Global Marine Engines Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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“Global Marine Engines Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global marine engines market report has been segmented on the basis of vessel type, power, fuel, and region.
Global Marine Engines Market: Overview
Marine engines are used for to generate thrust and propel the ships to move across waters. They are installed on ships, boats, or any type of water vessels. There are various types of marine engines in the market namely diesel engines, stream turbine engines, gas turbines, diesel-electric drive engines, etc. Marine engines drive the pumps, electric generators, fans and various other equipment in the ships, boats, etc. Marine engines can be classified as auxiliary engines and main engines. In case of main engines, they are used to propel the waterborne vessels. A marine engine is selected according to size and functionality of the vessels or crafts. A marine engine is one of the vital components of power supply system in every vessel.
Global Marine Engines Market: Dynamics
Increasing demand for ships for commercial trade, coupled with growing sea trade are major factors driving growth of the global marine engines market. In addition, increasing demand for fuel efficient marine engines for reducing carbon emissions is another factor supporting growth of the global market. Increasing production of ships that is resulting into increasing demand for marine engines that are fuel efficient, reliable, and durable. Furthermore, increasing demand for pleasure crafts, as well as rising investments by players to improve fuel efficiency of marine engines in order to enhance customer experience are factors expected to fuel growth of the global marine engines market over the forecast period.
However, stringent government regulations regarding diesel engines is a factor that may hamper growth of the global marine engines market. Nevertheless, growing adoption of hybrid fuel engines can create high revenue opportunities for prominent players in the target market.
Global Marine Engines Market: Segment Analysis
Among the vessel type segments, the commercial vessels segment is expected to dominate in the global market in terms of revenue over the forecast period. Growing maritime trade is a key factor driving growth of vessel type segment in the global market. Increasing demand for pleasure crafts, especially in developed countries, is another factor anticipated to support growth of this segment in the near future. Among the fuel segments, the heavy fuel oil segment is anticipated to account for significant share in terms of revenue over the forecast period. Marine gas oil segment is anticipated to register lucrative revenue growth in the coming years.
Global Marine Engines Market: Regional Analysis
Market in Asia Pacific is expected to account for major share in terms of revenue over the forecast period. High sea trade in countries in this region is a key factor propelling growth of the target market in this region. Increasing investments for ship building and port construction is another factor anticipated to support growth of the marine engine market in Asia Pacific. In addition, increasing adoption of fuel-efficient marine engines is a factor fueling growth of the target market in this region. Market in North America and Europe anticipated to witness lucrative growth in terms of revenue over the forecast period.
Global Marine Engines Market Segmentation:
Segmentation by vessel type:
- Offshore Support Vessels
- Commercial Vessels
Segmentation by power:
- Above 20,000 HP
- 10,001 to 20,000 HP
- 5,001 HP to 10,000 HP
- 1,001 HP to 5,000 HP
- Up to 1,000 HP
Segmentation by fuel:
- Marine Diesel Oil
- Heavy Fuel Oil
- Marine Gas Oil
- Intermediate Fuel Oil
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Wärtsilä Oyj
- MAN Diesel & Turbo SE
- Caterpillar Inc.
- Rolls-Royce Power Systems AG
- Mitsubishi Heavy Industries, Ltd.
- Brunswick Corporation
- Cummins Inc.
- Volvo Group
- Yanmar Co., Ltd.
- GE Transportation
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