Marine Engines Market size to exceed $8.8 billion by 2026
Published Date: July 24, 2020 Authors: Ankit Gupta, Asmita Semwal
Marine Engines market size is set to surpass USD 8.8 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Changing trends in the shipping and shipbuilding industry coupled with the rising global maritime trade is projected to complement the marine engines industry growth. Rising adoption rates of low sulfur fuels on account of government mandates targeted toward limiting emissions will propel the product demand.
Stringent government policies to limit maritime pollution has boosted the demand for low emission engines. The Marine Environment Protection Committee (MEPC) under Annexure VI formulated a mandate to reduce NOx emissions from the diesel engines with an output of over 130 kW. Technological development in product designs to manufacture highly efficient engines complying with the standards will strengthen the business landscape. Additionally, favorable economic trends from developing economies is projected to boost the business scenario.
LNG engines to gain significant market owing to the associated low cost and technological development
Liquefied Natural Gas (LNG) segment of marine engines market is anticipated to surpass USD 1 billion by 2026. The fuel is utilized as auxiliary in ships and is set to witness significant increase in demand in the short run. It emits less carbon by limiting the CO2 by approximately 25% and is available at economical prices in commercially viable regions including North America and Europe. Rise in trade activities across the globe has resulted in increased investments toward LNG carriers in 2019 leading to a 25% growth in DWT.
Browse key industry insights spread across 735 pages with 1,298 market data tables & 37 figures & charts from the report, “Marine Engines Market Outlook By Fuel (MDO, MGO, LNG, Hybrid), By Power (< 1,000 HP, 1,000-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, > 20,000 HP), By Technology (Low Speed, Medium Speed, High Speed), By Propulsion (2-Stroke, 4-Stroke), By Application (Commercial [Container Vessels, Tankers, Bulk Carriers, Roll On/Roll Off], Offshore [AHTS, PSV, MPSV], Recreational [Cruise Ships, Ferries, Yachts], Navy), Industry Analysis Report, Regional Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising disposable income and standard of living to aid the demand for cruises
Improving standard of living coupled with rising disposable income among individuals are key factors contributing towards the growing demand for ferries and cruises. Low speed engines are widely installed in passenger and commercial vessels, yachts and merchant vessels, strengthening the product adoption rates. Additionally, technological breakthroughs pertaining to propulsion systems to improve overall efficiency of the engines will encourage the business landscape.
Dependence of international trade on the marine industry will boost the commercial application
Government investments and incentive programs directed towards strengthening the national security coupled with advanced shipping line is projected to augment the marine engines market statistics. For instance, in 2019, the U.S. government reported spending of USD 20 billion to improve the application in navy. In addition, growing maritime trade along with increasing shipbuilding activities will stimulate the demand for commercial vessels.
Increasing exploration and drilling activities to allow the Middle East to weather the COVID -19 pandemic
Saudi Arabia marine engines market revenue is projected to cross USD 100 million by 2026. Increasing demand of offshore vessels and tankers is the one of the primary factors driving the business scenario. Increasing exploration and production activities are further projected to augment the demand for gas carriers and drill ships along with oil tankers and other platform supply vessels.
Manufacturers within the market are increasingly investing toward product development and product design to acquire greater market share. Key manufacturers in marine engines market are Rolls Royce, STX, Cummins, Brunswick Corporation, Shanghai Diesel, IHI Corporation, John Deere, Anglo Belgian, MAN Energy Solutions, Deutz, Volvo Penta, Caterpillar, Weichai, Scania, Yanmar Yamaha, Daihatsu Diesel and Yuchai among others.