Marine Engines Market by Type and Geography - Forecast and Analysis 2021-2025

The marine engines market share is expected to increase by USD 2.80 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.82%.

This marine engines market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers marine engine market segmentation by type (outboard engines and inboard engines) and geography (North America, APAC, Europe, South America, and MEA). The marine engines market report also offers information on several market vendors, including AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., CMD Costruzioni Motori Diesel Spa, Cummins Inc., Elco Motor Yachts, General Electric Co., IHI Corp., and Kawasaki Heavy Industries Ltd. among others.

What will the Marine Engines Market Size be During the Forecast Period?

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Marine Engines Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The increase in maritime trade and fleet size is notably driving the marine engines market growth, although factors such as MARPOL regulations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine engines industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Marine Engines Market Driver

One of the key factors driving the marine engines market is the increase in maritime trade and fleet size. International seaborne trade is witnessing health growth year over year basis. Rapid modernization and economic liberalization, which is boosting trade between nations, are additional key drivers of seaborne trade volumes. Additionally, multifuel engines and increased fuel efficiency have transformed shipping into a productive mode of transportation. In addition, as a result of these nations' expanding populations, there is a growing demand for goods and raw materials from emerging economies. Larger cargo ships, container ships, and bulk carriers are becoming more necessary as a result of this. In order to improve trade efficiency, larger shipping vessels are essential. The expansion of the amount of cargo transported in a single journey is directly impacted by the enormous size of the vessels. Carbon emissions are rising as a result of this expansion of maritime trade and the number of marine vessels. As a result, there is an increase in the use of marine boats with low carbon emissions, such as gas turbine engines, as a result of the increased emphasis on decreasing marine emissions and the stricter emission laws. Therefore, during the forecast period, such factors are anticipated to have a favorable impact on the worldwide marine engines market.

Key Marine Engines Market Trend

Prospective incorporation of intelligent propulsion systems is another factor supporting the marine engines market growth in the forecast period. Marine engine manufacturers are concentrating on the creation of intelligent propulsion systems as a result of the development of automation technologies and digital analytics. Additionally, OEMs anticipate that the integration of automation and digital analytics will rise significantly in the next years in order to produce engines that will adhere to different standards and provide the necessary compliance documents. Therefore, design improvements based on computational fluid dynamics, power management, engine optimization systems, and marine asset intelligence are anticipated for engines and propellers, which are crucial components of an intelligent propulsion system. For instance, Caterpillar provides the Multi-Engine Optimizer (MEO), which uses information from thorough fuel maps to identify the best load points for either constant speed or varied speeds and aids the engine is operating at the most efficient load point. Further, such intelligent propulsion systems will help in 5%-20% fuel savings, 5%-50% NOx emission reduction, and extension of overhauls by approximately 25%.

Key Marine Engines Market Challenge

MARPOL regulations will be a major challenge for the marine engines market during the forecast period. Globally, there have been effects on ocean and sea pollution as a result of rising environmental consciousness, with a particular emphasis on marine pollution brought on by ships and other marine vessels. Additionally, marine engines release pollutants that do not meet the EPA's criteria for air quality, including sulfur oxides, carbon dioxide, hydrocarbons, nitrous oxides, and particulate matter. The International Convention on the Prevention of Pollution from Ships, or MARPOL, is another key international rule that oversees, and tackles concerns linked to maritime pollution. There are a total of six annexes to the MARPOL treaty, each of which addresses pollutants that are the consequence of mishaps or ordinary operations. While non-US flagged ships and vessels operating in US waters are subject to scrutiny under the Port State Control and may face enforcement action by the USCG or the EPA in case of a breach, all US-registered ships are required to comply with Annex VI. Therefore, manufacturers of marine engines may find it difficult to comply with all these standards because doing so would require modifying their technology and design. The cost of capital would rise as a result of some regulations. As a result, these restrictions often have a negative impact on the market.

This marine engines market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global marine engines market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the marine engines market during the forecast period.

Who are the Major Marine Engines Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• AB Volvo
• BAE Systems Plc
• Beta Marine Ltd.
• Caterpillar Inc.
• CMD Costruzioni Motori Diesel Spa
• Cummins Inc.
• Elco Motor Yachts
• General Electric Co.
• IHI Corp.
• Kawasaki Heavy Industries Ltd.

 

This statistical study of the marine engines market encompasses successful business strategies deployed by the key vendors. The marine engines market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

• AB Volvo - The company offers a range of marine engines such as aquamatic sterndrive gasoline and aquamatic sterndrive diesel engines.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The marine engines market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Marine Engines Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the marine engines market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global industrial machinery market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturer providers to ensure a sustainable market presence.

 

Which are the Key Regions for Marine Engines Market?

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42% of the market’s growth will originate from North America during the forecast period. US, Canada, and Mexico are the key markets for marine engines market in North America. Market growth in this region will be faster than the growth of the market in other regions.

A rise in demand helped the shipbuilding industry and the increasing adoption of tugboats will facilitate the marine engines market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The market has witnessed a slow growth owing to the outbreak of COVID-19 in 2020. Furthermore, various trade restrictions during this period led to a decline in seaborne trade activities, hence, reducing the demand for marine vessels, including support vessels, such as tugboats. This had a negative impact on the marine engines market in North America in 2020. However, in 2021, marine activities were restored as a result of progressing vaccination in the region. The US Navy plans to restructure its ships and increase its fleet size to 372 manned ships and 140 small vessels by 2026, which will help in boosting the demand for marine engines in the region during the forecast period.

What are the Revenue-generating Type Segments in the Marine Engines Market?

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The marine engines market share grows by the segments. The outboard engines segment will be significant during the forecast period. The advantages of direct-injected four-stroke outboard engines are fuel economy benefits, reduction in noise and vibration, smoother operation, and increased low-end torque. The fuel economy of direct-injected four-stroke outboard engines is 20%-40% better than that of conventional two-stroke outboard engines. Furthermore, the market for global marine outboard engines is predominantly occupied by the low-power output segment since a sizable percentage of powerboats are utilized for fishing applications, which do not require high-power engines.

This report provides an accurate prediction of the contribution of all the segments to the growth of the marine engines market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Marine Engines Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 3.82%
Market growth 2021-2025	$ 2.80 billion
Market structure	Fragmented
YoY growth (%)	2.85
Regional analysis	North America, APAC, Europe, South America, and MEA
Performing market contribution	North America at 42%
Key consumer countries	US, Canada, Mexico, Germany, UK, France, China, Japan, and India
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., CMD Costruzioni Motori Diesel Spa, Cummins Inc., Elco Motor Yachts, General Electric Co., IHI Corp., and Kawasaki Heavy Industries Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Marine Engines Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive marine engines market growth during the next five years
• Precise estimation of the marine engines market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the marine engines industry across North America, APAC, Europe, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of marine engines market vendors

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