About Marine Engines
Marine Engines are the mechanical machines which supply power to most kind of vessels, generators and propulsion systems to a marine time activity or a vehicle. Different types of engines are available that serve various type of marine vehicles. These engines are classified according to different types of criteria such as the propulsion system in use, the fuel of the engine, etc. Increase in the number of marine travelers are anticipated to propel the expansion of the marine engine market in the forthcoming years
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Marine Engines market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
GE Transportation (United States), Caterpillar Inc. (United States), Cummins Inc. (United States), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wartsila Corp (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (United States), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Baudouin (India), Cooper Crop (India), Yanmar (India), Waichai India (India), Scania AB (Sweden), John Deere (United States), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (United States) and Deutz AG (Germany) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Marine Engines market by Type (2 Stroke and 4 Stroke), Application (LNG/LPG Carrier , Tanker , Multi-Purpose Vessel , Pure Car Carrier , Special Carrier and Others) and Region.
On the basis of Type, 2 Stroke are dominating the market in the year 2023On the basis of geography, the market of Marine Engines has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Vessel, the sub-segment i.e. Commercial will boost the Marine Engines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Engine Type, the sub-segment i.e. Diesel will boost the Marine Engines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel, the sub-segment i.e. Heavy will boost the Marine Engines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power, the sub-segment i.e. <1 will boost the Marine Engines market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand for Dual-Fuel Engines
Market Growth Drivers:
Increasing Growth in International Marine Freight Transport, Diffusion of Smart Engines for Situational Awareness and Safety and Rising Interest in Marine Time Tourism
Challenges:
Concern Related To the Fluctuations in Oil & Gas Prices and The Issue about Shipping Overcapacity
Restraints:
Stringent Environmental Regulations Worldwide and Huge Dependence on Heavy Fuel as the Primary Fuel
Opportunities:
Growing Marine Projects and Naval Budgets Worldwide and Rising Demand for Luxury Vessels Such As Cruise and Yachts
Market Leaders and their expansionary development strategies
In JANUARY 2024, Yamaha Motor announced today that it has recently concluded a stock purchase agreement with Germany's DEUTZ AG, which owns marine electric propulsion manufacturer Torqeedo, to acquire all of Torqeedo's shares. This stock acquisition is premised on the acquisition of the clearances, permits, etc., required by competition laws and other regulations.This acquisition is also meant to support and accelerate Yamaha's efforts for achieving carbon neutrality in the marine industry as well as aid in fast-tracking the establishment of a small electric propulsion line-up.
In December 2023, MAN Engines is expanding its engine portfolio for workboats with the MAN D3872 engine series. The newly developed V12 engine has a 30 L displacement – a first for the company – and is suited for medium- and heavy-duty applications., and The D3872 is based on a completely new basic engine that the company said benefits from the findings of the established MAN D2862 V12 engine series.
Key Target Audience
Marine Engines Manufactures, Marine Engines Distributors, Potential Investors, Government Bodies and Associations, Up and Down Stream Vendors, Private Research Organizations, Suppliers and Distributors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.