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According to Market Research Future (MRFR), the global marine engine market is estimated to expand at 4.5% CAGR from 2017 to 2023 (forecast period). The report highlights the market opportunities and market implications that emerged as a consequence of the COVID-19 pandemic.
Marine Engines Market are machines used to provide power to marine vessels such as commercial vessels, offshore support vessels, and other vessels. These engines are made up of crankshaft, liner, pistons, bedplate, and head. These components are made of corrosion-inhibiting materials, and their seals and bearings are specially designed for the sea operating environment. Developing new technologies and manufacturing processes in the marine engine industry have addressed the environmental regulations on the emission of harmful gases. Characteristics such as fuel efficiency, easy maintenance, high performance, reliability, quiet operation, and low harmful emissions make marine engines suitable for marine applications.
Rapid growth in shipbuilding activities worldwide has recently been one of the main factors driving demand in the marine engine industry. Growing demand for luxury vessels, such as cruises and yachts, as a result of increasing disposable income among individuals, has been a significant sponsor of increasing demand in the marine engine industry. The global increase in demand for commercial vessels, like bulk carriers and gas carriers, has contributed significantly to the rapid growth of the marine engine industry.
The marine engine market is expected to have substantial developments over the forecast period due to continuous technological advancements in the marine sector linked to growing sea-borne activities. The market is also likely to have a significant number of expansion activities by multinationals and well-established firms. Mergers and acquisition activities are likely to be seen during the forecast period, with many contracts and agreements between leading manufacturers and shipbuilding companies around the globe.
The global market for marine engines is expected to have incredible growth over the projected period. This is attributed to the massive increase in the number of leisure marine travelers, the rapid expansion of the global seaborne transport industry, the introduction of technologically advanced and highly reliable engines, economic stability, and rising individual disposable incomes.
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The global market for marine engine has been segmented based on power, application, and fuel.
Regionally, the global marine engine market has been segmented into Europe, Asia Pacific, North America, and the Middle East & Africa.
The Asia Pacific region is expected to dominate the market for marine engines and is also likely to be the fastest-growing market in the forecast period. The high growth rate is related to increased shipbuilding activities, especially in South Korea, Japan, China, and South-East Asian countries such as Singapore, Indonesia, and Malaysia. These countries have a booming market for marine engine manufacturers in the continent to explore, grow their operations, and gain more significant market share. In 2016, Europe was the second largest region. Countries such as Croatia, Denmark, Finland, Germany, France, Greece, and Italy are the leading shipbuilding nations in Europe. Increasing maritime activities and tourism in the European region has developed a productive market for the shipping industry and subsequently for marine engines’ manufacture. North America saw stagnant growth in 2016 and is projected to sustain growth over the forecast period. The U.S. held the largest market share in North America, with more than 80% of its market share in 2016, and is predicted to remain dominant over the projected period.
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