Increase in international marine freight transport, rise in water sports activities, and huge demand for two stroke marine engines drive the growth of the global marine engine market.
Allied Market Research recently published a report, titled, “Marine Engine Market by Ship Type (Bulk Carriers, General Cargo Ships, Container Ships, Ferries & Passenger Ships, Oil Tankers, and Others), Capacity (300 To 500 HP, 500 To 1000 HP, 1001 To 2000 HP, 2001 to 5000 HP, and more than 5001 HP), and Fuel Type (Heavy Fuel Oil, Intermediate Fuel Oil, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030″ As per the report, the global marine engine industry was accounted for $11.62 billion in 2020, and is expected to reach $18.09 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.
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Covid-19 scenario:
- The Covid-19 outbreak forced governments to impose strict lockdown regulations and ban import-export of raw materials. This led to a sudden fall in procurement of raw materials and disrupted the supply chain.
- However, as the world is returning to normalcy in business activities, the market growth will get back on track soon. The decreasing fatality and increase in vaccination drives have improved the demand for ship refurbishment and shipbuilding.
The bulk carriers segment dominated the market
By ship type, the bulk carriers segment held the largest share in 2020, accounting for around two-fifths of the global marine engine market, owing to rise in international seaborne trade and maritime freight transport. However, the ferries and passenger ships segment is estimated to register the highest CAGR of 6.7% during the forecast period, due to rise in adoption of recreational activities, water touring, and other leisure activities.
The intermediate fuel oil segment to portray the highest CAGR through 2030
By fuel type, the intermediate fuel oil segment is projected to manifest the highest CAGR of 5.4% from 2021 to 2030. However, the heavy fuel oil segment held the largest share in 2020, accounting for around two-thirds of the global marine engine market, as it is widely used in marine vessels and cost-effective.
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Asia-Pacific, followed by Europe and North America, to manifest the highest CAGR by 2030
By region, the global marine engine market across Asia-Pacific, followed by Europe and North America, is anticipated to showcase the highest CAGR of 5.3% during the forecast period. In addition, the region dominated in 2020, accounting for nearly half of the market, owing to cheap wages, growing seaborne trade, and strong government backing.
Major market players
- Caterpillar Inc.
- Hyundai Heavy Industries Co., Ltd
- Cummins Inc.
- Mercury Marine
- MAN Energy Solutions
- Rolls Royce plc
- Mitsubishi Heavy Industries Ltd
- Wartsila
- Volvo Penta
- Yanmar Holdings Co., Ltd.
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