Global Marine Engines Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Marine Engines Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global marine engines market report has been segmented on the basis of vessel type, power, fuel, and region.

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Global Marine Engines Market: Overview

Marine engines are used to generate thrust and propel the ships to move across waters. They are installed on ships, boats, or any type of water vessel. There are various types of marine engines in the market namely diesel engines, steam turbine engines, gas turbines, diesel-electric drive engines, etc. Marine engines drive the pumps, electric generators, fans, and various other equipment in the ships, boats, etc. Marine engines can be classified as auxiliary engines and main engines. In the case of main engines, they are used to propel the waterborne vessels. A marine engine is selected according to size and functionality of the vessels or crafts. A marine engine is one of the vital components of power supply system in every vessel.

Global Marine Engines Market: Dynamics

Increasing demand for ships for commercial trade, coupled with growing sea trade are major factors driving the growth of the global marine engines market. In addition, increasing demand for fuel-efficient marine engines for reducing carbon emissions is another factor supporting the growth of the global market. Increasing the production of ships that is resulting in increasing demand for marine engines that are fuel-efficient, reliable, and durable. Furthermore, increasing demand for pleasure crafts, as well as rising investments by players to improve the fuel efficiency of marine engines in order to enhance customer experience are factors expected to fuel the growth of the global marine engines market over the forecast period.

However, stringent government regulations regarding diesel engines are a factor that may hamper the growth of the global marine engines market. Nevertheless, the growing adoption of hybrid fuel engines can create high revenue opportunities for prominent players in the target market.

Global Marine Engines Market: Segment Analysis

Among the vessel type segments, the commercial vessel segment is expected to dominate in the global market in terms of revenue over the forecast period. Growing maritime trade is a key factor driving the growth of the vessel type segment in the global market. Increasing demand for pleasure crafts, especially in developed countries, is another factor anticipated to support the growth of this segment in the near future. Among the fuel segments, the heavy fuel oil segment is anticipated to account for a significant share in terms of revenue over the forecast period. The marine gas oil segment is anticipated to register lucrative revenue growth in the coming years.

Global Marine Engines Market: Regional Analysis

The market in the Asia Pacific is expected to account for a major share in terms of revenue over the forecast period. High sea trade in countries in this region is a key factor propelling the growth of the target market in this region. Increasing investments for shipbuilding and port construction is another factor anticipated to support the growth of the marine engine market in the Asia Pacific. In addition, increasing the adoption of fuel-efficient marine engines is a factor fueling the growth of the target market in this region. The market in North America and Europe anticipated witnessing lucrative growth in terms of revenue over the forecast period.

Global Marine Engines Market Segmentation:

Segmentation by vessel type:

 	
Offshore Support Vessels
 	
Commercial Vessels

Segmentation by power:

 	
Above 20,000 HP
 	
10,001 to 20,000 HP
 	
5,001 HP to 10,000 HP
 	
1,001 HP to 5,000 HP
 	
Up to 1,000 HP

Segmentation by fuel:

 	
Marine Diesel Oil
 	
Heavy Fuel Oil
 	
Marine Gas Oil
 	
Intermediate Fuel Oil

The leading players covered in this market are:

 	
Anglo Belgian Corporation
 	
Brunswick Corporation
 	
Caterpillar
 	
Cummins Inc
 	
Daihatsu Diesel Mfg. Co., Ltd
 	
Rolls-Royce
 	
DEUTZ AG
 	
IHI Corporation Ltd
 	
John Deere
 	
Shanghai Diesel Engine Co., Ltd
 	
Siemens Oil and Gas
 	
Scania
 	
MAN Energy Solutions
 	
STX Engine
 	
Volvo Penta
 	
Wärtsilä
 	
Weichai Power Co., Ltd
 	
Guangxi Yuchai Group
 	
Yanmar Holdings Co., Ltd
 	
Yamaha Motor Co.,
 	
Hyundai Heavy Industries