Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Marine Engine Market.
As per the research by Market Research Future Reports (MRFR), the global marine engines market 2030 is majorly driven by the robust growth shipbuilding activities. The increasing demand for luxuries like yachts, the cruise has magnified the market. Moreover, the increased disposable income amongst the individuals has resulted in the expansion of the market. Besides, there has been a surge in need for commercial vessels like gas carriers and bulk carriers, which has made an exclusive contribution to expanding the global marine engine market. Furthermore, attributes like uncomplicated maintenance, stability, resistance, quality performance, efficiency in fuel, low toxic emissions have made it the most appropriate for marine applications.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Marine Engine Market Research Report
The increasing growth in the number of marine travelers, the advent of technologically advanced, expansion of the worldwide seaborne transport sector, reliable engines, and the growing economic stability has resulted in the expansion of the worldwide marine engine market considerably. Besides, the constant evolution in technologies and manufacturing processes in the marine engine has acknowledged the environmental regulations pertaining to the emission of harmful gases. The market is estimated to witness exponential growth by the increasing activities by the globally well-established firms. However, the outbreak of COVID-19, the market has been analyzed again with new establishments. We will provide COVID-19 impact analysis with the report.
The worldwide marine engines market can be classified on the grounds of application, power, fuel, and regions.
On the grounds of application, the worldwide marine engines market can be classified into commercial vessels, offshore support vehicles, and other vessels.
On the grounds of power, the worldwide marine engines market can be classified into Up to 1,000 HP, 1,001 HP to 5,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP and Above 20,000 HP.
On the grounds of fuel, the worldwide marine engines market can be classified into marine gas oil, intermediate fuel oil, heavy fuel oil, marine diesel oil, and other fuels.
On the grounds of the region, the worldwide marine engines market can be classified into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
The regional analysis of Asia-Pacific, North America, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis by Market Research Future Reports (MRFR), the APAC region is projected to reign the worldwide market during the assessment period. Countries such as South Korea, China, Singapore, Indonesia, Malaysia play a significant role in expanding the market. They are the most potent market for marine engine manufactures. As per the research, the second position is attained by Europe. Countries such as Denmark, Croatia, Finland, Germany, France, Greece, and Italy play the most crucial role in expanding the market. The rising maritime activities and tourism in the European region have resulted in regional expansion. The third position is attained by North America. The region witnessed a stagnant expansion in previous years and is likely to expand during the forecast period. Among all nations, the U.S. contributed to the largest share in North America and is likely to maintain its position during the assessment period.
The forefront market competitors of the worldwide marine engine market are Caterpillar Inc. (U.S.), G.E. Transportation (U.S.), Cummins Inc. (U.S.), Man Diesel & Turbo Se (Germany), Rolls-Royce Power Systems AG (Germany), Wärtsilä Corp (Finland), Brunswick Corporation (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), A.B. Volvo (Sweden), Scania AB (Sweden), Yanmar Co., Ltd. (Japan), John Deere (U.S.), Dresser-Rand Group, Inc. (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), and Deutz AG (Germany) are among others.