Global Marine Engine Market to witness 4% CAGR and cross USD 13.8 BN By 2024
Posted On November 12, 2018
The new report by Value Market Research on the Global Marine Engine Market provides all the essential market statistics and forecasts. The global marine engines market was valued USD 10.5 BN (by revenue) in 2017 and is anticipated to reach USD 13.8 BN by 2024 growing with a CAGR of 4%. Global marine engines market is set to experience a substantial growth owing to the rising sea-borne trade activities and flourishing shipbuilding industry. The report highlights all the major drivers and restraints that this industry will face in the next six years. The study evaluates the market size and growth prospects based on extensive primary and secondary interviews by experts.
As per the report the proliferating tourism industry driven by the enhancement in the standard of living, rising technological advancement in the marine sector, rising per capita incomes of individuals and economic development will again stimulate the market growth. Also, increasing demand for luxury and comfort, resulting in rise in spending toward cruise ships will, in turn, propel the industry landscape.
The report – “Global Marine Engines Market Report By Power (Up To 1,000 HP, 1,001 HP To 5,000 HP, 5,001 HP To 10,000 HP, 10,001 HP To 20,000 HP, And Above 20,000 HP), Application (Commercial Vessels, Offshore Support Vessels, And Other Vessels), Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, And Other Fuels) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" represents a 360-degree overview of the market and its major segments, drivers, restraints, major trends influencing consumer demand, and competitive landscape of the market.
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Marine engines are machines that supply power to various kinds of auxiliary equipment, vessels, generators, and propulsion systems central to maritime activities and vehicles. Marine engines are available in different forms that offer different purposes of various marine systems. They can be either commercial, defense or for personal use and are mostly find application across transportation, offshore support, and many similar applications. They can be classified according to different criteria, such as the type of propulsion system in use, the power range of the engine, fuel used to power the engine, and important applications.
The market of marine engine is segmented by power, application, fuel, and region. Power segment include up to 1,000 hp, 1,001 hp to 5,000 hp, 5,001 hp to 10,000 hp, 10,001 hp to 20,000 hp, and above 20,000 hp. Power up to 1,000 hp is dominating the segment since this range of engines offer ideal power output and are highly fuel efficient. Application of marine engine covers commercial vessels, offshore support vessels, and other vessels. The rise in the commercial shipbuilding industry and sea-borne trade has driven the growth of this segment. Fuel segment comprises of heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, and other fuels. Heavy fuel oil is gaining high demand in the market since this oil is cost-effective as well as they are easily available.
Regional studies have been carried out across the top five areas include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe is leading a global marine engine market owing to rising demand for marine engines in both commercial and industrial sectors in the region. Also, rising investments by respective bodies along with rising preference for LNG fuelled engines is further likely to fuel growth of the Europe marine engines market in the coming years.
The Report Segments Global Marine Engine Market -
- Up To 1,000 Hp
- 1,001 Hp To 5,000 Hp
- 5,001 Hp To 10,000 Hp
- 10,001 Hp To 20,000 Hp
- Above 20,000 Hp
- Commercial Vessels
- Offshore Support Vessels
- Other Vessels
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marine Diesel Oil
- Marine Gas Oil
- Other Fuels
- North America
- Latin America
- Middle East & Africa
Key Players Active In The Market:
AB Volvo, Brunswick Corporation, Caterpillar Inc., Cummins Inc., Daihatsu Diesel MFG. Co. Ltd., Deutz AG, Dresser-Rand Group, Inc., GE Transportation, John Deere, Man Diesel & Turbo Se, Mitsubishi Heavy Industries, Ltd., Rolls-Royce Power Systems AG, Scania AB, Wärtsilä Corp, and Yanmar Co., Ltd.
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