The Global "Marine Engines Market" size is expected to grow at a CAGR of 4.5% during the forecast period (2022-2029).
A marine is the kind of engine installed in a boat or ship for use in water bodies. There are basically two types of marine engines - for small vessels, the automotive engines are adapted, and for large vessels, the engines are specifically built depending on the purpose. Marine automobile engines are the types of automobile petrol or diesel engines that have been specifically modified for use in the marine environment. The differences include changes made for operating in a marine environment, safety, performance, and regulatory requirements.
Rise in the growth of maritime tourism worldwide
The growth and recovery of maritime tourism worldwide is a driving factor for the growth of the marine engine market in the forecast period. The Organisation of Economic Co-operation and Development had projected that the tourism industry will become the largest ocean economy by 2030. However, the pandemic had severely affected the growth of the industry. According to World Resource Institute, 2021, oceans and coasts are at the heart of tourism, as 80% of all tourism takes place in coastal areas. The new realities have awakened a new approach to tourism, particularly from island and coastal nations.
In 2020 the High-Level Panel for a Sustainable Ocean Economy (Ocean Panel) made their objective of a sustainable tourism economy by 2030. The “Coastal and ocean-based tourism are sustainable, resilient, address climate change, reduces pollution, supports ecosystem regeneration and biodiversity conservation and invests in local jobs and communities.” The guidance is expected to be followed by the government for the recovery of the industry. The Tourism Action Coalition for a Sustainable Ocean created in response to the Ocean Panel's call to action will serve as a knowledge hub and action platform to drive sustainable coastal and ocean-based tourism.
Strict environmental rules and regulations globally and instabilities in oil & gas prices are the key restraints hindering the market growth worldwide. For instance, EPA has adopted exhaust emission standards for marine diesel engines installed in a variety of marine vessels ranging in size and application from small recreational vessels to tugboats and large ocean-going vessels.
Based on the engine, the marine engines market is divided into the auxiliary engine, propulsion engine, generator drive engines, and others. Others include diesel-electric engines. The global marine engine market size by propulsion engine segment was worth USD YY million in 2020 and is estimated to reach USD YY million by 2028, at a CAGR of YY% during the forecast period.
The propulsion engines market is expected to have the highest market share in the forecast period. In a 2021 press release by Yanmar, it was mentioned that to enhance the product line up of propulsion engines Kawasaki Heavy Industries Yanmar Power Technology and Japan Engine Corporation will focus on the medium, high-speed 4-stroke engines, and low-speed 2-stroke engines. The propulsion engines developed will be used for wide-range vessels.
The highly efficient and durable marine propulsion engines power various types of marine applications. Companies are focusing to introduce propulsion diesel engines. For instance, Yanmar produces and provide medium-speed propulsion diesel engines between 374 and 4,500kW for commercial ship, workboats, and large fishing boats, etc. Adding to this, ABC engine has launched with a well-designed propulsion system that ensures optimal performance at the lowest fuel consumption while complying with the existing and future emission regulations.
The market can be segmented geographically into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. The Asia Pacific is expected to grab the major market share in the forecast period due to the presence of key manufacturing hubs for marine engines in major Asia Pacific economies like Japan, South Korea, and China. There are collaborations for manufacturing in the region. For instance, in May 2021, Hindustan Aeronautics Limited, and Rolls-Royce signed an MoU which will provide support in installation, packaging, marketing, and services support for Rolls-Royce MT30 marine engines in India. This will be the first time HAL and Rolls-Royce will be working together. There is also the establishment of new companies in the region. For instance, in 2020, Yanmar a diesel company from Japan had established a new marine company in Asia named Yanmar Marine International Asia (YMIA). The company activities will involve the development, production, sales, and service of marine engines and propulsion units in the Asia region, including Japan.
The Marine Engines market is competitive with numerous players in the market. Some of the major players include Mitsubishi Heavy Industries, Wärtsilä, Rolls-Royce, John Deere, GE Transportation, Man SE, Hyundai Heavy Industries, Caterpillar, Volvo Group, and Deutz AG. 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.
For instance, in 2017, Mitsubishi Industries concluded an agreement to pursue the integration of the marine diesel engine operations of MHI-MME and Kobe Diesel. The integration of the companies' marine diesel operations will establish a highly resilient and flexible business operating system which will be indispensable for the sustained growth of the UE engine business.
The companies are also creating products that follow the standards applied by different governments for emissions. For instance, in April 2021, the technology group Wärtsilä announced that it will introduce a combined engine plus selective catalytic reduction (SCR) packaged product with the aim to comply with China’s marine engine emission standard. The standard will apply to the inland waterway, coastal, river-sea, channel, and fishing vessels operating in most rivers and around the country’s major harbor areas.
In another instance, Rolls-Royce had announced that it has inked a pact with Goa Shipyard Ltd (GSL) to manufacture technologically-advanced MTU Series 8,000 engines, used in offshore patrol vessels, in India.
The Volkswagen group-owned company, commercial vehicles, and engine manufacturer Scania has launched its marine engine platform with the high-output 16-liter V8, the powerful 13-liter, and the new 9-liter engines in India.
In April 2019, Norwegian technology group Kongsberg Gruppen announced that it has completed its acquisition of Rolls-Royce Commercial Marine (RRCM).
**The Marine Engines report would provide access to an approx., 77 data tables, 75 figures, and 175 pages.
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