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Marine Engine Market to Reach $18.09 Billion, Globally, by 2030 at 4.7% CAGR: Allied Market Research

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Allied Market Research

06 Apr, 2022, 11:30 GMT

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Increase in international marine freight transport, rise in water sports activities, and huge demand for two stroke marine engines drive the growth of the global marine engine market.

PORTLAND, Ore., April 6, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Marine Engine Market by Ship Type (Bulk Carriers, General Cargo Ships, Container Ships, Ferries & Passenger Ships, Oil Tankers, and Others), Capacity (300 To 500 HP, 500 To 1000 HP, 1001 To 2000 HP, 2001 to 5000 HP, and more than 5001 HP), and Fuel Type (Heavy Fuel Oil, Intermediate Fuel Oil, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030" As per the report, the global marine engine industry was accounted for $11.62 billion in 2020, and is expected to reach $18.09 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.

Major determinants of the market growth

Surge in international marine freight transport, increase in water sports and leisure activities, and high demand for two stroke marine engines have boosted the growth of the global marine engine market. However, fluctuations in transportation and inventory costs and surge in adoption of fully electric vessels hinder the market. On the contrary, development of engine technology and surge in adoption of fuel fuel-based marine engines would unlock new opportunities in the future.

Download Report (299 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/1579

Covid-19 scenario:

  • The Covid-19 outbreak forced governments to impose strict lockdown regulations and ban import-export of raw materials. This led to a sudden fall in procurement of raw materials and disrupted the supply chain.
  • However, as the world is returning to normalcy in business activities, the market growth will get back on track soon. The decreasing fatality and increase in vaccination drives have improved the demand for ship refurbishment and shipbuilding.

Request for Customization at https://www.alliedmarketresearch.com/request-for-customization/1579

The bulk carriers segment dominated the market

By ship type, the bulk carriers segment held the largest share in 2020, accounting for around two-fifths of the global marine engine market, owing to rise in international seaborne trade and maritime freight transport. However, the ferries and passenger ships segment is estimated to register the highest CAGR of 6.7% during the forecast period, due to rise in adoption of recreational activities, water touring, and other leisure activities.

The intermediate fuel oil segment to portray the highest CAGR through 2030

By fuel type, the intermediate fuel oil segment is projected to manifest the highest CAGR of 5.4% from 2021 to 2030. However, the heavy fuel oil segment held the largest share in 2020, accounting for around two-thirds of the global marine engine market, as it is widely used in marine vessels and cost-effective.

Interested to Procure the Data with Actionable Strategy & Insights? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/1579

Asia-Pacific, followed by Europe and North America, to manifest the highest CAGR by 2030

By region, the global marine engine market across Asia-Pacific, followed by Europe and North America, is anticipated to showcase the highest CAGR of 5.3% during the forecast period. In addition, the region dominated in 2020, accounting for nearly half of the market, owing to cheap wages, growing seaborne trade, and strong government backing.

Major market players

  • Caterpillar Inc.
  • Hyundai Heavy Industries Co., Ltd
  • Cummins Inc.
  • Mercury Marine
  • MAN Energy Solutions
  • Rolls Royce plc
  • Mitsubishi Heavy Industries Ltd
  • Wartsila
  • Volvo Penta
  • Yanmar Holdings Co., Ltd.

Buy Complete Report Now! https://www.alliedmarketresearch.com/checkout-final/659ec7c43a44aeef5fdfbbbba808ee00

Similar Reports We Have on Marine Industry:

Marine Diesel Engine Market by Engine System (low speed, medium speed, and high speed) and by type (2 stroke and 4 stroke) - Global Opportunity Analysis and Industry Forecast, 2017-2030.

Marine Fuel Injection System Market by Component (Fuel Injector, Fuel Pump, Fuel Valves, ECU, and Others), Power Rating (0 HP-2000 HP, 2,000 HP-10,000 HP, 10,000 HP-20,000 HP, 20,000 HP-50,000 HP, 50,000 HP-80,000 HP, >80,000 HP), and Application (Commercial Vessels, Offshore Support Vessels, Inland Waterways Vessels) - Global Opportunity Analysis and Industry Forecast, 2014 – 2030.

Submarine Market by Type (Nuclear Powered Submarine , Diesel Electric Submarine and Ballistic Missile Submarine), Application (Surveillance, Combat, Marine Environmental Monitoring, Detection of Oil Resources, Scientific Research and Others) and Platform (Commercial and Military): Global Opportunity Analysis and Industry Forecast, 2020–2030.

Marine Fender Market by Ownership (Public and Private), Manufacturing Process (Molding, Extrusion and Others), Fender (Rubber, Foam, Pneumatic, Timber and Other), Application (Dockyards and Ships): Global Opportunity Analysis and Industry Forecast, 2021–2030.

Marine Solar Panel Market by Cell Type (Monocrystalline, Polycrystalline and Flexible), Charging Power (<50, 50-100 and >100), Application (Leisure Boats, Fishing Boats and Ships): Global Opportunity Analysis and Industry Forecast, 2021–2030.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com 
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Allied Market Research Blog: https://blog.alliedmarketresearch.com 
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Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg 

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