Marine Engine Market, By Ship Type (General Cargo Ships, Container Ships, Bulk Carriers, Ferries & Passenger Ships, Oil Tankers, Others), By Capacity (300 To 500 Hp, 500 To 1000 Hp, 1001 To 2000 Hp, 2001 To 5000 Hp, More Than 5001 Hp) By Fuel Type, (Heavy Fuel Oil, Intermediate Fuel Oil, Others), By Region – Global Analysis Forecast Till 2030

The Global Marine Engine Market in 2021 value stood at an estimated $12.10 billion, and it will increase to $19.47 billion by 2030, at a 5.2% CAGR During Forecast 2030.

Marine outboard engines are the propulsion system for marine vessels (fishing boats, recreational boats, rescue boats, and other special-purpose boats). The external engine is itself a self-contained unit consisting of an engine, gearbox, and propeller. The outboard engine is the most commonly used and popular power mechanism for powering small vessels.

Along with providing adequate thrust, marine outboard engines provide steering control to control the direction of thrust. Marine outboard engines are available in a wide power range from small boats to large boats. Marine outboard engines are available from as low as 2.5HP up to as high as 800HP.

The growing demand for heavier and larger boats is setting the high horsepower marine outboard engine category on fire. Increasing sales of boats requiring high-output engines are expected to drive the marine engine market in the future. Therefore, players are focusing on introducing engines with higher output.

Boat motors are a crucial part of any watercraft since they supply the propulsion required to go through lakes, rivers, and seas. Electric boat motors have become more and more common recently as environmental sustainability has come under more and more scrutiny. These effective and environmentally friendly motors are made to operate with less noise and pollution. However, due to their dependability and power, conventional boat engines that are driven by petrol or diesel are still extensively employed. On the other hand, ship engines are much bigger and more powerful, and they can carry enormous ships over great distances. These technologies, whether they are little electric boat motors or powerful ship engines, are essential to the efficient operation of watercraft and guarantee exciting adventures on the open sea.

Market Dynamics:

Drivers:

The growth and recovery of marine tourism across the globe is the driving force behind the growth of the ship engine market over the forecast period. The Organization for Economic Co-operation and Development (OECD) predicts that tourism will be the largest maritime economy by 2030. However, the epidemic has severely affected the growth of the industry. According to the World Resource Institute in 2021, 80% of all tourism takes place in coastal areas, so the sea and coast are at the heart of tourism. The new reality has awakened a new approach to tourism, especially in islands and coastal countries.

The 2020 High-Level Panel for a Sustainable Maritime Economy (Marine Panel) has set a target for a sustainable tourism economy by 2030. Investing in biodiversity conservation and local jobs and communities.” Government guidelines for industry recovery are expected to follow. The Tourism Action Coalition for Sustainable Oceans, created at the Marine Panel's Call for Action, will serve as a knowledge hub and action platform to promote sustainable coastal and ocean-based tourism.

Restraints:

Stringent environmental rules and regulations across the globe and instability in oil and gas prices are major restraints hampering market growth across the globe. For example, EPA has adopted emission standards for marine diesel engines installed on marine vessels of various sizes and uses, from small recreational vessels to tugboats and large ocean vessels.

Key players:

• Caterpillar Inc.

• Cummins Inc.

• Hyundai Heavy Industries Co., Ltd

• MAN Energy Solutions

• Mercury Marine

• Mitsubishi Heavy Industries Ltd

• Rolls Royce plc

• Volvo Penta

• Wartsila

• Yanmar Holdings Co., Ltd

Market Segmentation:

Marine Engine Market, By Ship Type

• • Bulk Carriers

  • General Cargo Ships

  • Container Ships

  • Ferries & Passenger Ships

  • Oil Tankers

  • Others

Marine Engine Market, By Capacity

• • 300 To 500 Hp

  • 500 To 1000 Hp

  • 1001 To 2000 Hp

  • 2001 To 5000 Hp

  • More Than 5001 Hp

Marine Engine Market, By Fuel Type

• • Heavy Fuel Oil

  • Intermediate Fuel Oil

  • Others

Marine Engine Market, By Region

• • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • France

    • Germany

    • Italy

    • Spain

    • UK

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Rest of Asia-Pacific

  • LAMEA

    • Latin America

    • Middle East

    • Africa

Regional Analysis:

The marine engine market can be geographically divided into North America, South America, Europe, Asia Pacific, the Middle East, and Africa. Asia Pacific is expected to hold a major market share during the forecast period as major Asia Pacific economies such as Japan, South Korea, and China have major manufacturing hubs for marine engines. There are collaborations for manufacturing in the region. For instance, in May 2021, Hindustan Aeronautics Limited and Rolls-Royce signed an MoU supporting installation, packaging, marketing, and service support for Rolls-Royce MT30 marine engines in India.

The collaboration between HAL and Rolls-Royce is new. Additionally, there are new businesses opening in the area. For instance, Yanmar, a Japanese diesel manufacturer, launched Yanmar Marine International Asia, a new marine company in Asia, in 2020. (YMIA). Development, production, sales, and servicing of marine engines and propulsion systems are among the company's activities in Asia, including Japan.

Scope of the Report:

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