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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Marine Engines Market Regional Analysis
Asia Pacific currently dominates the global market and is poised to maintain its leadership in the forecast period. The region's robust shipbuilding industry in countries like India, South Korea, China, and Japan drives its maritime sector growth. Asia Pacific houses some of the world's fastest-growing economies, such as India, Bangladesh, and China, known for exporting mineral fuels, electronics, pharmaceuticals, jute, machinery, and automobiles. With abundant manufacturers benefiting from low labour costs and increasing commodity demand, the region is expected to significantly propel the demand of marine engines market in the upcoming years.
The Asia Pacific region was first introduced to Cummins' Marine Overhaul Service Solutions in July 2023. The effort gives vessel owners in Singapore, Malaysia, the Philippines, Indonesia, Papua New Guinea, Australia, New Zealand, and the Pacific Islands the chance to improve the performance of their fleet and stay ahead of the competition in this booming marine industry. Asia-Pacific customers may now take advantage of Cummins' rapid and reliable service, which guarantees little downtime and maximum engine performance.
Marine Engines Market Report Snapshots
Marine Engines Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The marine engines market was valued at USD 14.50 billion in 2023.
The market is projected to grow at a CAGR of 3.6% between 2024 and 2032.
The revenue generated from the market is expected to reach USD 19.90 billion in 2032.
The major market drivers include increasing number of leisure travellers, the expansion of the maritime transport sector, and the emergence of technologically advanced and highly efficient engines.
The key trends guiding the market include the introduction of stringent government regulations aimed at reducing emissions from marine vessels, the growing consumer awareness regarding the requirement for greener fuels, and the depleting traditional fuel supplies.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is categorised according to the power range, which includes Up to 1,000 HP, 1,001 – 5,000 HP, 5,001 – 10,000 HP, 10,001 – 20,000 HP, and above 20,000 HP.
The market is categorised according to the engine, which includes auxiliary engine and propulsion engine.
Based on the type, the market is divided into two stroke and four stroke.
Based on the fuel, the market is divided into heavy fuel oil, marine diesel oil, intermediate fuel oil, marine gas oil, and others.
The significant applications of marine engines include commercial vessels, offshore support vessels, passenger ship, and navy, among others.
The market key players are the Hyundai Heavy Industries Engine Machinery, Caterpillar Inc., Mitsubishi Heavy Industries Group, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Wärtsilä Corporation, and Deere & Company, among others.
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