Global Marine Engine Market – Overview
The global Marine Engine Market is expected to exhibit a strong 4.5% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The report presents a detailed evaluation of the global marine engine market, including an assessment of the impact of the COVID-19 pandemic on the global market. Global Marine Engines Market 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, Above 20,000 HP), by Application (Commercial Vessels, Offshore Support Vessels), by Fuel and By Region.
Leading players in the global marine engine market include Deutz AG, Dresser-Rand Group Inc., Daihatsu Diesel Mfg. Co. Ltd., John Deere, Scania AB, Yanmar Co. Ltd., Volvo AB, Brunswick Corporation, Mitsubishi Heavy Industries Ltd., Wartsila Corp., Man Diesel & Turbo SE, Rolls-Royce Power Systems AG, Cummins Inc., Caterpillar Inc., and GE Transportation.
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Marine engines are engines used in marine vehicles such as commercial tankers and pleasure vessels such as luxury yachts. The major difference between marine engines and terrestrial engines is that marine engines are made with highly corrosion-resistant materials, including treatments with chemicals that inhibit corrosion from extended interaction with seawater and other seaborne pollutants. The growing marine trade has been the major driver for the global marine engine market over recent years. Despite the growing advancement of roadways, railways, and airways, marine transportation remains the preferred mode for long-distance transportation of high volumes of commodities.
The growing global population has been a major driver for the global marine trade sector, leading to a growing demand for marine vessels capable of transporting large volumes of various commodities. Growing globalization of the food and beverages sector has been a major driver for the demand for marine vessels, as a large amount of food and beverages are transported around the world.
Growing offshore operations in the oil and gas sector have also been a major driver for the global Marine Engine Industry in recent years. Due to the growing concern of drying up of terrestrial oil wells, offshore oil and gas operations have increased in scope in recent years, leading to a growing demand for various types of offshore oil and gas vessels. Gas tankers, support vessels, as well as other vessels used in oil and gas operations have faced increasing demand in recent years, leading to a growing demand for marine engines. The growing offshore oil and gas sector in Asia Pacific is likely to remain a major driver for the global marine engine market over the forecast period. Countries such as China, Indonesia, and Malaysia are likely to play a key role in the growth of the offshore oil and gas sector in the coming years, leading to a growing demand for marine engines.
Global Marine Engine Industry Segmentation:
The global marine engine market is segmented on the basis of power, application, fuel, and region.
By power, the global marine engine market is segmented into up to 1000 HP, 1001 to 5000 HP, 5001 to 10000 HP, 10001 to 20000 HP, and more than 20000 HP. The growing demand for small marine vessels is likely to drive the 1001 to 5000 HP segment over the forecast period.
By application, the global marine engine market is segmented into commercial vessels, offshore support vessels, and other vessels. The commercial vessels segment dominates the global marine engine market. The growing offshore oil and gas industry and growing marine trade are the major drivers for the commercial vessels segment.
By fuel, the global marine engine market is segmented into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, and others. The heavy fuel oil segment dominates the global marine engine market.
Impact of COVID-19 on the Global Marine Engine Market at: https://www.marketresearchfuture.com/report/covid-19-impact-marine-engine-market
The regional analysis of Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been conducted.
As per the analysis by Market Research Future Reports (MRFR), the APAC region is projected to reign the worldwide market during the assessment period. Countries such as South Korea, China, Singapore, Indonesia, Malaysia play a significant role in expanding the market. They are the most potent market for marine engine manufactures.
As per the research, the second position is attained by Europe. Countries such as Denmark, Croatia, Finland, Germany, France, Greece, and Italy play the most crucial role in expanding the market. The rising maritime activities and tourism in the European region have resulted in regional expansion. The third position is attained by North America.
The region witnessed a stagnant expansion in previous years and is likely to expand during the forecast period. Among all nations, the U.S. contributed to the largest share in North America and is likely to maintain its position during the assessment period.
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