Marine Engine Market Latest Industry Trends, COVID 19 Impact Analysis, Key Drivers and Future Demand Forecast
Posted on Jun 11 2021 3:22 AM
"Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil), By Speed, By Stroke and Regional Forecast, 2020-2027"
The global marine engine market is projected to exhibit astonishing growth owing to the substantial expansion of international trade, observes Fortune Business Insights™ in its report, titled, “Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries & Passenger ships, and Others), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP, 40000 – 50000 HP, 50000 – 60000 HP, 60000 – 70000 HP, 70000 – 80000 HP, 80000 – 90000 HP, 90000 – 100000 HP, 100000 – 110000 HP, and Greater than 110000 HP ), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke (Two Stroke, Four Stroke, and Others) and Regional Forecast, 2020-2027.” The global market size was USD 12.49 billion in 2019 and is anticipated to reach USD 14.51 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/marine-engine-market-100771
Global Shutdown amid COVID-19 to Disrupt Global Supply Chain
The global merchandise trade relies heavily on the maritime transport sector as it handles over 80% of the former. Therefore, shutdown of the shipment industry amid the COVID-19 pandemic is anticipated to cause a huge disruption in the global supply chain. Businesses across the world are paralyzed as most of the businesses have shipment as their primary component of operations. We are offering precise market reports based on our expertise and experience in the field of market research, which will help you get rid of the current challenges.
Highlights of the Report:
The report includes a detailed company profile of key players and an in-depth analysis of various market segments. It also includes close study of the various drivers and restraints that drive the market along with a comprehensive understanding of the positive and negative impacts of regional developments on the market.
Drivers & Restraints-
Rapidly Flourishing Global Trade to Drive the Market
Rapidly increasing international trade and the resultant global supply chain are projected to drive the global marine engine market growth. For instance, as per the report published by the International Monetary Fund, the overall growth of world trade has been an average of 6% over the past 20 years. The growth at this rate is twice as fast as the world output over these years. In addition, technological advancements in marine engines are estimated to enhance growth. However, the lack of fuel options due to strict regulations regarding emissions from several countries is anticipated to limit the demand.
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A List of Key Manufacturers Operating in the Global Market:
- Caterpillar (U.S.)
- Cummins (U.S.)
- Hyundai Heavy Industries (South Korea)
- Man Energy Solution (Germany)
- Mitsubishi Heavy Industries (Japan)
- Honda Motors Co. Ltd. (U.S.)
- Wartsila (Finland)
- Kongsberg (Norway)
- Mahindra Powerol (India)
- General Motors (U.S.)
- Yanmar Holdings Co. Ltd. (Japan)
- Doosan Infracore (South Korea)
Oxidation & Thermal Stability Characteristics to Augment the Demand for Marine Diesel Oil
Based on fuel, the marine diesel oil segment dominated the global marine engine market with a 25.5% share in 2020. The oxidation & thermal stability characteristics and reduced costs are the key factors driving the segment growth. Based on ship type, the gas carriers segment is anticipated to exhibit the highest CAGR during the forecast period. This is due to its ability to use natural gas as fuel and emit minimum sulfur oxides and nitrogen oxides.
Presence of Major Manufacturers in the Region to Aid Asia Pacific to Dominate
Asia Pacific is set to lead the global market with a share of USD 5.35 billion in 2020. Leading countries including China and India being the largest manufacturers in the world is a major factor driving the growth of marine engines in the region. For instance, in 2020, nearly 41% of the total goods exported were manufactured in the region. On the other hand, the total value of goods imported reached 62%.
The market in Europe is anticipated to exhibit significant growth in the forecast timeframe. Robust infrastructure for shipping gives a competitive advantage to the region. For instance, the contribution of the EU shipping industry to the European Union’s annual GDP is a total of €147 billion.
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1. By Fuel Type
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marie Diesel Oil
- Marine Gas Oil
2. By Propulsion
- Two-Stroke Engine
- Four Stroke Engine
3. By Power Range
- Up to 1000HP
- 1001HP – 5000HP
- 5001HP – 10000HP
- 10001HP – 20000HP
- Above 20000HP
4. By Application
- Offshore Support Vessel
- Commercial Vessel
- Other Vessel
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Offering Tailor-made Products to Help Key Players Gain Competitive Advantage
Key players operating in the market are focused on providing customized products as per the requirement of their clients. This will help them gain a competitive advantage over other enterprises. In August 2020, Ports of Auckland ordered the world's first full-size electric tugboat from Damen Shipyards of the Netherlands. The latter is set to build a 70-tonne bollard pull all-electric tug for delivery in 2020.
- In October 2020, Mitsubishi Shipbuilding Co., Ltd., was granted Approval in Principle from the French Classification Society, Bureau Veritas (BV), for a Liquefied Natural Gas (LNG) fuel gas supply system (FGSS) for marine four-stroke dual fuel engines.
- In March 2020, Hyundai Heavy Industries and Korea Development Bank have signed a definitive agreement to acquire Daewoo Shipbuilding & Marine Engineering (DSME). Under this agreement KDB will make a significant contribution to Korea Shipbuilding & Offshore Engineering (KSOE), to be established as an independent company from HHI to control the group’s shipbuilding companies including HHI by transferring its shares in DSME in return to claim equity stakes in KSOE.
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Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Marine Engines Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Marine Engine Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Ship Type
- Oil Tankers
- Bulk Carriers
- General Cargo Ships
- Container Ships
- Gas Carriers
- Chemical Tankers
- Support Vessel
- Ferries and Passenger ships
- Market Analysis, Insights and Forecast – By Capacity
- 0 - 10000 HP
- 10000 - 20000 HP
- 20000 - 30000 HP
- 30000 - 40000 HP
- 40000 - 50000 HP
- 50000 - 60000 HP
- 60000 - 70000 HP
- 70000 - 80000 HP
- 80000 - 90000 HP
- 90000 - 100000 HP
- 100000 - 110000 HP
- Greater than 110000 HP
- Market Analysis, Insights and Forecast – By Speed
- High Speed
- Medium Speed
- Low Speed
- Market Analysis, Insights and Forecast – By Fuel
- Heavy Fuel Oil
- Intermediate Fuel Oil
- Marine Diesel Oil
- Marine Gas Oil
- Market Analysis, Insights and Forecast – By Stroke
- Four Stroke
- Two Stroke
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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