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World Market Analysis for Marine Engines, by Power, Vessel, Engine, Type and Region with Forecast to 2025
Dublin, Feb. 01, 2021 (GLOBE NEWSWIRE) -- The "Global Marine Engines Market by Power (&lessThan;1, 1-5, 5-10, 10-20, Over 20) Thousand HP, Vessel (Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel, Gas Oil), Engine (Propulsion, Auxiliary), Type, and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global marine engines market is projected to grow from USD 11.8 billion in 2020 to USD 13.7 billion by 2025; it is expected to grow at a CAGR of 3.1% from 2020-2025.
The key factors driving the growth of the marine engine market include growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety.
However, due to the COVID-19 pandemic, and resultant extensive lockdowns, halted production, and decline in trade of goods apart from essential items, the marine sector has been affected to a large extent. Marine and shipping industries rely on other sectors such as commercial cruises, cargo vessels, and the offshore oil & gas industry. Due to worldwide lockdowns and lack of demand for cruise and cargo ships, the marine engine market has been highly impacted.
The marine engines market by segment is categorized into propulsion engine and auxiliary engine. The propulsion engines segment is expected to grow at the fastest rate during the forecast period. Propulsion engines are the key component on any marine vessel. These engines are responsible for providing thrust and power to vessels to move and sail the oceans. These engines act as prime movers of ships and are thus major assets of all vessels. With the growing demand for marine freight transport and marine tourism the demand for sips and vessels is expected to increase which is further expected to drive the demand for marine propulsion engines.
Asia-Pacific is expected to be the largest and fastest marine engines market during the forecast period. Asia-Pacific comprises China, Japan, South Korea, India, Australia, and the Rest of Asia-Pacific. Asia-Pacific is a global leader in the shipbuilding industry both in terms of exports and imports. It is considered to be a lucrative region for maritime trade. Countries such as China, Japan, and South Korea are considered as the main manufacturing hubs for marine engines. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in the maritime trade. 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Pre- and Post-COVID-19 Scenario Analysis
4 Premium Insights
4.1 Attractive Opportunities in the Marine Engines Market During the Forecast Period
4.2 Marine Engines Market, by Region
4.3 Asia-Pacific Marine Engines Market, by Vessel and Country
4.4 Marine Engines Market, by Vessel
4.5 Marine Engines Market, by Power Range
4.6 Marine Engines Market, by Engine
4.7 Marine Engines Market, by Fuel
4.8 Marine Engines Market, by Type
5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 Road to Recovery
5.4 COVID-19: Economic Assessment
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Growth in International Marine Freight Transport
5.5.1.2 Increasing Adoption of Smart Engines for Situational Awareness and Safety
5.5.1.3 Growth in Maritime Tourism
5.5.2 Restraints
5.5.2.1 Stringent Environmental Regulations Worldwide
5.5.2.2 Dependence on Heavy Fuel as the Primary Fuel
5.5.3 Opportunities
5.5.3.1 Increased Naval Budgets Worldwide
5.5.3.2 Rising Demand for Dual-Fuel Engines
5.5.4 Challenges
5.5.4.1 Fluctuations in Oil & Gas Prices
5.5.4.2 Shipping Overcapacity
5.5.4.3 Impact of COVID-19
5.6 Adjacent and Interconnected Markets
6 Marine Engines Market, by Power Range
7 Marine Engines Market, by Vessel
8 Marine Engines Market, by Fuel
9 Marine Engines Market, by Engine
10 Marine Engines Market, by Type
11 Marine Engines Market, by Region
12 Competitive Landscape
13 Company Profiles
13.1 MAN SE
13.2 Wartsila
13.3 Caterpillar
13.4 Volvo Group
13.5 Deutz AG
13.6 Hyundai Heavy Industries
13.7 Cummins
13.8 Rolls-Royce
13.9 John Deere
13.10 Yanmar Holdings
13.11 Mitsubishi Heavy Industries
13.12 GE Transportation
13.13 Daihatsu Diesel MFG
13.14 IHI Power System
13.15 Fairbanks Morse
13.16 Japan Engine Corporation
For more information about this report visit https://www.researchandmarkets.com/r/16ean0
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