Marine Engines Market Analysis

Marine Engines Market Analysis

LNG-based marine engines market exceeded USD 1 billion in 2019 and is set to register more significant CAGR in the coming years. Competitive pricing coupled with reduced carbon emissions in commercially viable regions are some of the key factors contributing towards the market expansion.

Diesel engines will gain significant growth in the coming years owing to lesser emissions, oxidation & thermal stability characteristics and reduced costs. Compliance with environment directives formulated by the government authorities to limit the existing emission levels will augment the business landscape.

< 1,000 HP marine engines market is set register over 4.1% CAGR through 2026. The systems are installed in large vessels for enhanced capacity requirement utilized in the transit of vehicle. These systems are widely installed in merchant ships including containers, bulk carriers, cargo ships and tanker vessels.
 

>20,000 HP engines are extensively utilized in tugboats, yachts, and submarines. Increase in demand for passenger vessels, yachts, commercial vessels, and cruise ships will positively impact the business scenario. Rise in disposable incomes coupled with improved standards of living will further boost the product adoption.
 

Medium speed marine engines market is set to witness significant CAGR on account of being lightweight and low maintenance. Increasing marine tourism along with rise in demand for passenger and recreational vessels is set to enhance the product adoption.
 

Upsurge in demand for tugboats coupled with ongoing expansion & construction of local ports will aid the high-speed marine engines adoption. These engines are essentially installed on boats, fishing vessels, small ships, and yachts.
 

Marine engines market from four-stroke propulsion engines is expected to register significant CAGR between 2020 and 2026 owing to the reduced noise levels, cost efficiency, high speed and greater fuel proficiency.
 

Two-stroke engines segment is projected to achieve substantial CAGR of 5.1% through 2026. Ongoing technological development coupled with improved operational efficiency will augment the business landscape. The ability to use economical fuels, uniform turning moment, high load sustainability and wear & tear resistance is set to propel the market forecasts.
 

Offshore marine engines market is projected to surpass USD 1 billion by 2026. Rising demand for offshore support vessels to conduct distinct operations will stimulate the product deployment. Growing drilling activities coupled with robust growth in Exploration and Production (E&P) activities will further boost the industry landscape.
 

Rising maritime trade across the developing economies coupled with the growing shipbuilding activities will induce demand for commercial marine engines. The expansion of major shipping routes especially the choke points will foster the product installation. Post the COVID-19 impact, once the port bans across the globe are lifted, commercial products will further register high growth rate.
 

UAE accounted for over 14% of the Middle East marine engines market share in 2019. Increasing production and exploration activities will stimulate the demand for oil & gas tanker, gas carriers along with platform supply vessels and drill ships. Enforcement of the environmental directives, high-end technology adoption and growing trade practices are some of the prime factors set to augment the product adoption.
 

Increasing shipbuilding activities specifically in South Korea and Japan coupled with a healthy orderbook is projected to boost the business landscape. Technological advancements in product design accompanied with various market players operating in the industry will strengthen the marine engines market statistics.
 

The marine engines are used to generate power for offshore support vessels, commercial vessels, and other marine vessels vessels operating on a variety of fuels including gas oil, diesel oil, hybrid, and LNG. Fuel efficiency, easy maintenance, low harmful emissions, durability, high performance, and quiet operation are the major factors accounting for the product installation.