Thailand Marine Engine Market, Share, Trends, Growth, Size, Value, Industry, Analysis, Forecasts 2017-2022 & 2023-2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Thailand Marine Engine Market, Share, Trends, Growth, Size, Value, Industry, Analysis, Forecast, Segmentation, Outlook & COVID-19 IMPACT: Market Forecast By Power,?By Propulsion Type, By Application,?By Region And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.

Thailand's marine engine market is poised for substantial growth, anticipating a remarkable Compound Annual Growth Rate (CAGR) of 22.6% from 2021 to 2027.

As a significant player in the Asia Pacific Marine Engine Market, Thailand's marine engine industry has been steadily expanding, driven by factors such as a rising population, increasing industrialization, and the surge in commercial activities. The heightened demand for cargo ships and containers for international and regional transportation of goods has been a pivotal driver of this growth.

Additionally, Thailand's emergence as a major global palm oil producer, exporting to various countries, is further expected to contribute to the escalating demand for marine engines in the coming years.

Thailand Marine Engine Market Overview

The sector is a crucial part of the country and it has been attaining continuous growth in the country due to the growth in industrialization and population. The spread of COVID-19 in 2020 resulted in fall of market revenues due to the lockdown measures adopted to curb the spread of the virus, which in turn led to disruptions in supply chain and delay in production process.

For instance, Thailand total containers volume in 2020 plummeted 5.49% from 2019 volume, 9,574,612 TEU and 10,130,294 TEU respectively. However, as the economic conditions are normalizing and commercial activities are resuming, the market is anticipated to recover by 2022 and register growth thereafter.

Furthermore, The Eastern Economic Corridor (EEC), a 1.5 trillion baht infrastructure development initiative of Thailand, intends to transform the country into a high-income nation by improving regional connectivity, transportation infrastructure, and trade logistics. Hence these factors are anticipated to offer high-growth opportunities for the Marine Engines Market in Thailand in the forecast period.

Thailand Marine Engine Market Revenue Share

Market by Power

In 2020, 500.1-1000 Hp power type registered the highest revenue share in Thailand's Marine Engine Industry, as this segment has a broad range of applications including offshore activities like drilling and OSVs. 100.1-500 Hp power type acquired the highest volume share in 2020 as they are used for small-sized cargo vessels, tugboats and tankers in domestic trade and medium-sized fishing boats. The 500.1-1000 Hp power type will account for the highest market share.

Market by Propulsion Type

Diesel marine engine accounted for the maximum revenue share in Thailand's marine engine market, by propulsion types, in 2020 as it is most commonly used in almost all types of vessels such as in small boats and recreational vessels due to their operating simplicity, robustness and fuel economy compared to other propulsion types.

Market by Application

By applications, the commercial sector acquired highest revenue share in Thailand marine engine market in 2020, on account of rising commercial freight transport in the country. HPT, the largest port operator at Laem Chabang Port, handled over 3 million TEU in 2020, accounting for 30% of the Thai market and further intends to expect the port capacity to approximately 6.75million TEU in the upcoming years. Hence the size of the commercial fleet in Thailand is expected to increase, and with that, increase the share of nation's carriers in overall cargo turnover.

Market by Region

The southern region of Thailand had the biggest revenue share in the marine engine market in 2020, as the region is responsible for the bulk of the country's port trade activities and cargo services. Rising industrialization, and port expansion projects by port authority of Thailand, is likely to boost demand for marine engines in the country. Further, Songkhla and Phuket Ports have also been built to serve the southern part of Thailand.

Key Highlights of the Report

• Thailand Marine Engine Market Overview
• Thailand Marine Engine Market Outlook
• Thailand Marine Engine Market Forecast
• Historical Data and Forecast of Thailand Marine Engine Market Revenues and Volume for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues and Volume, By Power for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Propulsion Types for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Applications for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Regions for the Period 2017-2027F
• Market Drivers, Restraints
• Market Trends
• Industry Life Cycle
• Thailand Marine Engine Market - Porter's Five Forces
• Market Opportunity Assessment
• Company Shares
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Company Profiles

• Cummins Inc.
• Caterpillar Inc.
• Mitsubishi Heavy Industries Engine System Asia Pte Ltd.
• Yamaha Motor Co. Ltd.
• Mercury Marine
• Winterthur Gas & Diesel Ltd.
• AB Volvo
• MAN Energy Solutions SE
• Yanmar Holdings Co. Ltd.
• Rolls Royce Public Limited Company

Market Scope and Segmentation

By Power

• Below 100 Hp
• 100.1-500 Hp
• 500.1-1000 Hp
• Above 1000 Hp

By Propulsion Type

• Diesel Engine
• Steam Turbine
• Gas Turbine
• LNG Engine
• Others (Nuclear, Fuel Cell, Solar Water Jet and Wind)

By Application

• Commercial
• Recreational
• Offshore Oil and Gas
• Navy
• Others (Finishing, Coast Guards, Safety Boats)

For more information about this report visit https://www.researchandmarkets.com/r/clg5ld

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