Marine Engine Market: Current Analysis and Forecast (2021-2027)

Marine Engine Market: Current Analysis and Forecast (2021-2027)

  • UnivDatos Market Insight
  • August 2021
  • Power
  • 340 pages

Report Description

Marine transport sector is considered as the pillar of international trade. According to the International Chamber of Shipping (United Kingdom), more than 90% of the global merchandise trade in terms of volume is conceded via sea/ocean. Cost of transportation via sea is considered cheaper compared to that of rail and road transport. Asia-Pacific is considered as the leading supplier of manufactured goods, thus, the overall demand for container ships is significantly high in the Asia-Pacific region. Most shipbuilding companies, including manufacturers of propulsion systems and engines, are headquartered in the Asia-Pacific region. Thus, the demand for maritime transport services and the growth of the shipping industry in the Asia-Pacific region is expected to provide ample growth opportunity for the marine engines manufacturers during the forecast period 2021-2027.

Based on power range the global marine engine market is bifurcated into >1000 HP, 1001-5000 HP, 5001-10000 HP, 10001-20000 HP and Above 20000 HP. Current, 5001-10000 HP segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period 2021-2027. Based on Type, the market is bifurcated into Two-stroke and Four-stroke marine engine. In 2020, Two-stroke segment dominated the market, however Four-stroke segment is expected to witness highest CAGR growth during the forecast period.

Based on Engine, the market is bifurcated into Propulsion Engine and Auxiliary Engine. Current, Propulsion Engine segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period 2021-2027.

Based on Vessel type, the market is segmented into Commercial Vessel, Offshore Support Vessel, Others. In 2020, Commercial Vessel segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period.

Based on Fuel, the report segments the market into Heavy Fuel oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Other. Current, Heavy Fuel oil segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period 2021-2027.

For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific) and Rest of World. Currently North America dominated the market and is expected to maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to witness highest CAGR growth during the forecast period.

Some of the major companies operating in the global marine engine market includes Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Cummins, Wartsila, GE Transportation, Deutz AG.  

Marine transport sector is considered as the pillar of international trade. According to the International Chamber of Shipping (United Kingdom), more than 90% of the global merchandise trade in terms of volume is conceded via sea/ocean. Cost of transportation via sea is considered cheaper compared to that of rail and road transport. Asia-Pacific is considered as the leading supplier of manufactured goods, thus, the overall demand for container ships is significantly high in the Asia-Pacific region. CO2 emission from the Shipping sector account for 18% of global transportation sourced 20-year CO2equivalent global warming potential. In addition, the sector targets to reduce CO2 emission by 50% by 2050, through the adoption of new low-carbon and net-zero carbon fuels and engines. This would provide ample growth opportunity for the biomass and biofuels demand in the shipping industry. Currently, global shipping industry consumer 300 Mt/years. 

The Covid-19 pandemic have resulted in a drop of 8.5% in global transport fuel consumption in 2020, compared to 2019 value, owing to the restrictions imposed on people’s movements and disruption in trade logistics around the globe. With the ongoing economic downturn, shut down of production facilities, and lockdowns, the demand for commercial vessels is witnessing a decline in demand. In addition, the cancelation of cruise ships and the slowdown in international trade investments in commercial vessels is also expected to affect the demand for marine engines.

Insights Presented in the Report

“Amongst Power Range, engine with power range of 5001-10000 HP dominated the market in 2020.”

Based on power range the global marine engine market is bifurcated into >1000 HP, 1001-5000 HP, 5001-10000 HP, 10001-20000 HP and Above 20000 HP. Current, engine with power range between 5001-10000 HP dominates the market, owing to its increased demand from commercial medium-sized passenger ferries, military patrol boats, and maritime tourism.

“Amongst Type, Two-Stroke marine engine dominated the market in 2020.”

Based on Type, the market is bifurcated into Two-stroke and Four-stroke marine engine. In 2020, two-stock engine segment dominated the market. At the beginning of 2020, the total world fleet amounted to 98,140 commercial ships of 100 gross tons and above, equivalent to a capacity of 2.06 billion. In 2019, the global commercial shipping fleet grew by 4.1%, representing the highest growth rate since 2014.

“Amongst Engine, Propulsion Engine dominated the market in 2020.”

Based on Engine, the market is bifurcated into Propulsion Engine and Auxiliary Engine. Current, Propulsion engine segment dominated the market.

“Amongst Vessel, Commercial vessel segment dominated the market in 2020.”

