Marine Engines Market by Power (<1, 1-5, 5-10, 10-20 & >20) 000 hp, Vessel (Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel and Gas Oil), Engine (Propulsion & Auxiliary), Type (2 & 4-Stroke) & Region - Global Forecast to 2024
[150 Pages Report] The global marine engines market is projected to reach a size of USD 16.4 billion by 2024, at a CAGR of 3.11%, from an estimated USD 14.0 billion in 2019. This growth can be attributed to factors such as growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety.
To know about the assumptions considered for the study, download the pdf brochure
By Power range, the 5,001–10,000 hp segment accounts for the largest contributor in the marine engines market during the forecast period.
The report segments the marine engines market, by power range, into up to 1,000 hp, 1,001 – 5,000 hp, 5,001 – 10,000 hp, 10,001 – 20,000 hp, and above 20,000 hp. The 5,001 – 10,000 hp segment is expected to hold the largest market share by 2024. The 5,001–10,000 hp marine engines have the most widely used engines, by application and market share, by value. These engines, usually medium-speed engines, are used in applications such as containerships, cruise ships, tug vessels and other offshore support vessels, standby and rescue vessels, chemical carriers, cargo vessels, defense vessels such as coa
The marine engines market, by vessel, is segmented into commercial, offshore support, and others. The commercial segment is expected to hold the largest market share and the fastest growing market with increase in the international seaborne trade which has increased the commercial vessel count, thereby increasing the usage of marine engines in the commercial vessel. Furthermore, globalization has resulted in the exchange of consumer goods between countries globally.
Asia Pacific is expected to account for the largest market size during the forecast period.
In this report, the marine engines market has been analyzed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. The market in Asia Pacific is estimated to be the largest market from 2019 to 2024. Countries such as China, South Korea, and Japan are considered as the main manufacturing hubs for marine engines. Also, the rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide is driving the market.
The major players in the marine engines market are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan) Volvo Group (Sweden), Rolls-Royce (UK), Wärtsilä (Finland), Cummins (US), GE Transportation (US), and DEUTZ AG (Germany).
Recent Developments
- In February 2019, MAN SE received an order for its SCR-HP (Selective Catalytic Reduction – High Pressure) product from Mitsui E&S Machinery (MES-M) for 3 × SCR-HP (cluster 3) units in connection with the building of three 87k-dwt bulk carriers meeting the IMO Tier III emission standards.
- In January 2019, Hyundai Heavy Industries formally took over Daewoo Shipbuilding & Marine Engineering (DSME) with a 55.7% stake in the company which would be worth USD 1.08 billion.
- In December 2018, DEUTZ and SANY formed a joint venture in which DEUTZ AG would be the majority shareholder with a stake of 51% with plans to supply SANY with 75,000 new engines for off- and on-road applications by 2022.
- In November 2018, MAN SE inaugurated a new service workshop for marine engines and other equipment, to increase the company’s footprint in Africa.
- In October 2018, John Deere launched a new series for marine engines 4045SFM85 which has 2 ratings—275 hp at 2,600 rpm and 315 hp at 2,800 rpm.
Key Questions addressed by the report
- The report identifies and addresses key markets for marine engines, which would help various stakeholders such as coal and oil & gas trading companies; consulting companies & associations in the marine sector; cruise & passenger transport companies; environmental research institutes; government & research organizations; international shipping & sea trading organizations; investment firms; marine engine manufacturers; organizations, forums, & alliances; shipbuilding & shipyard industry; state & national regulatory authorities; and vessel designers, owners, and operators to review the growth in demand.
- The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and make better strategic decisions.
- The report addresses the market share analysis of key players in the market, and with the help of this, companies can enhance their revenues in the respective market.
