The Marine Engines Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Marine Engines Global Market Report 2024, The marine engines market size has grown strongly in recent years. It will grow from $9.92 billion in 2023 to $10.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to infrastructure development and port expansion, industrialization and trade expansion, military and defense applications, growth in commercial shipping, development of passenger cruise industry.
The marine engines market size is expected to see strong growth in the next few years. It will grow to $13.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to impact of digitalization and IoT, rise in offshore wind and energy projects, focus on autonomous vessels, global trade expansion, expanding cruise and passenger shipping. Major trends in the forecast period include adoption of advanced propulsion systems, growth in compact and high-power engines, emphasis on durability and reliability, digitalization and IoT integration, development of autonomous vessels.
Growth in international marine freight transport is expected to drive the marine engine market. Marine freight transport refers to ships or cargo used to move goods from one location to another. Marine transport is cheaper and more feasible than railroad and air transportation for international transport. According to an article published by World Economic Forum, in 2021, approximately 90% of the world’s products were transported by water transport. Further, in the last 20 years, the average size of a container ship has doubled, with the most prominent ships capable of transporting 24,000 containers. Thus, an increase in international marine freight transport will increase the demand for marine engines.
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The marine engines market covered in this report is segmented –
1) By Engine Type: Diesel Engine, Gas Turbine, Natural Engine, Other Engine Types
2) By Ship Type: Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ship
3) By Fuel Type: Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, Other Fuel Types
4) By Stroke: Four Stroke, Two Stroke
5) By Power Range: Up to 1,000 HP, 1,001–5,000 HP, 5,001–10,000 HP, 10,001–20,000 HP, Above 20,000 HP
Major companies operating in the marine engine market are focusing on innovative products, such as modular 4-stroke marine engines, to better meet the needs of their existing consumers. Modular 4-stroke marine engines are maritime propulsion systems that are modular in design and run on a 4-stroke combustion cycle. For instance, in September 2022, Wartsila Corporation, a Finland-based company that manufactures marine engines and other equipment, launched a unique and innovative Wartsila 25 medium-speed 4-stroke engine. This Wärtsilä 25 engine addition to the company’s engine portfolio is intended to expedite and support the marine industry’s efforts to achieve decarbonized operations. The modularity of the Wartsila 25 engine provides shipowners and operators with maximum flexibility, while the engine’s efficiency and fuel economy bring reduced emissions. The engine can run on diesel, LNG, gas, or liquid carbon-free biofuels and it can be updated to run on future carbon-neutral fuels as they become accessible. Having varied valve timing choices is a critical facilitator for future fuel and pollution optimization. The Wartsila 25 is the first Wartsila engine designed to run on ammonia as a fuel.
The marine engines market report table of contents includes:
1. Executive Summary
2. Marine Engines Market Characteristics
3. Marine Engines Market Trends And Strategies
4. Marine Engines Market – Macro Economic Scenario
…
32. Global Marine Engines Market Competitive Benchmarking
33. Global Marine Engines Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Engines Market
35. Marine Engines Market Future Outlook and Potential Analysis
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