Global LNG Marine Engine Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3762
LNG Marine Engine Market size is anticipated to grow on account of shifting trend toward clean fuel coupled with strict government regulations to control seaborne emission including SOx and NOx. In 2018, International Marine Organization (IMO) adopted a strategy with an aim to reduce annual GHG emission from shipping activities by at least 50% by 2050 when compared to 2008. Growing demand for eco-friendly and reliable marine fuel will further complement the business landscape.
Increasing demand for economically viable engines along with growing maritime tourism will positively influence the LNG marine engine market share. Growing tourism industry accompanied with rising disposable income, standard of living and demographic changes is anticipated to stimulate the fuel adoption. According to the World Travel and Tourism Council, maritime tourism was the highest revenue making segment in 2017 & accounted over 10% of the global GDP.
Medium speed LNG marine engine market size is set to grow owing to rising demand for cruise, ferries and commercial vessels including cargo, fast ferries and passenger. Increasing global voyage trade coupled with improved system performance & compact designing will propel the industry outlook. The growing adoption of products in merchant vessels and container vessels is further anticipated to strengthen the product demand.
High speed LNG marine engine market is projected to grow on account of ongoing expansion and construction of local seaports coupled with increasing demand for tugboats. These systems are widely used in coast guards, fishing ships and naval that operate on various range of speed. Increasing ship bound trade along with rise in manufacturing of commercial vessels including container vessels, cargo ships and tankers will stimulate the product demand.
Commercial LNG marine engine market size will witness growth owing to growing demand for container and tanker vessels, gas & bulk carriers along with an upsurge in shipbuilding activities. Increasing government spending toward distribution of navy ships for strengthening the security activities will drive the product demand. Moreover, high reliability and cost efficiency are the key factors boosting the product adoption. These systems can operate with average efficiency of 40% to 50% depending on vessel size, engine age and deadweight tonnage.
The U.S. LNG marine engine market is set to grow on account of increasing investments toward shipbuilding across the region. Ongoing research and development activities for manufacturing engines aligned to the environmental norms coupled with positive outlook toward LNG production and exploration is set to positively influence the business growth.
Eminent industry players operating in LNG marine engine market share include Anglo Belgian, Caterpillar, Brunswick Corporation, Cummins, Deutz, John Deere, Rolls Royce, Yanmar, Turbo, Scania, Volvo Penta, IHI Corporation, Wärtsilä, and Yuchai among others.
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