CHICAGO, April 9, 2019 /PRNewswire/ –According to the new market research report “Marine Engines Market by Power (<1, 1-5, 5-10, 10-20 & >20) 000 hp, Vessel (Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel and Gas Oil), Engine (Propulsion & Auxiliary), Type (2 & 4-Stroke) & Region – Global Forecast to 2024″, published by MarketsandMarkets™, the global Marine Engines Market is projected to reach USD 16.4 billion by 2024 from an estimated USD 14.0 billion in 2019, at a CAGR of 3.11%. This growth can be attributed to the growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety.
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The commercial segment is expected to hold the largest share of the Marine Engines Market, by vessel, during the forecast period.
The commercial segment is estimated to dominate the Marine Engines Market in 2019 and is projected to have the largest market share during the forecast period. This is mainly because there is an increase in international seaborne trade leading to the increase in the commercial vessel count, thereby increasing the usage of marine engines in commercial vessels.
Browse in-depth TOC on “Marine Engines Market”
79 – Tables
42 – Figures
150 – Pages
The propulsion segment is expected to be the fastest growing segment of the Marine Engines Market, by engine, during the forecast period.
The propulsion segment accounted for the highest CAGR during the forecast period. The growth of this segment can be attributed to the fact, that, they are the main supporting systems of a ship and are an integral part of the ship’s propulsion mechanism. They support the main power supply of the vessel. Countries such as China, South Korea, and Japan are witnessing growth in seaborne trade which has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. This is expected to increase the demand for Marine Engines Market in the forecast years in the propulsion segment.
Asia Pacific: The leading market for marine engines.
In this report, the Marine Engines Market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. The growth of Asia Pacific is primarily driven by countries such as China, South Korea, and Japan, which, are considered as the main manufacturing hubs for marine engines. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in the maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. Thus, the rise in the number of ships has contributed to the growing demand for propulsion systems and engines in the Asia Pacific region.
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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the Marine Engines Market. Some of the key players are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan) Volvo Group (Sweden), Rolls-Royce (UK), Wärtsilä (Finland), Cummins (US), GE Transportation (US), and DEUTZ AG (Germany). The leading players are adopting various strategies to increase their shares in the Marine Engines Market.
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