- The report provides insights about emerging geographies for marine engines market, and hence, the entire market ecosystem can gain competitive advantage from such insights.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 17)
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitation
1.7 Stakeholders
2 Research Methodology (Page No. - 21)
2.1 Market Size Estimation
2.1.1 Ideal Demand-Side Analysis
2.1.1.1 Assumptions
2.1.2 Supply-Side Analysis
2.1.2.1 Calculation
2.1.3 Forecast
2.2 Some of the Insights of Industry Experts
3 Executive Summary (Page No. - 24)
4 Premium Insights (Page No. - 29)
4.1 Attractive Opportunities in the Marine Engines Market
4.2 Marine Engines Market, By Region
4.3 Asia Pacific Marine Engines Market, By Vessel & Country
4.4 Market, By Vessel
4.5 Market, By Power Range
4.6 Market, By Engine
4.7 Market, By Fuel
4.8 Market, By Type
5 Market Overview (Page No. - 33)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth in International Marine Freight Transport
5.2.1.2 Penetration of Smart Engines for Situational Awareness and Safety
5.2.1.3 Growth in Maritime Tourism
5.2.2 Restraints
5.2.2.1 Stringent Environmental Regulations Worldwide
5.2.2.2 Dependence on Heavy Fuel as the Primary Fuel
5.2.3 Opportunities
5.2.3.1 Increased Naval Budgets Worldwide
5.2.3.2 Rising Demand for Dual-Fuel Engines
5.2.4 Challenges
5.2.4.1 Fluctuations in Oil & Gas Prices
5.2.4.2 Shipping Overcapacity
6 Marine Engines Market, By Power Range (Page No. - 38)
6.1 Introduction
6.2 Up to 1,000 HP
6.2.1 Asia Pacific Holds the Largest Region for Up to 1,000 HP Marine Engines Market
6.3 1,001–5,000 HP
6.3.1 Europe is Expected to Have the Second Largest Market Share By 2024
6.4 5,001–10,000 HP
6.4.1 Europe is Expected to Grow at the Second Fastest CAGR From 2019–2024
6.5 10,001–20,000 HP
6.5.1 Asia Pacific is Expected to Have the Largest Market Share By 2024
6.6 Above 20,000 HP
6.6.1 Europe is Expected to Grow at the Fastest CAGR From 2019–2024
7 Marine Engines Market, By Vessel (Page No. - 45)
7.1 Introduction
7.2 Commerical Vessel
7.2.1 South America is Expected to Grow at the Fastest CAGR From 2019-2024
7.3 Offshore Support Vessel
7.3.1 Asia Pacific is Expected to Dominate the Offshore Support Vessel Segment During the Forecast Period
7.4 Others
7.4.1 Europe is Expected to Have the Second Largest Market By 2024
8 Marine Engines Market, By Fuel (Page No. - 50)
8.1 Introduction
8.2 Heavy Fuel Oil
8.2.1 Asia Pacific is Expected to Lead the Marine Engine Market During the Forecast Period
8.3 Intermediate Fuel Oil
8.3.1 South America is Expected to Grow at the Highest CAGR During the Forecast Perido
8.4 Marine Diesel Oil
8.4.1 North America is Expected to Grow at the Highest CAGR During the Forecast Period
8.5 Marine Gas Oil
8.5.1 Asia Pacific is Expected to Have the Largest Market By 2024
8.6 Others
8.6.1 Europe is Expected to Grow at the Highest CAGR From During the Forecast Period
9 Market, By Engine (Page No. - 56)
9.1 Introduction
9.2 Propulsion Engine
9.2.1 Asia Pacific is Expected to Have the Highest CAGR for Propulsion Segment During the Forecast Period
9.3 Auxiliary Engine
9.3.1 Asia Pacific is Expected to Dominate the Auxiliary Engine Segment During the Forecast Period
10 Market, By Type (Page No. - 61)
10.1 Introduction
10.2 Two-Stroke
10.2.1 Asia Pacific is Expected to Grow at the Fastest CAGR During the Forecast Period
10.3 Four-Stroke
10.3.1 Europe is Expected to Have the Second Largest Market for Four-Stroke Engines By 2024
11 Market, By Region (Page No. - 65)
11.1 Introduction
11.2 Asia Pacific
11.2.1 China
11.2.1.1 Strong Economic Growth and Supportive Government Policies for the Shipbuilding Industry is Expected to Drive the Chinese Marine Engines Market
11.2.2 India
11.2.2.1 India has A Fast-Growing Shipbuilding Industry, Due to A Growing Economy and Rising Manufacturing and Export of Finished Goods
