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Vendor Insights 

The marine propulsion engine market is fragmented due to the presence of several players and is expected to remain fragmented during the forecast period. The market is highly capital-intensive and poses a stiff challenge to local players. Small players find it difficult to compete with international vendors in terms of quality, features, functionalities, and services. The introduction of products with new features and innovative technologies is expected to intensify the competition during the forecasted period.

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.
  • Cummins Inc.
  • General Electric Co.
  • Mitsubishi Heavy Industries Ltd.
  • Rolls-Royce Plc
  • Wartsila Corp.
  • Yanmar Holdings Co. Ltd.

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Free Sample Report. 

Geographical Market Analysis 

During the forecast period, APAC will account for 69% of market growth. The primary markets for marine propulsion engines in the region are China, South Korea (Republic of Korea), and Japan. With the expansion of global trade, there will be greater demand for new ships, particularly container ships and tankers that can transport oil, natural gas, and mineral ores.

China, Japan, and South Korea account for the largest proportion of the worldwide marine propulsion engine market in APAC. Due to the government’s significant investments in the shipbuilding business and the advantage of the country’s low-cost workforce, China is the market leader. South Korea and Japan come in second and third, respectively. The activity in the marine propulsion engine market had gradually resumed with limited capacity while preserving social distance standards. During the forecast period, this is expected to steady the regional market’s growth.  

Furthermore, countries such as China, South Korea (Republic of Korea), Japan, Germany, and the US are expected to emerge as prominent markets for the marine propulsion engine market during the forecast period. 

Know more about this market’s geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/marine-propulsion-engine-market-industry-analysis

Key Segment Analysis

Diesel is the most widely used fuel type by the marine sector for propulsion engines onboard. It costs lesser than any other form of fuel, and hence, has widespread popularity and acceptance. Furthermore, maritime cargo operators and shipping lines are increasingly looking for ultra-large boats that combine fuel economy and economies of scale. Shipbuilders in APAC are well-positioned to supply such boats due to the region’s large shipbuilding yards and deep ports. As a result the momentum in the shipbuilding industry will likely arise from APAC countries during the forecast period.

View FREE Sample: to know additional highlights and key points on various market segments and their impact in coming years. 

Key Market Drivers & Trends: 

The increase in maritime trade and fleet size acts as a key driver in the marine propulsion engine market. International seaborne trade is witnessing health growth year over a yearly basis. Key factors propelling seaborne trade volumes include rapid industrialization and the liberalization of economies, which is increasing the trade volume between countries.

The need for seaborne trade is the largest among Asia’s emerging countries. Because of their growing populations, emerging economies are expanding their need for commodities and raw materials. This is boosting the demand for huge cargo ships, containers, and bulkers to be built. The larger size of the shipping vessels is critical in achieving better trade efficiency.

Marine propulsion engine manufacturers are working on the development of intelligent propulsion systems as automation technology and digital analytics become more prevalent. OEMs expect that there will be a significant increase in the integration of automation and digital analytics to produce engines that will be compliant with various standards, providing proper compliance documentation during the forecasted period.

Download free sample for highlights on market Drivers & Trends affecting the Marine Propulsion Engine Market. 

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Related Reports: 

Turbine Control System Market by Application and Geography – Forecast and Analysis 2021-2025

Marine Propulsion Engine Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 3.87%

Market growth 2021-2025

$ 1.34 billion

Market structure

Fragmented

YoY growth (%)

2.85

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 69%

Key consumer countries

China, South Korea (Republic of Korea), Japan, Germany, and US

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Wartsila Corp., and Yanmar Holdings Co. Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact 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.

About Us: 

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

Contact 
Technavio Research 
Jesse Maida 
Media & Marketing Executive 
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UK: +44 203 893 3200 
Email: [email protected] 
Website: www.technavio.com/ 

SOURCE Technavio

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