The Worldwide Marine Engines Industry is Expected to Reach $13.3 Billion by 2027

DUBLIN, May 3, 2022 /PRNewswire/ -- The "Marine Engines Market by Engine (Propulsion Engine, Auxiliary Engine), Type (Two Stroke, Four Stroke), Power Range (Up to 1,000 hp, 1,001-5,000 hp, 5,001-10,000 hp, 10,001-20,000 hp, Above 20,000 hp), Fuel, Vessel and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The marine engines market is projected to reach USD 13.3 billion by 2027 from an estimated USD 11.7 billion in 2022, at a CAGR of 2.6% during the forecast period.

The global marine engines market is driven by the growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety. The rise of e-commerce and online trade, and rising demand for dual-fuel and hybrid engines are expected to offer lucrative opportunities for the marine engines market during the forecast period.

The propulsion engine segment, by engine, is expected to be the largest market from 2022 to 2027

The by engine segment is categorized into propulsion engine, and auxiliary engine. The propulsion engine segment held the largest share of the marine engines market. Propulsion engines are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines, and dual-fuel engines. The demand for propulsion engines across various engine types is high and expected to increase further as the demand for new build ships increases. This may drive the growth of the propulsion engine segment of the marine engines market.

The above 20,000 HP segment, by power range, is expected to be the largest market from 2022 to 2027

The above 20,000 HP segment held the largest market share of the marine engines market in 2021. The above 20,000 HP marine engines have applications mainly for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and others, wherein, they are used as the main propulsion engine for the vessel. The revival of maritime trade and the requirement for more and more vessels are expected to drive the growth of the above 20,000 HP segment during the forecast period.

Asia Pacific: The largest region in the marine engines market

Asia Pacific is expected to dominate the global marine engines market between 2022-2027. The growth of the regional market is driven by its robust shipbuilding industry, supported by governments through tax rebates and tax incentive packages, sustained economic growth, and the development of efficient marine engine technologies. The demand for marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts in the region. Asia Pacific is expected to see a further growth in the manufacturing sector due to lower capital and labor costs. The growth in manufacturing industry is also expected to lead to an upward trend in the marine engines market as maritime import-export trade increases.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Marine Engines Market
4.2 Marine Engines Market, by Region
4.3 Asia-Pacific: Marine Engines Market, by Vessel and Country, 2021
4.4 Marine Engines Market, by Engine
4.5 Marine Engines Market, by Type
4.6 Marine Engines Market, by Power Range
4.7 Marine Engines Market, by Fuel
4.8 Marine Engines Market, by Vessel

5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 COVID-19 Economic Assessment
5.4 Road to Recovery
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Growth in International Marine Freight Transport
5.5.1.2 Aging Fleet
5.5.1.3 Adoption of Smart Engines for Performance and Safety
5.5.2 Restraints
5.5.2.1 Stringent Environmental Regulations for Decarbonizing Shipping
5.5.2.2 Soaring Freight Rates and Fees
5.5.2.3 Dependence on Heavy Liquid Fuels
5.5.3 Opportunities
5.5.3.1 Rise of E-Commerce and Online Trade
5.5.3.2 Rising Demand for Dual-Fuel and Hybrid Engines
5.5.4 Challenges
5.5.4.1 Structural Factors Increasing Maritime Transport Costs
5.5.4.2 Volatile Oil & Gas Prices
5.6 COVID-19 Impact
5.7 Trends/Disruptions Impacting Customers' Businesses
5.7.1 Revenue Shift and New Revenue Pockets for Marine Engine Providers
5.8 Market Map
5.9 Value Chain Analysis
5.9.1 Raw Material Providers/Suppliers
5.9.2 Component Manufacturers
5.9.3 Marine Engine Manufacturers/Assemblers
5.9.4 Distributors (Buyers)/End-users
5.9.5 Post-Sales Services
5.10 Technology Analysis
5.10.1 IoT-Connected Marine Engines
5.10.2 Dual-Fuel and Hybrid Marine Engines
5.11 Pricing Analysis
5.11.1 Average Selling Prices of Marine Engines by Power Range
5.12 Key Conferences & Events in 2022-2023
5.13 Tariffs, Codes & Regulations
5.13.1 Tariffs Related to Marine Engines
5.13.2 Regulatory Bodies, Government Agencies, and Other Organizations
5.13.3 Codes and Regulations Related to Marine Engines
5.14 Innovations and Patent Registrations
5.15 Porter's Five Forces Analysis
5.15.1 Threat of Substitutes
5.15.2 Bargaining Power of Suppliers
5.15.3 Bargaining Power of Buyers
5.15.4 Threat of New Entrants
5.15.5 Intensity of Competitive Rivalry
5.16 Key Stakeholders & Buying Criteria
5.16.1 Key Stakeholders in Buying Process
5.17 Buying Criteria
5.18 Case Study Analysis

6 Marine Engines Market, by Engine
6.1 Introduction
6.2 Propulsion Engine
6.3 Auxiliary Engine

7 Marine Engines Market, by Type
7.1 Introduction
7.2 Two Stroke
7.3 Four Stroke

8 Marine Engines Market, by Power Range
8.1 Introduction
8.2 Up to 1,000 Hp
8.3 1,001 - 5,000 Hp
8.4 5,001 - 10,000 Hp
8.5 10,001 - 20,000 Hp
8.6 Above 20,000 Hp

9 Marine Engines Market, by Fuel
9.1 Introduction
9.2 Heavy Fuel Oil
9.3 Marine Diesel Oil
9.4 Marine Gas Oil
9.5 Others

10 Marine Engines Market, by Vessel
10.1 Introduction
10.2 Offshore Support Vessels
10.3 Oil Tankers
10.4 Bulk Carriers
10.5 General Cargo
10.6 Container Ships
10.7 Product Tankers
10.8 Tugs
10.9 Others

11 Marine Engines Market, by Region

12 Competitive Landscape
12.1 Market Share Analysis of Top Five Players
12.2 Revenue Analysis of Top Five Market Players
12.3 Company Evaluation Quadrant
12.3.1 Star
12.3.2 Pervasive
12.3.3 Emerging Leader
12.3.4 Participant
12.4 Marine Engines Market: Company Footprint
12.5 Competitive Scenario

13 Company Profiles
13.1 Key Players
13.1.1 Caterpillar
13.1.2 Volkswagen Group (Man Energy Solutions)
13.1.3 Volvo Penta
13.1.4 Hyundai Heavy Industries Co. Ltd.
13.1.5 Rolls-Royce Holdings
13.1.6 Wartsila
13.1.7 Mitsubishi Heavy Industries, Ltd.
13.1.8 Cummins
13.1.9 Daihatsu Diesel Mfg. Co. Ltd.
13.1.10 Deutz Ag
13.1.11 Wingd
13.1.12 Siemens Energy
13.1.13 Fairbanks Morse
13.1.14 Wabtec (Ge Transportation)
13.1.15 Yanmar
13.2 Other Players
13.2.1 Isotta Fraschini Motori
13.2.2 Cnpc Jichai Power Company Limited
13.2.3 Bergen Engines
13.2.4 Doosan Infracore
13.2.5 Mahindra Powerol
13.2.6 Ihi Power Systems

14 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/4w8at

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