marine propulsion engine market. International seaborne trade is witnessing health growth year over a yearly basis. Key factors propelling seaborne trade volumes include rapid industrialization and the liberalization of economies, which is increasing the trade volume between countries.

The need for seaborne trade is the largest among Asia's emerging countries. Because of their growing populations, emerging economies are expanding their need for commodities and raw materials. This is boosting the demand for huge cargo ships, containers, and bulkers to be built. The larger size of the shipping vessels is critical in achieving better trade efficiency.

Marine propulsion engine manufacturers are working on the development of intelligent propulsion systems as automation technology and digital analytics become more prevalent. OEMs expect that there will be a significant increase in the integration of automation and digital analytics to produce engines that will be compliant with various standards, providing proper compliance documentation during the forecasted period.

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SOURCE Technavio