11.2.3 Japan
11.2.3.1 Japan has A History of Shipbuilding and is the Largest Shipbuilding Country in the World
11.2.4 South Korea
11.2.4.1 Shipbuilding Industry in South Korea is Supported By the Government Through Tax Rebates and Tax Incentive Packages
11.2.5 Australia
11.2.5.1 Commercial Vessel Segment for Marine Engines in Australia is Mainly Driven By Large Exports of Coal and Metals, Creating A Demand for Bulkers, Containerships, and General Cargo Vessels
11.2.6 Rest of Asia Pacific
11.2.6.1 Singapore, Being an Important Port for the World’s Maritime Trade, has A Developed Shipbuilding Industry and A Large Domestic Demand for Commercial Vessels
11.3 North America
11.3.1 Us
11.3.1.1 US Procures Most of Its Commercial and Offshore Support Vessels From the Shipbuilding Hubs of China, South Korea, and Japan
11.3.2 Canada
11.3.2.1 Canadian Government Plans to Invest in Building Offshore Vessels and Joint Support Vessels, Which Would Lead to Positive Growth of the Shipbuilding Sector in Canada
11.3.3 Mexico
11.3.3.1 Heavy Fuel Oil Segment is Expected to Dominate the Marine Engines Market in Mexico
11.4 Europe
11.4.1 Germany
11.4.1.1 German Shipbuilding Industry is on the Verge of Big Changes Because of New Developments Approved By the Government Which Would Help the Domestic Shipbuilding Industry to Grow
11.4.2 Italy
11.4.2.1 Italy is the Leading Country for Fishing Ships and Cruise Liners and has the Largest Ferry Fleet in Europe
11.4.3 Poland
11.4.3.1 Increase in Shipbuilding Activities Would Drive the Marine Engines Market in Poland
11.4.4 Netherlands
11.4.4.1 Netherlands has Europe’s Largest Inland Shipping Fleet With the World’s Leading Manufacturing of High-End Yachts and Special Vessels
11.4.5 Rest of Europe
11.4.5.1 Norway, Finland, and Spain are Expected to Lead the Marine Engines Market in the Rest of Europe
11.5 Middle East & Africa
11.5.1 Saudi Arabia
11.5.1.1 Heavy Fuel Oil Segment is Expected to Be the Fastest Growing Market in Saudi Arabia
11.5.2 UAE
11.5.2.1 Shipbuilding Industry in the UAE Still Requires Some Reforms and Infrastructural Investments to Ensure Growth in the Future
11.5.3 Iran
11.5.3.1 Maritime Activities Would Drive the Market
11.5.4 Qatar
11.5.4.1 Demand for LNG and LPG Carriers is Expected to Drive the Qatar Market
11.5.5 Nigeria
11.5.5.1 Increasing Demand for Gas Carrier Vessels and Offshore Support Vessels Offers A Lucrative Market for Marine Engines in Nigeria
11.5.6 South Africa
11.5.6.1 Low Production Cost and Increased Investment in the Manufacturing Sector Would Drive the South African Market
11.5.7 Rest of Middle East & Africa
11.5.7.1 Egypt and Israel are Expected to Drive the Rest of the Middle East & African Marine Engines Market
11.6 South America
11.6.1 Brazil
11.6.1.1 Brazil has Significant Offshore Oil & Gas Activity, Creating A Demand for Offshore Support Vessels and Commercial Vessels
11.6.2 Argentina
11.6.2.1 The Key Driver for Growth in the Country’s Marine Shipbuilding Industry Come From the Country’s Government Investment
11.6.3 Rest of South America
11.6.3.1 Venezuela, Colombia, and Peru are Expected to Lead the Rest of the South American Market
12 Competitive Landscape (Page No. - 100)
12.1 Overview
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 New Product Developments
12.3.2 Mergers & Acquisitions
12.3.3 Contracts & Agreements
12.3.4 Expansions & Investments
12.3.5 Others
13 Company Profile (Page No. - 106)
(Business Overview, Products Offered, Recent Developments, and MnM View)*
13.1 Hyundai Heavy Industries
13.2 Caterpillar
13.3 Man SE
13.4 Mitsubishi Heavy Industries
13.5 Volvo Group
13.6 Wärtsilä
13.7 Deutz AG
13.8 Cummins
13.9 Rolls-Royce
13.10 John Deere
13.11 Yanmar Holdings
13.12 GE Transportation
* Business Overview, Products Offered, Recent Developments, and MnM View Might Not Be Captured in Case of Unlisted Companies.
