Apr 29, 2019   SOURCE: BusinessWire

Marine Engines Market by Power, Vessel, Fuel, Engine, Type & Region - Global Forecast to 2024 - ResearchAndMarkets.com

The "Marine Engines Market by Power (<1, 1-5, 5-10, 10-20 & >20) 000 hp, Vessel (Commercial, Offshore), Fuel (Heavy, Intermediate, Marine Diesel and Gas Oil), Engine (Propulsion & Auxiliary), Type (2 & 4-Stroke) & Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global marine engines market is projected to reach USD 16.4 billion by 2024 from an estimated USD 14.0 billion in 2019, at a CAGR of 3.11%.

This growth can be attributed to factors such as growth in international marine freight transport, growth in maritime tourism, and penetration of smart engines for situational awareness and safety. However, stringent environmental regulations worldwide and dependence on heavy fuel as the primary fuel is hindering the growth of the marine engines market.

The marine diesel oil segment, by fuel, is expected to be the fastest growing market from 2019 to 2024.

The marine diesel oil segment is expected to hold the second largest market share and the fastest growing segment during the forecast period because of growth in applications such as harbor tugs and push boats. Increasing emission control regulations and continuous revisions in the IMO standards have led to the increasing use of low sulfur oil, such as marine diesel oil and marine gas oil, replacing the use of bunker oil.

The two-stroke segment is expected to be the largest market from 2019 to 2024.

The two-stroke segment , by type, is estimated to be the largest and the fastest growing segment during the forecast period. The two-stroke type of marine engine offers high torque at low engine speed, which helps the boats/vessels to cruise at a constant speed without adjusting the engine speed. They can run on low-grade fuel, which helps to keep the overall running cost down. Also, they are more efficient and offer more power.

Asia Pacific: The largest market for marine engines.

The Asia Pacific region is expected to be the largest market for marine engines, by 2024. The marine engines market in this region is mainly driven by seaborne trade which has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. Countries such as China, Japan, and South Korea are considered as the main manufacturing hubs for marine engines.

According to World Shipbuilding Statistics, 2016, China accounted for a 33% share of all new shipbuilding orders, globally, thereby making it the largest market for marine engines. The increase in defense spending and the rise in domestic ship production are the key factors contributing to the growth of the marine engine market in the region.

The global marine engines market is dominated by a few major players that have a wide regional presence. The leading players in the marine engines market are Hyundai Heavy Industries (South Korea), Caterpillar (US), MAN SE (Germany), Mitsubishi Heavy Industries (Japan), Volvo Group (Sweden), Rolls-Royce (UK), Wrtsil (Finland), Cummins (US), GE Transportation (US), and Deutz AG (Germany).

For more information about this report visit https://www.researchandmarkets.com/r/wnen3k