An engine installed in a boat or ship for use in bodies of water is referred to as a marine engine. There are essentially two types of marine engines those built specifically for large vessels and those built specifically for small vessels.
Small vessels use automotive engines that have been modified. Automobile petrol or diesel engines that have been specially modified for use in a marine environment are known as marine automobile engines. The modifications made for operating in a marine environment, safety, performance, and regulatory requirements are among the differences.
DataM Intelligence report on the global marine engines market provides valuable insights to stakeholders in the market. Our report provides detailed analysis and forecasts on the current and future size of the global marine engines market.
The report provides an in-depth analysis of the marine engines market in terms of market size and share by region, key players, product types. Our report captures market trends, growth drivers, competitive dynamics, and opportunities in the global marine engines market.
Market Size and Growth Rate:
The global marine engines market size is expected to grow at a CAGR of 4.5% during the forecast period (2023-2030). Due to continuous territorial disputes among the region's nations, there will likely be a rise in demand for marine engines in the military industry.
The shipbuilding sector is also receiving tax breaks from the local governments. Consequently, the area is seeing an increase in investments in the shipbuilding sector, which is driving up demand for marine engines.
High Growth in Seaborne Trade to Drive the Market:
International seaborne trade keeps growing because shipping is the backbone of the world economy. Consumers all over the world benefit from shipping thanks to low and falling freight costs. Any economy needs to engage in international trade, large-scale raw material transportation, and the import and export of manufactured goods and food.
Around 80% of global trade is carried out by the international shipping sector. UNCTAD estimates that the global economy receives close to USD 380 billion in freight rates from merchant ship operations, or about 5% of all global trade. The range of shipping containers worldwide has increased due to the growing seaborne trade.
Rising Demand for Gas-based Marine Engine to Augment Market Growth:
One of the cleanest fuels for propulsion of ships and boats is natural gas. Gas carriers predominately use engines that run on natural gas. Although handling and storing natural gas on board is difficult, the amount of sulfur and nitrogen oxides released when burning natural gas is negligible and within acceptable limits. For small boats, yachts, and other vessels, marine engines powered by propane are growing in popularity.
Top Companies in the Marine Engines Market:
The key players adopt various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Marine Engines Market. Some of the major players include
- Mitsubishi Heavy Industries
- Rolls-Royce
- John Deere
- GE Transportation
To better understand the global marine engines, its opportunities, and challenges, we invite you to request a sample report from DataM Intelligence. This comprehensive report will provide valuable insights into the market dynamics, helping business decision-makers, investors, CXOs, and R&D professionals make informed decisions in this rapidly evolving industry.
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