Marine Engine Market Valued at $11.62 Billion in 2020, Projected to Reach $18.09 Billion by 2030
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 2030.๐ ๐จ๐ซ ๐๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ- https://www.alliedmarketresearch.com/marine-engine-market
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.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ - https://www.alliedmarketresearch.com/request-sample/1579
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.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ - 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
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/1579
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
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.
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ :
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.
๐๐จ๐ง๐ญ๐๐๐ญ :
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web:โฏwww.alliedmarketresearch.com
Allied Market Research Blog:โฏhttps://blog.alliedmarketresearch.com โฏ
Follow Us on | Facebook | LinkedIn | YouTube |
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Marine Engine Market Valued at $11.62 Billion in 2020, Projected to Reach $18.09 Billion by 2030 here
News-ID: 3569560 • Views: โฆ
More Releases from Allied Market Research
Diving Equipment Market Value Estimated to Worth $8.1 Billion by 2035, Growing a โฆ
According to a new report published by Allied Market Research, titled, "Diving Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2035." The research report offers quantitative and qualitative analyses of the overall market environment, focusing on key investment opportunities, top market segments, value chain analysis, market dynamics, regional outlook, and the competitive landscape. The global divingโฆ
Luggage Market Value Estimated to Worth $101 Billion by 2035, Register at a CAGR โฆ
According to a new report published by Allied Market Research, titled, "Luggage Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Form, by Material Type, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2035." The luggage market was valued at $38.8 billion in 2023, and is estimated to reach $101.0 billion by 2035, growing at a CAGR of 8.3% from 2024 to 2035. The reportโฆ
U.S. Event Services: Rapid Growth, Estimated to Worth $153.0965 Billion Market F โฆ
According to a new report published by Allied Market Research, titled, "U.S. Event Services Market Size, Share, Competitive Landscape and Trend Analysis Report, by Event Type and Service Type : Opportunity Analysis and Industry Forecast, 2023-2032." U.S. Event Services Market Size, Share, Competitive Landscape and Trend Analysis Report, by Event Type and Service Type : Opportunity Analysis and Industry Forecast, 2023-2032. The U.S. event services market size was valued atโฆ
Sustainable Tourism Market is Expected to See Impressive Growth, Attain USD 11.4 โฆ
According to a new report published by Allied Market Research, titled, "Sustainable Tourism Market" The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. In 2023, the coastal tourism segment occupied the largest market share as it is one of the most popular types of sustainable tourism locations in the world due toโฆ
More Releases for Marine
Ocean Engineering Equipment Market Business Opportunities 2026 - Top Companies a โฆ
The Ocean Engineering Equipment Market research added by UpMarketResearch.com, offers a comprehensive analysis of growth trends prevailing in the global business domain. This report also provides definitive data concerning market, size, commercialization aspects and revenue forecast of the industry. In addition, the study explicitly highlights the competitive status of key players within the projection timeline while focusing on their portfolio and regional expansion endeavors.
Request Exclusive Free Sample PDF of Thisโฆ
Marine Cranes Market Reviews and Statistics 2020 - DMW Marine, Heila Cranes, Eff โฆ
An extensive study of the product application and services conducted by subject matter experts assessing the global Marine Cranes market will help product owners to make a wise decision.
The latest research report on Marine Cranes market for the forecast period, 2020 - 2025 is involved in screening the business environment and the companies operating in the Marine Cranes industry. Importantly, the research sheds a lot of light on their winningโฆ
Marine Trailers Market by Key Players Insights - Owens & Sons Marine, EZ LOADER, โฆ
Marine Trailers Market: Introduction
Marine Trailers are supportive equipment used to tow or carry personal, commercial or marine boats from one place to another. Marine trailers are prominently gaining demand in personal use due to the growing hiking and adventurous activity among millennials. Personal boats need to be carried from respective individual houses or residential places to the activity area. With the growing needs of urban population, the marine trailers marketโฆ
Marine Seats Market | Spreading Key players - Wise Seats, Moeller Marine Product โฆ
Global Marine Seats Market, 2018-2023, is a market research report by KD Market Research that offers extensive and highly detailed current and future market trends in the global and regional/market. The report offers market size and structure of the overall industry based upon a unique combination of industry research, fieldwork, market sizing analysis, and our in-house expertise.ย Global Marine Seats Marketย was held at USD XXX Million in 2017 and is expectedโฆ
Marine Big Data Market - Information Provided by Marine Big Data Considered Indi โฆ
Considering big data analytics in the marine sector is an upcoming technology, the global marine big data market is poised to witness a highly competitive environment. As the market is at a booming phase, Transparency Market Research (TMR) forecasts strong growth for in a new study. โIn order to emerge at fore, a majority of the market players are focusing on product differentiation,โ said a lead TMR analyst. โIn consequenceโฆ
Global Ship Crane Market Forecast 2018-2025 Allied Marine Crane, Appleton Marine โฆ
Recently added detailed market study "Global Ship Crane Market" examines the performance of the Ship Crane market 2018. It encloses an in-depth Research of the Ship Crane market state and the competitive landscape globally. This report analyzes the potential of Ship Crane market in the present and the future prospects from various angles in detail.
The Global Ship Crane Market 2018 report includes Ship Crane market Revenue, market Share, Ship Craneโฆ