A comprehensive overview of the global marine engines industry is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the marine engines industry globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The global marine engines industry is likely to showcase a robust growth of around ~3.8% during the forecast period (2021-2027).
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Market Overview
The marine transport sector is considered the pillar of international trade. According to the International Chamber of Shipping (United Kingdom), more than 90% of the global merchandise trade in terms of volume is conceded via sea/ocean. The cost of transportation via sea is considered cheaper compared to that of rail and road transport. Asia-Pacific is considered the leading supplier of manufactured goods, thus, the overall demand for container ships is significantly high in the Asia-Pacific region. Most shipbuilding companies, including manufacturers of propulsion systems and engines, are headquartered in the Asia-Pacific region. Thus, the demand for maritime transport services and the growth of the shipping industry in the Asia-Pacific region is expected to provide ample growth opportunity for the marine engines manufacturers during the forecast period 2021-2027.
COVID-19 Impact
The global COVID-19 pandemic has affected the maritime trade globally which in turn has reduced the demand for procurement of new marine vessels. According to the estimates provided by the United Nations Conference on Trade and Development, the global maritime trade will plunge by 4.1% in 2020 due to the unprecedented disruption caused due to COVID-19. Moreover, one of the most noteworthy near-term impacts on marine engines was the disruptions in the supply chain caused due to the shutting down of various industries and factories owing to the lockdown restrictions around the globe. Furthermore, with the decline in the global economy, cessation in production, and lockdowns, the demand for commercial vessels is facing a downturn. In addition, the cancelation of cruise ships and the decrease in the maritime transport of the passengers has also negatively impacted the demand for marine engines globally..
Global marine engines industry report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Power Range (KW), the market is primarily bifurcated into:
· 400-560
· 561-1000
· 1001-2000
· 2001-3500
· 3501-5000
· 5001-7500
· Above 7500
Soaring demand for recreational vessels including ferries, passenger vessels, yachts, and cruises with increasing marine tourism are some key factors influencing the market outlook. Moreover, various cruise ship manufacturers are currently looking to expand their portfolio by introducing state-of-the-art vessels that are designed to deliver a better passenger experience is expected to accentuate the market size of lower KW marine engines. Furthermore, different advanced technologies are being used in the production of these engines to improve their fuel efficiency and performance. This is an important factor enhancing the demand for two-stroke engines among boat owners in developing nations of the world. In addition, change in lifestyle of people fueled by growth in high-net-worth individuals, a rise in inclination toward recreational and leisure activities, and a surge in the trend of yacht tourism. This is further expected to drive the market for marine engines during the forecast period.
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By Fuel, the market is primarily bifurcated into:
· Heavy Fuel oil
· Intermediate Fuel Oil
· Marine Diesel Oil
· Marine Gas Oil
· Others
Based on fuel, the report segments the market into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, and other. Currently, the heavy fuel oil segment dominated the market and is expected to maintain its dominance throughout the analyzed period. A high share of the segment can be credited to its increased application in medium and low-speed marine engines. Corvus Energy is thinking along similar lines, with a late 2020 announcement that it was partnering with Toyota, to bring its fuel cell technology to the maritime sector, with plans to develop and produce Proton Exchange Membrane (PEM) fuel cell systems for the global maritime industry.
Global Marine Engines Industry Geographical Segmentation Includes:
· North America
Ø United States
Ø Canada
Ø Rest of North America
· Europe
Ø Germany
Ø United Kingdom
Ø Italy
Ø France
Ø Spain
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø Japan
Ø India
Ø South Korea
Ø Rest of Asia-Pacific
· Rest of World
The Asia Pacific with countries such as China, Japan, South Korea, India, and Australia among others is expected to dominate the marine engines market during the forecast period. China, Japan, and South Korea are considered the major manufacturing hubs for marine engines, providing ample growth opportunities for the manufacturer. Rising investments in shipbuilding and commercial freight transport in the key markets offer high-growth opportunities for the marine engines market in the Asia Pacific region. The growth of international marine freight transport paired with the rising number of ships are the major factor driving the demand for the marine engine in the Asia-Pacific region. In addition, Asia-Pacific handles more than 70% of the volume of the global cargo at the ports per year. In 2019, Hyundai Heavy Industries, one of the leaders of the South Korean shipbuilding industry, forecast new orders of US$15.9 billion.
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The major players targeting the market includes:
· Cummins Inc.
· Caterpillar
· MAN Energy Solutions
· Mitsubishi Heavy Industries
· Volvo Penta
· Rolls-Royce
· Hyundai Heavy Industries Co. Ltd.
· General Electric Company
· DEUTZ AG
· Winterthur Gas Diesel
· Yanmar Co. Ltd.
· Daihatsu Motor Co. Ltd.
· Wärtsilä Corporation
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Marine Engines Industry. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global marine engines industry?
· Which factors are influencing global marine engines industry over the forecast period?
· What are the global challenges, threats, and risks in the global marine engines industry?
· Which factors are propelling and restraining the global marine engines industry?
· What are the demanding global regions of the global marine engines industry?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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