Marine transport sector is considered as the pillar of international trade. According to the International Chamber of Shipping (United Kingdom), more than 90% of the global merchandise trade in terms of volume is conceded via sea/ocean. Cost of transportation via sea is considered cheaper compared to that of rail and road transport. Asia-Pacific is considered as the leading supplier of manufactured goods, thus, the overall demand for container ships is significantly high in the Asia-Pacific region. Most shipbuilding companies, including manufacturers of propulsion systems and engines, are headquartered in the Asia-Pacific region. Thus, the demand for maritime transport services and the growth of the shipping industry in the Asia-Pacific region is expected to provide ample growth opportunity for the marine engines manufacturers during the forecast period 2021-2027.
Based on power range the global marine engine market is bifurcated into >1000 HP, 1001-5000 HP, 5001-10000 HP, 10001-20000 HP and Above 20000 HP. Current, 5001-10000 HP segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period 2021-2027. Based on Type, the market is bifurcated into Two-stroke and Four-stroke marine engine. In 2020, Two-stroke segment dominated the market, however Four-stroke segment is expected to witness highest CAGR growth during the forecast period.
Based on Engine, the market is bifurcated into Propulsion Engine and Auxiliary Engine. Current, Propulsion Engine segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period 2021-2027.
Based on Vessel type, the market is segmented into Commercial Vessel, Offshore Support Vessel, Others. In 2020, Commercial Vessel segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period.
Based on Fuel, the report segments the market into Heavy Fuel oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Other. Current, Heavy Fuel oil segment dominated the market, however XX segment is expected to witness highest CAGR growth during the forecast period 2021-2027.
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific) and Rest of World. Currently North America dominated the market and is expected to maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to witness highest CAGR growth during the forecast period.
Some of the major companies operating in the global marine engine market includes Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Cummins, Wartsila, GE Transportation, Deutz AG.