According to study, “World Marine Engine Market Research Report 2024(covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world marine engine market are MANDiesel & Turbo SE, Mitsubishi Heavy Industries Marine Machinery & Engine, Wartsila, Marine Engines, Perkins,Yanmar Holdings, Cummins Inc., Scania AB,DUKE Engines, ISUZU, Deutz AG, Doosan, Weichai Holding Group, CSIC, Mercury Marine, John Deere,GETransportation, Canaline Engines,UTC Aerospace Systems, Brunswick Corporation, Rolls-RoycePower Systems AG,YUCHAI, CSIC, CC,SDEC, Wartsila Corp., Zhongji Hitachi Zosen, AB Volvo Group, Weichai, RongAn Power, Hyundai Heavy Industries, Caterpillar Inc., Daihatsu Diesel MFG. Co. Ltd., Dresser-Rand Group, Inc.
Marine engines are type of machines, designed to transform one form of energy into mechanical energy in the marine environment. These are made for the operating in a marine environment, performance, safety, and for regulatory requirements. These are utilized to provide power to marine vessels such asoffshore support vessels, commercial vessels, and other vessels. These engines consist of components for instance crankshaft, pistons, liner, bed plate, and head, which are constructed with corrosion inhibiting materials.
Some essential characteristics are included easy maintenance, fuel efficiency, high performance, quiet operation, durability, and low harmful emissions.
Based on type, marine engine market is segmented into generator drive engines, propulsion engines and auxiliary engines. Based on stroke type, market is segmented into two stroke and four stroke. Based on power, market is segmented into op to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10,000 HP, 10,001 HP to 20,000 HP and above 20,000 HP. Based on fuel type, market is segmented into intermediate fuel oil, marine gas oil, marine diesel oil, heavy fuel oil and other fuels. Based on technology, market is segmented into low speed technology, medium speed technology and high speed technology. In addition, based on application, market is segmented into offshore support vessels, commercial vessels, recreational and others. Offshore support vessels includeplat form supply vessel (PSV), anchor handling tug supply vessel (AHTS) and multi-purpose support vessels (MPSV). Commercial vessels include tankers, container vessels, bulk carriers, and roll on/roll off. Additionally, recreational segment includes ferries, cruise ships and yachts.
The marine engine market is driven by increase in penetration of smart engines for situational awareness & safety, followed by growth in international marine freight transport,increase in demand for luxury vessels such as yachts and cruise, economic steadiness, advent of technologically advanced & extremely reliable engines, rise in maritime tourism, increase in disposable income amongst the individuals, and rise in demand for commercial vessels for instance bulk carriers& gas carriers.. However, dependence on heavy fuel as the primary fuel, fluctuations in oil & gas prices and stringent environmental regulations may impact the market. Moreover, rise in demand for dual-fuel engines and increase in naval budgets are key opportunities for market.
Based on geography, China, South East Asia and Japan holds major share in marine engine market owing to rapid growth in shipbuilding activities. The EU and USA are expected to witness higher growth rate due to rise in maritime activities & tourism and presence of largest manufacturers over the forecast period.
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Ankur Gupta, Head Marketing & Communications