Marine Engine Market Surge from $11.62 Billion in 2020 to $18.09 Billion by 2030, With a Steady 4.7% CAGR

Marine Engine Market Size

OREGAON, PORTLAND, UNITED STATES , April 4, 2024 /EINPresswire.com/ — 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 – https://www.alliedmarketresearch.com/request-sample/1579

Key factors driving development of the 𝐠𝐥𝐨𝐛𝐚𝐥 𝐦𝐚𝐫𝐢𝐧𝐞 𝐞𝐧𝐠𝐢𝐧𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 𝐫𝐚𝐩𝐢𝐝 𝐆𝐃𝐏 𝐠𝐫𝐨𝐰𝐭𝐡, strong economic growth, increase in global seaborne trade, surge in demand for marine freight transportation vessels, high demand of two stroke marine engines, and rise in water sports & leisure activities. However, rise in adoption of fully electric vessels and fluctuations in transportation and inventory costs are some noteworthy trends that hamper growth of the market.

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.

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.

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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/marine-engine-market/purchase-options

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.

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.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 – https://www.alliedmarketresearch.com/purchase-enquiry/1579

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

By ship type, the ferries and passenger ships segment is expected to register a significant growth during the forecast period.
By capacity, the 500 To 1000 Hp segment is projected to lead the global marine engine market.
By fuel type, the others segment is projected to lead the global marine engine market
Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐌𝐚𝐫𝐢𝐧𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/marine-diesel-engine-market – Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/marine-fuel-injection-system-market – Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/submarine-market-A10675 – Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/marine-solar-panel-market-A14588 – Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
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