Marine Engine Market Set for Steady Expansion, Forecasted to Reach $18.09 Billion by 2030 | AMR

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 5, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, "marine engine market by ship type, capacity, and fuel type: global opportunity analysis and industry forecast, 2021-2030," the global marine market was valued at $11.62 billion in 2020, and is projected to reach $18.09 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/1579

Presently, the global marine engine industry is dominated by Asia-Pacific followed by Europe, North America, and LAMEA. Asia-Pacific is expected to maintain significant growth in the global market particularly by China, South Korea, and Japan, owing to few distinct advantages such as increase in shipbuilding and marine component production in the region, owing to cheaper wages, strong government backing, and strong forward & backward linkage industries.

Key factors driving development of the global marine engine market include rapid GDP growth, strong economic growth, increase in global seaborne trade, surge in demand for marine freight transportation vessels, high demand of two stroke marine engines, and rise in water sports & leisure activities. However, rise in adoption of fully electric vessels and fluctuations in transportation and inventory costs are some noteworthy trends that hamper growth of the market.

Sales of marine engine is directly associated with shipbuilding and marine vessels sales activities across the globe. COVID-19 crisis is causing uncertainty in the marine engine market by delaying supply chains, hampering business growth and generating uncertain demand scenarios.

By fuel type, the marine engine market is segregated into heavy fuel oil, intermediate fuel oil and others. The heavy fuel oil accounted for the highest revenue in 2020, as heavy fuel oil is widely adopted across various marine vessels, owing to their cost-effectiveness.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/marine-engine-market/purchase-options

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The COVID-19 impact on the marine engine market is unpredictable, and is expected to remain in force for a few years.

The COVID-19 outbreak forced governments across the globe to implemented stringent lockdown and ban import-export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for marine engines.

As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, boat and engine manufacturers faced enormous losses in the first and second quarters of 2020.

Moreover, nationwide lockdown forced parts manufacturing facilities to partially or completely shut their operations.

However, the world is gradually returning to normalcy in daily business activities by taking appropriate measures to halt virus spread. Increase in vaccination and decreasing fatality has improved the market scenario for ship refurbishment and shipbuilding, which is expected to boost demand for the global marine engine market

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By ship type, the ferries and passenger ships segment is expected to register a significant growth during the forecast period.

By capacity, the 500 To 1000 Hp segment is projected to lead the global marine engine market.

By fuel type, the others segment is projected to lead the global marine engine market

Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/1579

The key players operating in the global marine engine market include Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co., Ltd, MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd, Rolls Royce plc, Volvo Penta, Wartsila, and Yanmar Holdings Co., Ltd.

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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