CHICAGO, April 3, 2024 /PRNewswire/ — Marine Engines Market is expected to reach USD 15.2 billion by 2029 from USD 13.1 billion in 2024 at a CAGR of 3.0% during the forecast period according to a new report by MarketsandMarkets™. The Marine Engines Market is propelled by a confluence of factors that influence demand for these powerful workhorses of the maritime industry. The ever-expanding global trade heavily relies on maritime transportation for efficient movement of goods across continents. This translates to a constant need for new vessels and consequently, a growing demand for marine engines of various capacities. Increasing international trade activities, particularly in emerging economies, necessitate the expansion of existing fleets and construction of new ships, further driving the demand for marine engines. Growing environmental concerns and stricter regulations on air and water pollution from maritime vessels are pushing the industry towards cleaner technologies. This creates a demand for new, more fuel-efficient engines that comply with emission regulations, such as those governing sulfur oxide (SOx) and nitrogen oxide (NOx) emissions. The focus on sustainability is leading to increased adoption of alternative fuels like Liquefied Natural Gas (LNG) and biofuels. This, in turn, fuels the development and demand for engines capable of operating on these cleaner fuel sources. Continuous advancements in marine engine technology are leading to the development of more efficient and powerful engines. This translates to reduced fuel consumption, lower operating costs for ship owners, and a smaller environmental footprint. As the maritime industry strives for efficiency and sustainability, marine engine manufacturers will continue to innovate and develop new technologies to meet the evolving needs of this crucial sector.
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Marine Engines Market Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$13.1 billion |
|
Estimated Value by 2029 |
$15.2 billion |
|
Growth Rate |
Poised to Grow at a CAGR of 3.0% |
|
Largest Market |
Asia Pacific |
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Market Size Available for |
2020-2029 |
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Forecast Period |
2024-2029 |
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Forecast Units |
Value (USD) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Engine, By Type, By Power Range, By Fuel, By Vessel |
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Geographies Covered |
Asia Pacific, North America, Europe, Middle East and Africa, and South America |
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Key Market Opportunities |
Rising demand for duel fuel and hybrid engines |
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Key Market Drivers |
Growth in international marine freight transport |
Four stroke segment, by Type, to hold the second-largest market in Marine Engines Market.
Four-stroke engines hold the second-largest market share in the Marine Engines Market due to a compelling combination of advantages that cater to a wide range of vessel needs. Compared to traditional two-stroke engines, four-stroke engines offer superior fuel efficiency. This translates to significant cost savings for ship operators, especially for vessels undertaking long journeys or those with frequent stops and maneuvers. In today’s economic climate, fuel efficiency is a top priority, making four-stroke engines an attractive option. Four-stroke engines generate fewer pollutants like nitrogen oxides (NOx) and sulfur oxides (SOx) compared to their two-stroke counterparts. This characteristic aligns perfectly with the growing focus on environmental sustainability and stricter emission regulations in the maritime industry. Four-stroke engines help ship owners comply with regulations in Emission Control Areas (ECAs) and contribute to cleaner air and water. Manufacturers are constantly innovating four-stroke engine technology. Advancements like common rail injection systems, electronic engine management, and dual-fuel capabilities (LNG or biofuels) are improving efficiency, reducing emissions, and offering more flexibility in fuel options. This positions four-stroke engines as a future-proof solution for the evolving needs of the maritime industry.
Marine gas oil segment, by Fuel, to be the fourth-largest market segment.
Marine Gas Oil (MGO) holds the fourth-largest market share in the marine engine fuel segment for several compelling reasons. MGO offers a good balance between power density and affordability, making it suitable for a wide range of vessel types. Smaller cargo ships and short-sea traders operating on regional routes or within coastal areas benefit from the efficient and readily available MGO compared to heavier fuel oils (HFO) that require more complex handling. MGO provides reliable and clean burning fuel for various fishing vessels and offshore service ships, catering to their operational needs without requiring the immense power output of HFO. MGO’s cleaner burning properties contribute to reduced emissions around populated coastal areas and ports, making it a favourable choice for ferries and smaller passenger vessels where environmental concerns are crucial. MGO’s widespread availability, applicability across various vessel types, role in regulation compliance for specific regions, and cost-effectiveness for certain routes contribute to its position as the fourth-largest market share holder in the marine engine fuel segment. While it might be a transitional fuel source, MGO plays a significant role in the current maritime landscape.
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Middle East & Africa to emerge as the third-largest Marine Engines Industry.
The Middle East & Africa (MEA) region nabs the third-largest market share in the Marine Engines Market, driven by a confluence of factors specific to its geographical and economic landscape. The MEA region sits at a critical crossroads for global maritime trade. The Suez Canal, a vital passage connecting the Red Sea and Mediterranean Sea, facilitates a significant portion of global seaborne trade. This strategic location necessitates a robust maritime infrastructure, including a large fleet of vessels requiring powerful engines. Economic growth within the MEA region has spurred a rise in intra-regional trade. This translates to a growing demand for smaller and medium-sized vessels equipped with efficient engines for navigating shorter routes within the region. The MEA region is a major producer of oil and gas. This flourishing sector necessitates a growing fleet of offshore service vessels, platform supply ships, and crew transfer vessels. These specialized ships rely on reliable and maneuverable engines to support exploration and production activities. Several governments within the MEA region are prioritizing investments in port infrastructure and maritime development. This includes creating new ports, expanding existing facilities, and attracting foreign investment in the maritime sector. This focus on infrastructure development fuels the demand for new vessels and consequently, marine engines. The Middle East & Africa’s position as the third-largest market share holder in the Marine Engines Market stems from its strategic location, flourishing regional trade, government investments, and a mix of modern and aging fleets requiring new or replacement engines. The future of the market will likely witness an interplay between these factors and the adoption of cleaner technologies as the maritime industry strives for sustainability.
Key Players
Key players in the global Marine Engines Companies include Caterpillar (US), Wärtsilä (Finland), Man Energy Solutions (Germany), Rolls-Royce Plc (UK), AB Volvo Penta (Sweden), HDHyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Heavy Industries, Ltd. (Japan), Cummins Inc. (US), Daihatsu Diesel Mfg. Co., Ltd. (Japan), and Deutz AG (Germany).
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