Press Release / Environment / Marine Engine 2018 Market Research Report, Industry share, Application, Demand and Forecast Report to 2023

Marine Engine 2018 Market Research Report, Industry share, Application, Demand and Forecast Report to 2023

Market Overview:-
Marine Engine market is expected to have enormous developments over the forecast period owing to continuous technological advancement in marine sector tied with rising sea-borne activities. The market is also likely to have a huge number of expansion activities by global and well-established firms. Mergers and acquisition activities are anticipated to be seen during the forecast period with several contracts and agreements among the top manufacturers and shipbuilding companies, across the globe.
Rapid growth in shipbuilding activities, across the globe, in recent times is one of the crucial factors driving the demand in the Marine Engine Market.  Growing demand for luxury vessels such as cruise and yachts, as a result of increasing disposable income amongst the individuals has been a major sponsor to the increasing demand in the marine engine market. The global rise in demand for commercial vessels such as bulk carriers and gas carriers has significantly contributed to the rapid growth of the marine engine market.
 
Industry Major Key Players:-
The key players of global marine engine market are GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), and Wärtsilä Corp (Finland). Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (U.S.), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany) are among others.
 
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Market Segmentations:-
Commercial vessels segment had been dominating the market in 2016 and is projected to be the fastest-growing application segment. Commercial vessels such as bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, chemical carriers. The rise in commercial shipbuilding industry and commercial sea-borne activities has augmented for the growth. Based on the fuel, the market is segmented into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil and other fuels. Heavy fuel oil had been dominating the market in 2016 and is projected to be the fastest-growing fuel over the next five years. Heavy fuel oil are inexpensive as well as they are extensively available. However, with stringent emission norms coming into effect, there will be an increase in the demand for cleaner-fuels such as Intermediate Fuel Oil, Marine Diesel Oil, and Marine Gas Oil.
 
Regional Analysis:-
The global marine engine market is estimated to observe a phenomenal growth over the forecast period. This is due to the substantial growth in the number of leisure marine travelers, massive expansion of the global seaborne transport industry, advent of technologically advanced and extremely reliable engines, economic steadiness, and growing individual disposable incomes. Asia Pacific region is anticipated to dominate the marine engines market and is also predicted to be the fastest expanding market over the forecast period. The high growth rate is attributed to the growth in the shipbuilding activities, especially in countries such as South Korea, Japan, China and Southeast Asian countries such as Singapore, Indonesia and Malaysia. These countries have a lucrative market for marine engine manufactures in the continent to explore, expand their operations and conquer larger market share.
 
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