Global Marine Engine Market Will Reach USD 10.56 Billion by 2022: Zion Market Research
Sarasota, FL, Sept. 15, 2017 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Marine Engine Market (By Fuel: Intermediate Fuel, Marine Diesel, Heavy Fuel, Marine Gas Oil; For Commercial Vessels, Offshore Support Vessels, and Inland Waterways Vessels Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global marine engine market was valued at USD 8.59 billion in 2016 and is expected to reach USD 10.56 billion in 2022, growing at a CAGR of 3.5% between 2017 and 2022.
A Marine engine is equipment that stores power to numerous kinds of auxiliary equipment vessel, propulsion system central to maritime activities and vehicles. Developments in boat and shipbuilding industry develop in parallel with marine engine market. Marine engines are designs with oxidization inhibiting resources and their bearing and seals are particularly arranged for sea working environment. These marine engines 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.
Browse through 15 Market Tables and 23 Figures spread through 120 Pages and in-depth TOC on “Global Marine Engine Market Size & Share: Industry Analysis and Forecast 2016 – 2022”.
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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.
Marine engine market is bifurcated on the basis of fuels and applications. On the basis of fuel, the global marine engine market is segmented into intermediate fuel, marine diesel, heavy fuel, and marine gas oil. Heavy fuel market segment held the largest market share of the marine engine due to huge demand across the globe. Growing demand for a financially viable engine coupled with a rise in seaborne trade will drive marine diesel engine market.
Browse the full “Marine Engine Market (By Fuel: Intermediate Fuel, Marine Diesel, Heavy Fuel, Marine Gas Oil; For Commercial Vessels, Offshore Support Vessels, and Inland Waterways Vessels Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022 ” report at https://www.zionmarketresearch.com/report/marine-engine-market
On the basis of application, marine engine market is segmented into commercial vessels, offshore support vessels, and inland waterways vessels. Commercial vessels segment is estimated to account for the largest share. Commercial vessels further get segmented into LNG carriers, cargo vessels, pure car carriers, chemical carriers, bulkers and container ships. Work with greener fuels such as LNG and solar & wind power and the stringent rigid norms about emission is expected to observe development for the global marine engine market. Four stroke engines are registering fast growth in the market, due to reliability, fewer emissions, smoothness, and quiet operation.
In Asia Pacific, the presence of numerous industries such as commercial vessels, offshore support vessels, and inland waterways vessels have boosted the demand for marine engines in the region. Asia Pacific was the most attractive and largest market for marine engines. Due to the high ship building activity in Asia Pacific region, countries such as China, Japan, and South Korea have become hot spots for marine engine market. An additional factor attributing to the growth would be the rise in maritime trade in South East Asia set up by China and other emerging economies in the region such as Indonesia. In 2015, countries such as Japan, China, and South Korea established more than 80% of ship building facilities.
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In Europe and North America, the presence of many industries such as commercial vessels, offshore support vessels, and inland waterways vessels has boosted the demand for the marine engine in these regions. Investments have increased in the marine engine market due to the existence of some of the world’s largest manufacturing sites of the marine engine in North America and Europe regions. The new applications being considered on regular basis and new technologies being developed are rapidly changing in the U.S. Europe is also observing increasing investment in a marine diesel engine which is estimated to propel market growth in the region.
In the Middle East & Africa, the presence of several industries such as commercial vessels, offshore support vessels, and inland waterways vessels has boosted the demand for the marine engine in the region. As a result of government initiatives, regulation and policies, Middle East marine engine market are expected to grow rapidly in the upcoming years.
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Some of the major players involved in the global marine engine market include Mercury Marine, Sumitomo Heavy Industries, Cummins Inc, Roll Royce limited, Hyundai Heavy Industries, GM Power Train, Caterpillar Corporate, Mitsubishi Heavy Industries, MAN Diesel & Turbo SE, and Wartsila Corporation.
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This report segments the global marine engine market as follows:
Marine Engine Market: Fuel Type Analysis
- Intermediate fuel
- Marine Diesel
- Heavy Fuel
- Marine gas oil
Marine Engine Market: Application Analysis
- Commercial Vessels
- Offshore Support Vessels
- Inland Waterways Vessels
Marine Engine Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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