Market Research Report
Global Marine Engines Market Size By Fuel, By Power, By Technology, By Propulsion, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
|Global Marine Engines Market Size By Fuel, By Power, By Technology, By Propulsion, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026|
Published: July 23, 2020
Global Market Insights Inc.
Content info: 735 Pages
Delivery time: 2-3 business days
Global Marine Engines
Market Size 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 Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026.
The global marine engines market is poised to register an appreciable growth rate over the forthcoming years. The expansion of this business can be mainly credited to the extensive usage of marine vessels across a spate of verticals such as the commercial, recreational, and naval sectors. Marine engines on ships are installed in a variety of vessels, spanning tankers, special purpose ships, offshore ships, naval vessels, container ships, passenger ships, and bulk carriers to ensure proper propulsion across ports.
The marine engines market is bifurcated with respect to product, power range, propulsion, applications, technology, and regions.
With respect to the product landscape, marine engines market is divided into MDO, MGO, LNG, hybrid, and others. Of these, the hybrid engines are expected to garner substantial momentum worldwide. This can be credited to the shifting preference of manufacturers from fossil fuels toward hybrid marine power. The changing regulatory norms driven by increasing concerns for environmental health have also been responsible for the rising demand of hybrid engines. Estimates claim that hybrid products are likely to account for over 4% of the market share by 2026.
Considering the power landscape the power range between 5,001-10,000 Hp will be most preferred. The segment is expected to be worth more than USD 1.5 billion in 2026.
With regards to the technology spectrum, marine engines fall among the low speed, medium speed, and high speed categories. Among these, medium speed engines are expected to gain hefty traction, driven by the fact that they are more space-saving, compact, and endorse low component weight as well as more cargo space. Medium speed marine engines market size was worth USD 2 billion in 2019.
In terms of the propulsion mechanism, marine engines operate on the 2-stroke and 4-stroke principles.
Marine engines are widely used across the naval, commercial, recreational, and offshore applications. The offshore applications are reported to be the most lucrative for this market. This can be credited to the rising demand for bunkers, tankers, and bulk carriers in oil and gas exploration and production activities. Offshore ships are also used to transport essential supplies to excavation and construction units situated at the high seas. Estimates claim offshore applications to record a 4% CAGR through 2026.
Regionally, marine engines market spans Europe, Latin America, Asia Pacific, North America, and Middle East & Africa. Of these, Europe will register 18% of the market share by 2026, powered by the extensive product demand across the recreational and commercial sectors. Increasing efforts by regional companies to bring about innovation in marine engines and related technology will also push Europe industry outlook. For instance, a couple of years back, Sweden-based Volvo Penta brought forth a hybrid concept for its IPS propulsion system. This electric-only model enabled entry into environmentally sensitive areas and even offered better onboard comfort and boat handling characteristics.
Saudi Arabia market by commercial, 2015 - 2026
Saudi Arabia market by recreational, 2015 - 2026
UAE market by commercial, 2015 - 2026
Iran market by commercial, 2015 - 2026