Categories: Oil & Gas

Marine Propulsion Engines Market Analysis 2023

The Marine Engines Global Market Report 2023 by The Business Research Company, provides marine engines market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/marine-engines-global-market-report

According to The Business Research Company’s Marine Engines Global Market Report 2023, the global marine engines market size grew from $9.48 billion in 2022 to $10.13 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of global marine engines is expected to grow to $12.17 billion in 2027 at a CAGR of 4.7%.

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.

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he marine engines market 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

Cloud-based technology to monitor marine engines is the key trend gaining popularity in the marine engines market. Cloud monitoring is a technique for examining, evaluating, and regulating the operational workflow of a cloud-based IT infrastructure. Increasing efforts toward expanding engine capacities have further led to the development initiatives for designing reliably advanced systems. For instance, in April 2021, Cummins Inc. introduced PrevenTech® Marine, an advanced remote monitoring solution for marine vessels. PrevenTech® Marine monitors Cummins powered assets remotely, using connectivity, big data, advanced analytics, and IoT and boosts uptime, reduces maintenance costs, and improve the service experience.

The marine engines market report table of contents includes: