DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Marine Engines Market by Power'000 HP (up to 1HP, 1-5HP, 5-10HP, 10-20HP & Above 20HP), Vessel Type (Commercial & Offshore Support Vessels), Fuel (Heavy Fuel, Intermediate Fuel, Marine Diesel & Marine Gas Oil), & Region - Global forecast to 2021" report to their offering.
The marine engines market is projected to reach USD 13.53 billion by 2021, growing at a CAGR of 3.85% from 2016 to 2021.
Increased demand for commercial vessels and rise in the ship-building industry will drive the growth in the marine engines market. A slowdown in the oil & gas industry has been identified as a major restraint for the market, along with stringent emission norms.
Commercial vessels including bulk cargo carriers, gas carrier vessels, and pleasure vessels will have an increased demand largely due to economic recovery in China and developed economies as well as recovery of the oil & gas industry since the 2015 slow-down. Another factor would be increased maritime activity, mainly due to high economic growth in emerging economies in South Asia and South-east Asia, particularly in China, Indonesia, and India.
Asia-Pacific will dominate the marine engines market largely due to rise in ship-building activity in China, South Korea, and Japan. These countries already constitute the largest share in ship-building together, with more than 80% share in worldwide ship-building in 2015. Furthermore, due to increase in maritime trade and investments in the ship-building industry in China and South Korea, along with the rising economy in south-east Asia, more orders for gas carriers and cargo vessels are expected, thus increasing the share for the commercial vessel segment.
The marine engines market is dominated by global players which include, MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan) and Rolls-Royce Power Systems AG (Germany).
- Rise in Demand for Commercial Vessels Due to Increase in Seaborne Trade
- Growing Demand for Pleasure Vessels
- Stringent Emission Norms for Diesel-Engine
- Oil Industry Slowdown
- Rising Demand for Hybrid-Fuel Engines
- Re-manufactured Or Low Cost Engines
- Brunswick Corporation
- Caterpillar, Inc.
- Cummins, Inc.
- Daihatsu Diesel MFG. Co. Ltd.
- Deutz AG
- GE Transportation
- John Deere
- Man Diesel & Turbo Se
- Mitsubishi Heavy Industries
- Rolls-Royce Power Systems AG
- Scania AB
- Volvo Group
- Yanmar Co., Ltd.
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