Marine Engine Market Surge from $11.62 Billion in 2020 to $18.09 Billion by 2030, With a Steady 4.7% CAGR | AMR
Marine Engine Market Size
OREGAON, PORTLAND, UNITED STATESย , April 4, 2024 /EINPresswire.com/ -- 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, 2021โ2030" 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.
๐ฐ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/1579
Key factors driving development of the ๐ ๐ฅ๐จ๐๐๐ฅ ๐ฆ๐๐ซ๐ข๐ง๐ ๐๐ง๐ ๐ข๐ง๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐ ๐ซ๐๐ฉ๐ข๐ ๐๐๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก, strong economic growth, increase in global seaborne trade, surge in demand for marine freight transportation vessels, high demand of two stroke marine engines, and rise in water sports & leisure activities. However, rise in adoption of fully electric vessels and fluctuations in transportation and inventory costs are some noteworthy trends that hamper growth of the market.
๐๐๐ฃ๐จ๐ซ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ
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.
๐๐๐ฃ๐จ๐ซ ๐๐๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ง๐ญ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก
Surge in international marine freight transport, increase in water sports and leisure activities, and high demand for two stroke marine engines have boosted the growth of the global marine engine market. However, fluctuations in transportation and inventory costs and surge in adoption of fully electric vessels hinder the market. On the contrary, development of engine technology and surge in adoption of fuel fuel-based marine engines would unlock new opportunities in the future.
๐๐ก๐ ๐๐ฎ๐ฅ๐ค ๐๐๐ซ๐ซ๐ข๐๐ซ๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐๐ ๐ญ๐ก๐ ๐ฆ๐๐ซ๐ค๐๐ญ
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 ๐ก๐ข๐ ๐ก๐๐ฌ๐ญ ๐๐๐๐ ๐จ๐ ๐.๐% ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐, due to rise in adoption of recreational activities, water touring, and other leisure activities.
๐ฐ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/marine-engine-market/purchase-options
๐๐ก๐ ๐ข๐ง๐ญ๐๐ซ๐ฆ๐๐๐ข๐๐ญ๐ ๐๐ฎ๐๐ฅ ๐จ๐ข๐ฅ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฉ๐จ๐ซ๐ญ๐ซ๐๐ฒ ๐ญ๐ก๐ ๐ก๐ข๐ ๐ก๐๐ฌ๐ญ ๐๐๐๐ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐๐๐๐
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.
๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐, ๐๐จ๐ฅ๐ฅ๐จ๐ฐ๐๐ ๐๐ฒ ๐๐ฎ๐ซ๐จ๐ฉ๐ ๐๐ง๐ ๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐, ๐ญ๐จ ๐ฆ๐๐ง๐ข๐๐๐ฌ๐ญ ๐ญ๐ก๐ ๐ก๐ข๐ ๐ก๐๐ฌ๐ญ ๐๐๐๐ ๐๐ฒ ๐๐๐๐
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.
๐ฐ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/1579
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
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By ship type, the ferries and passenger ships segment is expected to register a significant growth during the forecast period.
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By capacity, the 500 To 1000 Hp segment is projected to lead the global marine engine market.
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By fuel type, the others segment is projected to lead the global marine engine market
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Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐๐ซ๐ข๐ง๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
https://www.alliedmarketresearch.com/marine-diesel-engine-market - Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/marine-fuel-injection-system-market - Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/submarine-market-A10675 - Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/marine-solar-panel-market-A14588 - Global Opportunity Analysis and Industry Forecast, 2023-2032
David Correa
Allied Market Research
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