Marine Engine Global Market – Overview
Rapid rise in ship building activities in recent times is one of the primary factors driving the demand in the Marine Engine Market. Increasing demand for luxury vessels as a result of increasing disposable income among individuals has been a major contributor to the increasing demand in the marine engine market. Rise in demand for commercial vessels such as gas carriers and bulk carriers has significantly contributed to the rapid growth of the marine engine market. As per the study conducted by Market Research Future, the global market for marine engine is likely to grow at the CAGR of around 4%.
A marine engine is an equipment that stores power to numerous kinds of auxiliary equipment vessel, propulsion system central to maritime activities and vehicles. Development in boat and shipbuilding industry develop in parallel with marine engine market. Marine engines are designs with oxidation inhibiting resources and their bearing and seals are particularly arranged for sea working environment. These marine engine consist of a different mechanism including pistons, head, crankshaft, liner, and bedplate. In marine engine market, the appearance of new technologies has addressed the system with reference to the emission of harmful gases. Major driving factors for the growth of marine engine market are beginning of new technologies, the improved construction of inland waterways vessels and high demand for commercial vessels. The technology of marine engine has been advanced to a position where it can have a major effect on modern life. Huge requirements of R&D activities and huge capital constraints could be restraining factors for the growth of marine engine market. The global marine engine market offers new growth opportunities, due to increasing demand for hybrid fuel engines. Increase in the demand for the low-cost engine will also increase the usage of marine engine market.
Geographically, the global marine engine market has been divided into Europe, Asia Pacific and Rest of the World. Among these regions, Asia Pacific is the largest market by size and is estimated to grow at the highest rate due to The flourishing ship building industries in china, South Korea and Japan is one of the prime factors which has resulted in Asia-Pacific region dominating the Marine Engine market. Rise in maritime trade in this region along with increasing incidence of investment is expected to contribute to the domination of the Asia-pacific region in the marine engine market.
Prominent Players
MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan), and Rolls-Royce Power Systems AG (Germany) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global marine engine market.
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Industry News
In December, 2017 – The technology group Wärtsilä is launching an upgraded, more powerful version of its well established Wärtsilä 20 diesel engine. This new development features an increased cylinder output of 220kW that will increase the engine’s power density, thereby enabling vessels to accommodate greater payloads or achieve faster speeds with almost the same low fuel consumption as the current version. The increased maximum output will also improve the bollard pull capacity for tugs and support vessels.
In September, 2017 – MAN revealed the successor to its 48/60CR engine in the company’s 4x line of high-performance diesel engines. The MAN 45/60CR marine diesel engine will initially be available as 12V and 14V versions that boast power outputs, of 15,600 and 18,200 kW respectively, with inline versions following at a later stage. For land-based power generation applications, MAN has developed the maximum power version, the 20V45/60 with 26 MW.
In September, 2017 – The Wärtsilä 31 engine, which has been recognised by Guinness World Records as being the world’s most efficient 4-stroke diesel engine, has been chosen as the main engine for a new purse seiner/trawler being built by the Danish shipbuilder Karstensen Shipyard. The ship will be owned by Peter Hepsø Rederi AS based in Norway. This will be the world’s first fishing vessel with the Wärtsilä 31 engine.
Marine engine Global Market – Segmentation
The scope of global marine engine market is segmented into two major segments which are explained below:
- By Fuel Type
- Heavy Fuel
- Intermediate Fuel
- Marine Diesel
- Marine Gas Oil
- By Vessel Type
- Commercial Vessel
- Offshore Support Vessels
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Marine engine Global Market – Competitive Analysis
Global manufacturers are now focusing on technology advancement and innovations to develop fuel efficient and cleaner engines. Innovations related to development of engines that are powered by renewable energy such as solar & wind and LNG fueled engines will also propel the marine diesel engine market. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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