HOME Research Insight Key Strategies Adopted by Various Companies in the Marine Engines Market Include Contracts & Agreements, New Product Launch, Expansions, Mergers & Acquisition and Joint Ventures



Key Strategies Adopted by Various Companies in the Marine Engines Market Include Contracts & Agreements, New Product Launch, Expansions, Mergers & Acquisition and Joint Ventures


The global marine engines market is set to grow at a CAGR of 3.85% from 2016 to 2021. Asia-Pacific is estimated to be the largest market for marine engines followed by Europe, mainly driven by the growth in ship-building industry and enforcement of stringent emission norms by IMO (International Maritime Organization), US EPA, and European Commission

The marine engines market is dominated by global players which include MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan) and Rolls-Royce Power Systems AG (Germany).

Key strategies adopted by various companies in the marine engines market include contracts & agreements, new product launch, expansions, mergers & acquisition and joint ventures. Contracts & agreements was the most commonly used strategy from 2014 to 2016, comprising of 57% of all developments, followed by new product launch which consisted of 24% of all developments during the same period. In new developments, products matching the IMO tier 3 norms are being developed along with dual fuel engines in accordance to the norms for emission control.

MAN Diesel & Turbo SE (Germany), a leading turbomachinery, and engines manufacturer. The company’s product portfolio includes gas turbines, steam turbines, marine engines, turbochargers, propulsion systems, compressors, and power plant equipment. The company offers two-stroke and four-stroke marine engines in its engines & marine systems segment. The segment accounted for 54.3% of the company’s revenue in 2015. The company has various licensees which manufacture its marine engines such as Hyundai Heavy Industries (South Korea), Mitsubishi Heavy Industries (Japan) for 4-stroke engines, Kawasaki Heavy Industries, Ltd. (Japan), Doosan Engine (South Korea) to name a few.

Wärtsilä (Finland) is a technology company which provides products and services in the energy and marine markets. The company’s Marine Solutions segment is a leading player in the marine as well as offshore oil & gas value chain, from ship-designing to manufacturing marine engines. The company is a leading player in the marine engines market and has various licensees such as Doosan Engine (South Korea), Hyundai Heavy Industries (South Korea), Mitsubishi Heavy Industries (Japan), China State Shipbuilding Corporation (China) to name a few

Related Reports:

Marine Engines Market by Power’000 HP (up to 1HP, 1-5HP, 5-10HP, 10-20HP & Above 20HP), Vessel Type (Commercial & Offshore Support Vessels), Fuel (Heavy Fuel, Intermediate Fuel, Marine Diesel & Marine Gas Oil), & Region - Global forecast to 2021

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