The report titled "Global Marine Engines Market Analysis and Forecast 2019-2028" examines the regional market according to the engine type, vessel type, capacity, technology, fuel type, application, and region. 

A comprehensive market analysis report provides an overall historical and future market size in terms of Market Value (US$ Million) and Market Volume (units) with a comprehensive market trend analysis (year-on-year growth).

The report also covers the market share analysis, growth of the automotive industry, an overview of the competition, strategic imperatives, plans and strategies, key applications, potential growth drivers, installed base of marine engines, the detailed market size of shipbuilding and ship MRO, recent R&D of marine engines across the globe, and competition analysis for the target players evaluated in the global Marine Engines market study.

Market Overview and Dynamics

The global market for marine engines is projected to expand at a moderate rate of approximately 4.5% over the 2022-2028 forecast period. The growing shipping industry and the expanding leisure boating industry are important drivers of the marine engines market. Furthermore, because of the rising popularity of hybrid fuel engines there are new opportunities for the marine engine sector. The demand for low-cost engines is expected to rise, boosting demand for marine engines.

The key highlights in the document:

Market Performance (2018-2028)
Market Outlook (2023- 2028)
Latest Trends and Growth Areas
Market Drivers and Key Success Factors
SWOT Analysis and Other Macroeconomic Overview
Value Chain Analysis and Margin Overview
Comprehensive Mapping of the Competitive Landscape

Market Drivers and Trends of the Global Marine Engines Market

Rising international marine freight transport, rapidly increasing water sports and leisure activities, and high growth in seaborne trade are some of the key factors anticipated to drive the demand for global marine engines in coming years.

However, a number of reasons are anticipated to restrain the growth of the worldwide marine engines market, including the increasing use of electric vessels and changes in the cost of transportation and inventories. The "Direct Final Regulation for Technical Modifications for Marine Spark-Ignition Engines and Vessels" and other strict government requirements are among those thought to be the biggest obstacles facing the global market for marine engines.

In Asia Pacific, the low labor cost, rising demand for commodities, and the presence of a large number of manufacturers in the region are expected to lead to the huge demand for marine transportation for sea freight. North America directs the use of these engines for defense applications and hence defense sector dominates in North America. Europe is also known for one of the world's largest, youngest, and most innovative fleets.

Segmental Analysis: Global Marine Engines Market

On the basis of engine type, the propulsion engine is dominating the market. The major supporting system of a ship is the propulsion engine, which is a vital part of the ship's propulsion mechanism.

Based on vessel type, the bulk carriers’ segment is anticipated to gain traction over the period. They are an environmentally efficient way to ship huge volumes of dry freight over long distances.

Based on fuel type, the diesel segment is likely to dominate the global marine engines market.

On the basis of region, Asia Pacific is the leading region due to the growing regional shipbuilding industry coupled with the development of efficient marine engine technologies.

Competition Analysis

The global marine engines market is fragmented in nature with the presence of various players operating in the market. Companies are also focusing on offering advanced propulsion solutions. Moreover, digitization and automation to reduce the need for manual intervention are the key trends in the marine engines market.

In February 2022, MAN Energy Solutions and Hyundai entered into a partnership, according to the agreement Hyundai will provide OPL solutions to shipowners and it will also contribute to the net zero emission goals of the marine industry.

In February 2022, Volvo Penta and Danfoss together signed an agreement and both companies aim to work together to boost electrification in the marine sector.

In December 2021, Edda Wind has signed a contract with Caterpillar Marine to offer power solutions for four new Commissioning Service Operation Vessels (CSOVs) and two new Service Operation Vessels (SOVs) that will be delivered between 2022 and 2024.

Some of the prominent manufacturers and value chain players that contribute significantly to the global marine engines market include Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Engine Machinery, Mitsubishi Heavy Industries Ltd., Rolls Royce Plc., MAN Energy Solutions, Volvo Penta, Daihatsu Diesel Mfg. Co. Ltd., Wartsila Corporation, Deere & Company, Mercury Marine, Yanmar Holdings Co. Ltd., Mahindra Powerpol, Deutz AG, CNPC Jichai Power Company Ltd., and Doosan Infracore among Others.

RationalStat has segmented the global marine engines market on the basis of engine type, vessel type, capacity, fuel type, technology, application and region.

Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Engine Type

oPropulsion Engines
oAuxiliary Engines
oReCon Marine

Global Marine Engines Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Vessel Type

oOil Tankers
oOffshore Support Vessels
oBulk Carriers
oContainer Ships
oProduct Tankers
oGeneral Cargo
oOthers (Tugs)

Global Marine Engines Market Value (US$ Million), Volume (‘000 liters) and Market Share (2019-2028) Analysis by Capacity (Horsepower)

oUp to 1000 HP
o1001-2000 HP
o2001-3000 HP
o3001-4000 HP
o4001-5000 HP
o5001-6000 HP
o6001-7000 HP
o7001-8000 HP
o8001-9000 HP
o9001-10000 HP
oMore than 10000 HP

Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Fuel Type

oHeavy Fuel
oDistillate Fuels
Marine Diesel
Marine Gasoil (MGO)
Marine Diesel Oil (MDO)
oOthers (LNG)

Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Technology

oDiesel Electric
oFiltration
oIMO Tier III Solution
oPrevenTech Marine

Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Application

oDredging
oInland
oFishing
oGovernment and Defense
oOffshore
oPassenger
oPilot Boats
oRecreational
oTugboats
oYachting

Global Marine Engines Market Value (US$ Million), Volume (‘000 liters), and Market Share (2019-2028) Analysis by Region

oNorth America Marine Engines Market
US
Canada

oLatin America Marine Engines Market
Brazil
Mexico
Rest of Latin America

oWestern Europe Marine Engines Market
Germany
UK
France
Spain
Italy
Benelux
Nordic
Rest of Western Europe

oEastern Europe Marine Engines Market
Russia
Poland
Rest of Eastern Europe

oAsia Pacific Marine Engines Market
China
Japan
India
South Korea
Australia
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific

oMiddle East & Africa Marine Engines Market
GCC
South Africa
Turkey
Rest of the Middle East & Africa

For more information about this report: https://store.rationalstat.com/store/global-marine-engines-market/

Key Questions Answered in the Marine Engines Report:

What will be the market value of the Global Marine Engines Market by 2028?
What is the market size of the Global Marine Engines Market?
What are the market drivers of the Global Marine Engines Market?
How many Marine Engines are sold each year?
What are the key trends in the Global Marine Engines Market?
Which is the leading region in the Global Marine Engines Market?
What are the major companies operating in the Global Marine Engines Market?
What are the market shares by key segments in the Global Marine Engines Market?

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