14 Appendix (Page No. - 142)
14.1 Insights of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.4 Available Customizations
14.5 Related Reports
14.6 Author Details
List of Tables (79 Tables)
Table 1 Ship-Built Data are the Determining Factor for the Global Marine Engines Market
Table 2 Marine Engines Market Snapshot
Table 3 Marine Enignes Market Size, By Power Range, 2017–2024 (USD Million)
Table 4 Up to 1,000 HP: Marine Engines Market Size, By Region, 2017–2024 (USD Million)
Table 5 1,001–5,000 HP: Market Size, By Region, 2017–2024 (USD Million)
Table 6 5,001–10,000 HP: Market Size, By Region, 2017–2024 (USD Million)
Table 7 10,001–20,000 HP: Market Size, By Region, 2017–2024 (USD Million)
Table 8 Marine Engines Market Size, By Vessel, 2017–2024 (USD Million)
Table 9 Commercial Vessel: Market Size, By Region, 2017–2024 (USD Million)
Table 10 Offshore Support Vessel: Market Size, By Region, 2017–2024 (USD Million)
Table 11 Others: Market Size, By Region, 2017–2024 (USD Million)
Table 12 Marine Engines Market Size, By Fuel, 2017–2024 (USD Million)
Table 13 Heavy Fuel Oil: Marine Engines Market Size, By Region, 2017–2024 (USD Million)
Table 14 Intermediate Fuel Oil: Market Size, By Region, 2017–2024 (USD Million)
Table 15 Marine Diesel Oil: Market Size, By Region, 2017–2024 (USD Million)
Table 16 Marine Gas Oil: Market Size, By Region, 2017–2024 (USD Million)
Table 17 Others: Market Size, By Region, 2017–2024 (USD Million)
Table 18 Marine Engines Market Size, By Engine, 2017–2024 (USD Million)
Table 19 Propulsion Engine: Market Size, By Region, 2017–2024 (USD Million)
Table 20 Auxiliary Engine: Marine Engine Market Size, By Region, 2017–2024 (USD Million)
Table 21 Marine Engines Market Size, By Type, 2017–2024 (USD Million)
Table 22 Two-Stroke: Market Size, By Region, 2017–2024 (USD Million)
Table 23 Four-Stroke: Market Size, By Region, 2017–2024 (USD Million)
Table 24 Marine Engines Market Size, By Region, 2017–2024 (USD Million)
Table 25 Asia Pacific: Market Size, By Country, 2017–2024 (USD Million)
Table 26 Asia Pacific: Market Size, By Power Range, 2017–2024 (USD Million)
Table 27 Asia Pacific: Market Size, By Vessel, 2017–2024 (USD Million)
Table 28 Asia Pacific: Market Size, By Fuel, 2017–2024 (USD Million)
Table 29 Asia Pacific: Market Size, By Engine, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size, By Type, 2017–2024 (USD Million)
Table 31 China: Market Size, By Fuel, 2017–2024 (USD Million)
Table 32 India: Market Size, By Fuel, 2017–2024 (USD Million)
Table 33 Japan: Market Size, By Fuel, 2017–2024 (USD Million)
Table 34 South Korea: Market Size, By Fuel, 2017–2024 (USD Million)
Table 35 Australia: Market Size, By Fuel, 2017–2024 (USD Million)
Table 36 Rest of Asia Pacific: Market Size, By Fuel, 2017–2024 (USD Million)
Table 37 North America: Market Size, By Country, 2017–2024 (USD Million)
Table 38 North America: Marine Engines Market Size, By Power Range, 2017–2024 (USD Million)
Table 39 North America: Market Size, By Vessel, 2017–2024 (USD Million)
Table 40 North America: Market Size, By Fuel, 2017–2024 (USD Million)
Table 41 North America: Market Size, By Engine, 2017–2024 (USD Million)
Table 42 North America: Market Size, By Type, 2017–2024 (USD Million)
Table 43 US: Market Size, By Fuel, 2017–2024 (USD Million)
Table 44 Canada: Market Size, By Fuel, 2017–2024 (USD Million)
Table 45 Mexico: Market Size, By Fuel, 2017–2024 (USD Million)
Table 46 Europe: Market Size, By Country, 2017–2024 (USD Million)
Table 47 Europe: Market Size, By Power Range, 2017–2024 (USD Million)
Table 48 Europe: Market Size, By Vessel, 2017–2024 (USD Million)
Table 49 Europe: Market Size, By Fuel, 2017–2024 (USD Million)
Table 50 Europe: Market Size, By Engine, 2017–2024 (USD Million)
Table 51 Europe: Market Size, By Type, 2017–2024 (USD Million)
Table 52 Germany: Marine Engines Market Size, By Fuel, 2017–2024 (USD Million)
Table 53 Italy: Market Size, By Fuel, 2017–2024 (USD Million)
Table 54 Poland: Marine Engines Market Size, By Fuel, 2017–2024 (USD Million)
Table 55 Netherlands: Market Size, By Fuel, 2017–2024 (USD Million)
Table 56 Rest of Europe: Marine Engines Market Size, By Fuel, 2017–2024 (USD Million)
Table 57 Middle East & Africa: Market Size, By Country, 2017–2024 (USD Million)
Table 58 Middle East & Africa: Market Size, By Power Range, 2017–2024 (USD Million)
