Marine Engines Market to See 4%+ CAGR to 2024| Brunswick Corporation, John Deere, Wärtsilä, Cummins Inc., Scania Group, Rolls-Royce Marine and 13 Other Companies Profiled
SELLBYVILLE, Del., Oct. 16, 2018 /PRNewswire-PRWeb/ -- U.S. Marine Engines Market is forecast to cross US$1 billion by 2024. Ongoing R&D to manufacture systems in compliance to the new environmental norms is set to stimulate the industry growth. In addition, continuous retrofitting activities in shipping yards to deploy eco-friendly systems will further foster the product demand.
Global Marine Engines Market size is set to surpass USD 13 billion by 2024. Positive outlook toward seaborne industry and rising maritime trade activities will augment the marine engines market growth. As per the United Nations Conference on Trade & Development, in 2017 the shipping industry handled 80% of the world trade by volume and 70% by revenue through board ships across seaports worldwide.
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Lightweight and low maintenance requirement are some of the key imperative features which will drive the medium speed marine engine market. In addition, growth in maritime tourism coupled with increasing demand for recreational vessels will positively impact the business outlook. These products are primarily deployed across ferries, cruise and commercial vessels.
Two-stroke propulsion segment is projected to expand at over 4% by 2024. Technological advancements focused on improved operational efficiency to comply with the environmental regulations is set to escalate the product penetration.
10,000-20,000 HP marine engines market will achieve 4% CAGR over 2018-2024. These units are combined with exhaust-gas turbochargers and are deployed across the industry to match the efficient propeller speed without recourse to a speed reducing gear.
Browse key Marine Engines Market insights from the 2018 report spread across 497 pages offering 740 market data tables as well as 17 figures & charts along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-engines-market
Major Marine Engines Market Growth drivers are:
1. Expansion in seaborne trade
2. Increasing maritime tourism
3. Technological advancement in marine engines
MDO engines are widely acceptable by ship operators owing to their availability and favorable price levels. However, increasing emission control areas (ECAs) coupled with rising awareness toward emissions may act as an industry restraint. Introduction of norms and regulations to reduce marine pollution has led to an increase in demand for low-emission systems. Industry players, to follow the directive norms, have introduced their diversified product lines with advanced systems including catalytic reactors and scrubbers.
Asia Pacific, in 2017 accounted for over 60% of the global marine engines market. Presence of numerous manufacturers along with ongoing R&D ventures in product design will strengthen the industry outlook.
Germany accounted for over 18% of the Europe market share in 2017. Growing shipbuilding industry coupled with technological advancements to develop cleaner engines will positively impact the product penetration. The country's focus on specialized vessels including river cruise ships, mega yachts, wind farm service, military and ro-pax will further complement the industry growth.
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Top key players mentioned in this marine engine market report include John Deere, Caterpillar Inc., Wärtsilä, Cummins Inc., Scania Group, Rolls-Royce Marine, MAN Diesel & Turbo, STX Engine, Brunswick Boat Group, DEUTZ AG, IHI Corporation, Arteche, Shanghai Diesel Engine, Anglo Belgian Corporation, Volvo Penta and others.
Browse Related Reports:
1. Marine Diesel Engines Market Size By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs And Ships, Anchor Handling Vessels, Offshore Research Vessels, Floating Production Units, Platform Supply Vessels], Cruise And Ferry [Cruise Vessels, Passenger Ferries, Cargo Ferries, Fast Ferries, Yachts], Navy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, Norway, UK, France, Russia, Denmark, China, Japan, South Korea, India, Australia, Vietnam, UAE, Saudi Arabia, Iran, Angola, Egypt, South Africa, Mexico, Brazil, Argentina) Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024.
Marine Diesel Engines Market size was over USD 5 billion in 2016 and is set to grow over 5% by 2024. Read more at
https://www.gminsights.com/industry-analysis/marine-diesel-engine-market
2. Marine Scrubber Systems Market Size By Technology (Wet Technology {Open Loop, Closed Loop, Hybrid}, Dry Technology), By Fuel (MDO, MGO, Hybrid), By Application (Commercial {Containers, Tankers, Bulk Carriers, RO-RO}, Offshore {AHTS, PSV, FSV, MPSV}, Recreational {Cruise Ships, Ferries, Yachts}, Navy), Industry Analysis Report, Regional Outlook (U.S., Canada, Greece, Norway, Germany, U.K, France, Netherlands, Italy, Croatia, Poland, Russia, Romania, Denmark, China, South Korea, Japan, Philippines, Vietnam, Taiwan, India, Indonesia, Malaysia, Singapore, Australia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024.
Marine Scrubber Systems Market size in 2017 was valued over USD 800 million and is anticipated to grow over 2,000 units by 2024. Read more at
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