Zion Market Research has published a new report titled “Marine Engine Market (By Fuel: Intermediate Fuel, Marine Diesel, Heavy Fuel, Marine Gas Oil; For Commercial Vessels, Offshore Support Vessels, and Inland Waterways Vessels Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global marine engine market was valued at USD 8.59 billion in 2016 and is expected to reach USD 10.56 billion in 2022, growing at a CAGR of 3.5% between 2017 and 2022.
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A Marine engine is equipment that stores power to numerous kinds of auxiliary equipment vessel, propulsion system central to maritime activities and vehicles. Developments in boat and shipbuilding industry develop in parallel with marine engine market. Marine engines are designs with oxidization inhibiting resources and their bearing and seals are particularly arranged for sea working environment. These marine engines consist of a different mechanism including pistons, head, crankshaft, liner, and bedplate. In marine engine market, the appearance of new technologies has addressed the system with reference to the emission of harmful gases.
Major driving factors for the growth of marine engine market are beginning of new technologies, the improved construction of inland waterways vessels and high demand for commercial vessels. The technology of marine engine has been advanced to a position where it can have a major effect on modern life. Huge requirements of R&D activities and huge capital constraints could be restraining factors for the growth of marine engine market. The global marine engine market offers new growth opportunities, due to increasing demand for hybrid fuel engines. Increase in the demand for the low-cost engine will also increase the usage of marine engine market.
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Marine engine market is bifurcated on the basis of fuels and applications. On the basis of fuel, the global marine engine market is segmented into intermediate fuel, marine diesel, heavy fuel, and marine gas oil. Heavy fuel market segment held the largest market share of the marine engine due to huge demand across the globe. Growing demand for a financially viable engine coupled with a rise in seaborne trade will drive marine diesel engine market.
On the basis of application, marine engine market is segmented into commercial vessels, offshore support vessels, and inland waterways vessels. Commercial vessels segment is estimated to account for the largest share. Commercial vessels further get segmented into LNG carriers, cargo vessels, pure car carriers, chemical carriers, bulkers and container ships. Work with greener fuels such as LNG and solar & wind power and the stringent rigid norms about emission is expected to observe the development of the global marine engine market. Four stroke engines are registering fast growth in the market, due to reliability, fewer emissions, smoothness, and quiet operation.
Asia Pacific was the most attractive and largest market. An additional factor attributing to the growth will be a rise in maritime trade in South East Asia set up by China and other emerging economies in the region such as Indonesia. Due to the high shipbuilding activity in Asia Pacific region, it has become a hot spot for marine engine market.
Some of the major players involved in the global marine engine market include Mercury Marine, Sumitomo Heavy Industries, Cummins Inc, Roll Royce limited, Hyundai Heavy Industries, GM Power Train, Caterpillar Corporate, Mitsubishi Heavy Industries, MAN Diesel & Turbo SE, and Wartsila Corporation.
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