Table 59 Middle East & Africa: Marine Engines Market Size, By Vessel, 2017–2024 (USD Million)
Table 60 Middle East & Africa: Market Size, By Fuel, 2017–2024 (USD Million)
Table 61 Middle East & Africa: Market Size, By Engine, 2017–2024 (USD Million)
Table 62 Middle East & Africa: Market Size, By Type, 2017–2024 (USD Million)
Table 63 Saudi Arabia: Market Size, By Fuel, 2017–2024 (USD Million)
Table 64 UAE: Market Size, By Fuel, 2017–2024 (USD Million)
Table 65 Iran: Market Size, By Fuel, 2017–2024 (USD Million)
Table 66 Qatar: Market Size, By Fuel, 2017–2024 (USD Million)
Table 67 Nigeria: Market Size, By Fuel, 2017–2024 (USD Million)
Table 68 South Africa: Market Size, By Fuel, 2017–2024 (USD Million)
Table 69 Rest of Middle East & Africa: Market Size, By Fuel, 2017–2024 (USD Million)
Table 70 South America: Marine Engines Market Size, By Country, 2017–2024 (USD Million)
Table 71 South America: Market Size, By Power Range, 2017–2024 (USD Million)
Table 72 South America: Market Size, By Vessel, 2017–2024 (USD Million)
Table 73 South America: Market Size, By Fuel, 2017–2024 (USD Million)
Table 74 South America: Market Size, By Engine, 2017–2024 (USD Million)
Table 75 South America: Market Size, By Type, 2017–2024 (USD Million)
Table 76 Brazil: Market Size, By Fuel, 2017–2024 (USD Million)
Table 77 Argentina: Marine Engines Market Size, By Fuel, 2017–2024 (USD Million)
Table 78 Rest of South America: Marine Engines Market Size, By Fuel, 2017–2024 (USD Million)
Table 79 Man SE Was Most Active Player in Market Between 2016 & 2019
List of Figures (42 Figures)
Figure 1 Marine Engines Market, 2017
Figure 2 Asia Pacific Dominated the Marine Engines Market in 2018
Figure 3 5,001–10,000 HP Segment is Expected to Hold the Largest Share During the Forecast Period
Figure 4 Commercial Vessel Segment is Expected to Lead the Market During the Forecast Period
Figure 5 Heavy Fuel Oil Segment is Expected to Lead the Market During the Forecast Period
Figure 6 Propulsion Engine Segment is Expected to Lead the Market During the Forecast Period
Figure 7 Two-Stroke Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 8 Growth in International Marine Freight Transport and Maritime Tourism is Expected to Drive the Marine Engines Market, 2019–2024
Figure 9 Asia Pacific Market is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 10 Commercial Vessel Segment and China Dominated the Asia Pacific Market, in 2018
Figure 11 Commercial Vessel Segment is Expected to Dominate the Market During the Forecast Period
Figure 12 5,001–10,000 HP Segment is Expected to Dominate the Market During the Forecast Period
Figure 13 Propulsion Engine Segment is Expected to Dominate the Market During the Forecast Period
Figure 14 Heavy Fuel Oil Segment is Expected to Dominate the Market During the Forecast Period
Figure 15 Two-Stroke Segment is Expected to Dominate the Market During the Forecast Period
Figure 16 Marine Engines Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Global Sea Freight Transport, 2008–2016 (Million Ton)
Figure 18 Global Sea Passengers Transport, 2009–2016 (Million Ton)
Figure 19 Marine Engines Market, By Power Range, During Forecast Period
Figure 20 Marine Engine Market, By Vessel, During Forecast Period
Figure 21 Marine Engine Market, By Fuel, During Forecast Period
Figure 22 Marine Engine Market, By Engine, During Forecast Period
Figure 23 Marine Engine Market, By Type, During Forecast Period
Figure 24 Regional Snapshot: Asia Pacific Market is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 Marine Engines Market Share (Value), By Region, By 2024
Figure 26 Asia Pacific: Regional Snapshot
Figure 27 Europe: Regional Snapshot
Figure 28 Key Developments in the Market, February 2016–February 2019
Figure 29 Ranking of Key Players, 2017
Figure 30 Marine Engines Market (Global) Competitive Leadership Mapping, 2018
Figure 31 Hyundai Heavy Indsutries: Company Snapshot
Figure 32 Caterpillar: Company Snapshot
Figure 33 Man SE: Company Snapshot
Figure 34 Mitsubishi Heavy Industries: Company Snapshot
Figure 35 Volvo Group: Company Snapshot
Figure 36 Wärtsilä: Company Snapshot
Figure 37 Deutz AG: Company Snapshot
Figure 38 Cummins: Company Snapshot
Figure 39 Rolls-Royce: Company Snapshot
Figure 40 John Deere: Company Snapshot
Figure 41 Yanmar Holdings: Company Snapshot
