- The commercial segment is expected to hold the largest share of the marine engines market, by vessel, during the forecast period.
- The propulsion segment is expected to be the fastest growing segment of the marine engines market, by engine, during the forecast period.
- The Asia Pacific region is estimated to be the largest and the fastest growing market for marine engines.
The global marine engines market is projected to reach $16.4 billion by 2024 from an estimated $14.0 billion in 2019, at a CAGR of 3.11%. This growth can be attributed to factors such as growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety. Marine engines are the main source of power in ships, and therefore, play a vital role in the shipbuilding industry.
The global marine engines market is dominated by few major players that have a wide regional presence. The leading players in the marine engines market are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), and Volvo Group (Sweden).
The Asia Pacific region is estimated to be the largest and the fastest growing market for marine engines during the forecast period. The region has been segmented, by country, into China, Australia, India, Japan, South Korea, and Rest of Asia Pacific. The growth of this region 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. The demand for marine engines in the defense sector is projected to increase because of the ongoing territorial conflicts among countries such as China, the Philippines, North Korea, Japan, India, Vietnam, Pakistan, and Afghanistan, thereby driving the marine engines market.
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The marine engines market, by vessel, is segmented into commercial, offshore support, and others. The commercial segment holds the largest market share in 2019 and is projected to grow at the second highest CAGR during the forecast period. An increase in the international seaborne trade has increased the commercial vessel count, thereby increasing the usage of marine engines in commercial vessels. Others is projected to grow at the fastest CAGR due to increased usage of ships in defense, demand for small ferries for maritime tourism, and increased demand for bunkering & fleet replenishment vessels.
The report segments the marine engines market, by engine, into propulsion and auxiliary segments. The propulsion segment of the marine engines market is expected to grow at the highest CAGR during the forecast period, as they are the main supporting system of a ship and are an integral part of the ship’s propulsion mechanism. They support the main power supply of the vessel.
The Asia Pacific region is expected to hold the largest market share for the commercial segment between 2019 and 2024 because the growth of the seaborne trade has subsequently led to an increase in the 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 for the marine engines market.
Europe is the projected to be the second largest region, with countries such as Germany, Italy, the Netherlands, and Poland commissioning marine engines. The Europe shipbuilding industry constructs complex naval vessels such as cruise ships, ferries, mega yachts, submarines, and dredgers (offshore vessels) and holds a strong position in the international market which is driving the European marine engines market.