According to Acumen Research and Consulting, the global marine engines market size is expected to reach around US$ 14.4 billion by 2026 and anticipated to grow at a CAGR of 4.5 % over the forecast time period 2019 to 2026.
Marine motors are used to power offshore ships, business ships and other naval ships working on a range of fuels, including gas oil, diesel petroleum, hybrids and LNG. The main considerations in item assembly include fuel efficiency, simple servicing, low damaging emissions, durability, elevated performance, and smooth operation.
The report provides analysis of global Marine Engines market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Increasing worldwide seaborne trade in the developing economies will encourage the marine motors market share to grow, owing to a favorable perspective for the shipping industry. Advances in technology and layout, quick shifts from traditional gas to low sulfur fuel, and stringent public requirements to clean fuel will increase demand for LNG, LSFO and hybrid gas motors.
Implementing public laws aimed at reducing marine pollution in large part across Emission Control Areas (ECAs) has driven the need for low-emission motors. Enhanced attempts to increase motor capacity have resulted to the growth of reliably sophisticated technologies. Increasing demand for economically feasible motors and increased maritime tourism will further boost the implementation of products.
Owing to its less polluting emissions, lower costs and increased oxidation and thermal stability characteristics, marine diesel fuel has gained significant penetration in seafarers. Additionally, compliance with government environmental regulations to reduce existing emission levels will enhance the business landscape.
The marine LNG sector in 2017 was estimated at over $1.1 billion. Reduced carbon emissions and competitive pricing in commercially feasible areas are some of the important parameters that have a positive effect on item assembly. Furthermore, the expansion of the ECA areas and positive perspectives for the shipbuilding industry will promote the industrial landscape.
< 1,000 HP marine motors will see more than 5 percent increases by 2026. These devices are mounted in big vessels for improved car transit energy requirements. Motors are commonly used in commercial vessels including freight vessels, bulk carriers, tanker vessels and containers. In submarines, yachts and tug boats, > 20,000 HP engines are widely used. The business scenario will be complemented by increasing demand for yachts, passenger ships, commercial ships and cruise ships. Increasing disposable incomes and improved living standards are further driving product adoption.
Medium speed is due to low maintenance and lightweight growth. Growing maritime tourism and rising demand for passenger and recreational boats will increase product adoption. In addition, the systems are extensively deployed in ships including cruises and ferries.
Growing demand for tugboats together with continued development and development of local seaports will fuel acceptance of high-speed marine motors. The motors are mainly installed on ferries or boats, small vessels, fishing boats and yachts. The industry outlook will also be further strengthened by underline factors including compact size, improved engine performance and efficiency.
Due to reduced noise levels, high speed, cost efficiency and higher fuel efficiency, the four-stroke propulsion engines can see significant growth. Moreover, there is no need for engines to add lubricant which generates less pollution and thus increases the business landscape.
Two-hour motors are expected to grow substantially by 4.5 percent by 2026. The business landscape will be encouraged by technological improvements along with improved operational efficiency. Enhanced fuel efficiency, elevated load durability, standardized turning times and decreased wear & tear resistance are expected to improve item acceptance.
It is expected that the offshore engine sector will achieve USD 2.1 billion by 2026. Increasing demand for offshore aid ships to conduct separate activities will encourage item implementation. The sector situation will further consolidate the positive perspective for boiling operations combined with solid development in Exploration and Production (E&P) operations. The growing naval trade across the emerging economies and the increase of shipbuilding activity will stimulate demand for commercial marine motors. The opening and extension of main transport paths, particularly the choke points, will encourage item assembly.
In 2018, UAE accounted for more than 22% of the worldwide business share. The growing exploration and manufacturing operations will increase demand for gas companies, oil tankers, drilling ships and supply ships. Implementation of environmental norms, increasing commercial procedures and high-end technology implementation are further aimed at stimulating consumer acceptance.
The company environment is expected to be driven by the rising shipbuilding operations especially in Japan, followed by a good orderbook. The sector view will be further enhanced by continuous technical progress in product design and growth along with various producers working in the sector.
Global Marine Engines Market, by Fuel
Global Marine Engines Market, by Power
Global Marine Engines Market, by Technology
Global Marine Engines Market, by Propulsion
Global Marine Engines Market, by Application
Global Marine Engines Market, by Geography
The market research study on “Marine Engines Market Size, Share & Trends Analysis Report by Fuel, Power, Technology, Propulsion, Application, and Region - Global Industry Size, Share, Trends and Forecast 2019 - 2026” offers detailed insights on global Marine Engines market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
Major players included in this report are Duetz, Shanghai Diesel Engine, Anglo Belgian Corporation, Caterpillar, Brunswick, Rolls Royce, Cummins, John Deere, STX Engines, Scania, MAN Energy Solutions, and Volvo Penta. The producers focus mainly on fresh brand launches, mergers & acquisitions and R&D in order to achieve competitive benefit in the industry.