Global Marine Engines Market Size Study & Forecast, By Ship Type (Bulk Carriers, General Cargo Ships, Container Ships, 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

Global Marine Engines Market Size Study & Forecast, By Ship Type (Bulk Carriers, General Cargo Ships, Container Ships, 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) and Regional Analysis, 2023-2030

Global Marine Engines Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Marine engines play a vital role in marine vessels by transforming the thermal energy generated from burning fuel into mechanical power. They are primarily utilized in ships for both power generation and propulsion purposes. Selecting an efficient marine propulsion system is paramount during ship manufacturing, underscoring the importance of precise development and manufacturing of marine engines to ensure optimal performance. The market growth is driven by key factors such as increasing International marine freight transportation and rising E-commerce and digital trade.

Marine transportation stands out as one of the foremost modes of transportation, particularly for freight, due to its cost-effectiveness. According to a report from the United Nations Conference on Trade and Development (UNCTAD) in November 2021, global trade in merchandise goods experienced notable growth. Imports increased globally by 13.3% while exports rose by 14.3% in 2021. Additionally, UNCTAD data reveals a consistent upward trend in international maritime trade over the past decade (2010–2019). In 2010, global maritime trade totaled 8,408 million tons loaded, reaching 11,076 million tons by 2019. Furthermore, as per UNCTAD findings, approximately 80% of global trade relies on marine transportation, with developing countries projected to exhibit an even greater reliance on this mode of transport. The essential role of marine engines in vessels and ships has spurred investment in marine engine manufacturing by various firms. However, the rise in the adoption of fully electric vessels, and fluctuations in transportation and inventory costs stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Marine Engines Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is leading the Marine Engines market from 2023 to 2030. The market's growth in the North American region is primarily propelled by the surge in maritime tourism, collaborative efforts between governments and the shipping industry to advance maritime technology, and increased government funding for naval defense initiatives. Furthermore, the Asia Pacific region is anticipated to witness the most rapid growth in the Marine Engines market throughout the forecast period. This growth trajectory is fueled by the expanding maritime trade and tourism sectors, as well as heightened investments in manufacturing, which serve as significant drivers for the robust growth of the APAC marine engine market.

Major market players included in this report are:
Hyundai Heavy Industries Co., Ltd.
Caterpillar Inc.
Cummins Inc.
MAN Energy Solutions
Mercury Marine
Mitsubishi Heavy Industries Ltd.
Rolls Royce plc
Volvo Penta
Wartsila
Yanmar Holdings Co., Ltd.

Recent Developments in the Market:
 In February 2020, Yanmar, renowned for its marine engines and propulsion systems, joined forces with Smartgyro S.r.l., a specialist in gyro stabilization technology, in a strategic partnership. This collaboration involves extensive cooperation between the two entities, coupled with an equity investment by Yanmar. This investment empowers Smartgyro to expedite the design, development, and introduction of a comprehensive range of cutting-edge gyro stabilizers tailored for both recreational and commercial marine applications.

Global Marine Engines Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Ship, Capacity, fuel, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Ship Type:
Bulk Carriers
General Cargo Ships
Container Ships
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:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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