Marine Engines Market

Market Leaders - Marine Engines Market

The global marine engines market is expected to grow from an estimated USD 14.0 billion in 2019 to USD 16.4 billion by 2024, at a CAGR of 3.11%. The growth of this market is driven by the growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety.

The global marine engines market is dominated by few major players that have a wide regional presence. The leading players in the marine engines market are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), and Volvo Group (Sweden).

The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, alliances, joint ventures, and collaboration. Contracts and agreements was the most commonly adopted strategy from February 2016 to February 2019. These industry players also adopted new product launches as major strategies during that period.

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Hyundai Heavy Industries is one of the leading shipbuilding and engine manufacturers which offers marine engines to commercial, offshore support, and military organizations globally. It operates through 7 business segments, namely, shipbuilding, engine & machinery, offshore & industrial plant, electro electric systems, construction equipment, green energy, and others. Its product portfolio includes marine diesel engines and dual fuel engines, with applications in the commercial and offshore support vessels. In January 2019, Hyundai Heavy Industries signed a contract to take over Daewoo Shipbuilding & Marine Engineering (DSME) for receipt of all government licenses and permits as well as the approval of business combination by domestic and foreign regulatory authorities.

Caterpillar is a provider of engines, construction and mining equipment, diesel-electric locomotives, and industrial gas turbines across the globe. The company offers products to numerous industries such as agriculture, defense, construction, marine, electric power generation, mining, and landscape. It offers both diesel and natural gas engines to the customers. The company operates its product division in 5 segments, namely, energy & transportation, construction industries, resource industries, financial products, and other segments.  In February 2019, Caterpillar Marine announced the development of new technology solutions for the European Union (EU) Inland Waterway (IWW) vessels, and it would be available starting in 2020 for various power ranges.

Related Reports:

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

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Report Code
EP 3977
RI Published ON
4/5/2019
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