Figure 42 GE Transportation: Company Snapshot
This study involved 4 major activities to estimate the current market size for the marine engines market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. Thereafter, the market breakdown and data triangulation was done to estimate the market size of the segments and subsegments.
Secondary Research
This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global marine engines market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The marine engines market comprises several stakeholders such as coal and oil & gas trading companies; consulting companies & associations in the marine industry; cruise & passenger transport companies; environmental research institutes; government & research organizations; international shipping & sea trading organizations; investment firms; marine engine manufacturers; organizations, forums, & alliances; shipbuilding & shipyard industry; state & national regulatory authorities; and vessel designers, owners, and operators. The demand-side of this market is characterized by its applications such as commercial, offshore support, and others. The supply side is characterized by advancements in marine engine technologies such as dual-fuel engines and increased emphasis on environmental compliant engines. Various primary sources from both, the supply- and demand-sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is as following.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the size of the global marine engines market and its dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides, in commercial, offshore support, and other sectors.
Report Objectives
- To define, describe, and forecast the global marine engines market by power range, vessel, fuel, engine, type, and region
- To provide detailed information on the major factors influencing the growth of the marine engines market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the marine engines market with respect to individual growth trends, prospects, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
- To forecast the growth of the marine engines market with respect to the major regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa)
- To strategically profile key players and comprehensively analyze their market rankings and core competencies
- To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the marine engines market
Scope of the Report
|
Report Metric |
Details |
|
Market Size available for years |
2017–2024. |
|
Base year considered |
2018. |
|
Forecast period |
2019–2024. |
|
Forecast units |
Value (USD). |
|
Segments covered |
Power range, Vessel, Fuel, Engine, Type, and Region. |
|
Geographies covered |
Asia Pacific, North America, Europe, The Middle East & Africa, and South America. |
|
Companies covered |
Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan) Volvo Group (Sweden), Rolls-Royce (UK), Wärtsilä (Finland), Cummins (US), GE Transportation (US), and DEUTZ AG (Germany). |
This research report categorizes the marine engines market based on power range, vessel, fuel, engine, type, and region.
On the basis of Power Range, the marine engines market has been segmented as follows:
- Up to 1,000 hp
- 1,001 – 5,000 hp
- 5,001 – 10,000 hp
- 10,001 – 20,000 hp
- Above 20,000 hp
On the basis of Vessel, the marine engines market has been segmented as follows:
- Commercial
- Offshore support
- Others
On the basis of Fuel, the marine engines market has been segmented as follows:
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marine Diesel Oil
- Marine Gas Oil
- Others
On the basis of Engine, the marine engines market has been segmented as follows:
- Propulsion
- Auxiliary
On the basis of Type, the marine engines market has been segmented as follows:
- Two-stroke
- Four-stroke
On the basis of Region, the marine engines market has been segmented as follows:
- Asia Pacific
- North America
- Europe
- Middle East & Africa
- South America
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:
Regional Analysis
- Further breakdown of region or country-specific analysis
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Marine Engines Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
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Growth opportunities and latent adjacency in Marine Engines Market