Marine Engine Market: Growth, Trends, and Innovations

 The global marine engine market size 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. Surge in international marine freight transport, increase in water sports and leisure activities, and high demand for two stroke marine engines have boosted the growth of the global marine engine market. However, fluctuations in transportation and inventory costs and surge in adoption of fully electric vessels hinder the market. On the contrary, development of engine technology and surge in adoption of fuel fuel-based marine engines would unlock new opportunities in the future.

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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.

Increase in international marine freight transport, rise in water sports activities, and huge demand for two stroke marine engines drive the growth of the global marine engine industry.

 Key Market Players:

  • Caterpillar Inc.
  • Hyundai Heavy Industries Co., Ltd
  • Cummins Inc.
  • Mercury Marine
  • MAN Energy Solutions
  • Rolls Royce plc
  • Mitsubishi Heavy Industries Ltd
  • Wartsila
  • Volvo Penta
  • Yanmar Holdings Co., Ltd.

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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 growth by delaying supply chains, hampering business growth and generating uncertain demand scenarios.

Regional Analysis:

By region, the global marine engine market across Asia-Pacific, followed by Europe and North America, is anticipated to showcase the highest CAGR of 5.3% during the forecast period. In addition, the region dominated in 2020, accounting for nearly half of the market, owing to cheap wages, growing seaborne trade, and strong government backing.

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