Based on Vessel type, the market is segmented into Commercial Vessel, Offshore Support Vessel, Others. In 2020, commercial vessel segment dominated the market and is expected to maintain its dominance throughout the forecast period. The high share of the commercial vessel segment can be attributed to the increasing international freight trade and cargo movement paired with the increased installation of advanced electrical devices as a replacement for the aging infrastructure.

“Amongst Fuels, Heavy Fuel oil dominated the market in 2020.”

Based on Fuel, the report segments the market into Heavy Fuel oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Other. Current, heavy fuel oil segment dominated the market and is expected to maintain its dominance throughout the analyzed period. High share of the segment can be credited to its increased application in medium and low-speed marine engines.

“Asia-Pacific represents as the largest markets in the Global Marine Engines Market.”

For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. In 2020, Asia-Pacific dominated the market. Most shipbuilding companies, including manufacturers of propulsion systems and engines, are headquartered in the Asia-Pacific region. Thus, the demand for maritime transport services and the growth of the shipping industry in the Asia-Pacific region is expected to provide ample growth opportunity for the marine engines manufacturers during the forecast period 2021-2027. Some of the major companies profiled in the report includes Cummins, Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Wartsila, GE Transportation, Deutz AG.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  •  The report presents a quick review of overall industry performance at one glance
  •  The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  •  Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  •  The study comprehensively covers the market across different segments
  •  Deep dive country level analysis of the industry

Customization Options:

The Global Marine Engines Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Companies Covered

  • Hyundai Heavy Industries
  • Caterpillar
  • MAN SE
  • Mitsubishi Heavy Industries
  • Volvo Penta
  • Rolls-Royce
  • Cummins
  • Wartsila, GE Transportation, Deutz AG

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 Table of Content

1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Limitation
1.3. Stake Holders
1.4. Currency Used in Report

2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Marine Engines Market
2.1.1. Main Objective of the Global Marine Engines Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL MARINE ENGINES MARKET AMID COVID-19

6 GLOBAL MARINE ENGINES MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY POWER RANGE

7.1. >1000 hp
7.2. 1001-5000 Hp
7.3. 5001-10000 Hp
7.4. 10001-20000 Hp
7.5. Above 20000 Hp

8 MARKET INSIGHTS BY TYPE
8.1. Two-stroke
8.2. Four-stroke

9 MARKET INSIGHTS BY ENGINE
9.1. Propulsion Engine
9.2. Auxiliary Engine

10 MARKET INSIGHTS BY VESSEL
10.1. Commercial Vessel
10.2. Offshore Support Vessel
10.3. Others

11 MARKET INSIGHTS BY FUEL
11.1. Heavy Fuel oil
11.2. Intermediate Fuel Oil
11.3. Marine Diesel Oil
11.4. Marine Gas Oil
11.5. Other

12 MARKET INSIGHTS BY REGION
12.1. North America Marine Engines Market
12.1.1. United States
12.1.2. Canada
12.1.3. Rest of North America
12.2. Europe Marine Engines Market
12.2.1. Germany
12.2.2. United Kingdom
12.2.3. France
12.2.4. Spain
12.2.5. Rest of Europe
12.3.Asia Pacific Marine Engines Market
12.3.1. China
12.3.2. Japan
12.3.3. India
12.3.4. Australia
12.3.5. Rest of Asia-Pacific
12.4. Rest of World Marine Engines Market

13 MARINE ENGINES MARKET DYNAMICS
13.1.Market Drivers
13.2.Market Challenges
13.3.Impact Analysis

14 MARINE ENGINES MARKET OPPORTUNITIES

15 MARINE ENGINES MARKET TRENDS

16 LEGAL & REGULATORY FRAMEWORK

17 DEMAND AND SUPPLY SIDE ANALYSIS

17.1.Demand Side Analysis
17.2.Supply Side Analysis
17.2.1. Top Product Launches
17.2.2. Top Business Partnerships
17.2.3. Top Business Expansions, Investments and Divestitures
17.2.4. Top Merger and Acquisitions

18 VALUE CHAIN ANALYSIS

19 COMPETITIVE SCENARIO

19.1. Porter’s Five Forces Analysis
19.1.1. Bargaining power of Supplier
19.1.2. Bargaining power of Buyer
19.1.3. Industry Rivalry
19.1.4. Availability of Substitute
19.1.5. Threat of new Entrants
19.2. Competitive Landscape
19.2.1. Company Shares, By Revenue

20 COMPANY PROFILED
20.1. Cummins
20.2. Caterpillar
20.3. MAN SE
20.4. Mitsubishi Heavy Industries
20.5. Volvo Penta
20.6. Rolls-Royce
20.7. Hyundai Heavy Industries
20.8. Wartsila
20.9. GE Transportation
20.10. Deutz AG

21 DISCLAIMER

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