Marine engines are machines that are utilized to provide power to marine vessels like commercial vessels, offshore support vessels and other vessels. These engines consist of components such as crankshaft, liner, pistons, bedplate, and head. These components are constructed with corrosion inhibiting materials and their seals & bearings are specifically designed for sea operating environment. The development of new technologies and manufacturing process in marine engine market have addressed the environmental regulations pertaining emission of harmful gases. Characteristics like fuel efficiency, easy maintenance, high performance, durability, quiet operation, and low harmful emissions make marine engines ideal for marine applications.
Rapid growth in shipbuilding activities, across the globe, in recent times is one of the crucial factors driving the demand in the marine engine market. Growing demand for luxury vessels such as cruise and yachts, as a result of increasing disposable income amongst the individuals has been a major sponsor to the increasing demand in the marine engine market. The global rise in demand for commercial vessels such as bulk carriers and gas carriers has significantly contributed to the rapid growth of the marine engine market.
Marine Engine market is expected to have enormous developments over the forecast period owing to continuous technological advancement in marine sector tied with rising sea-borne activities. The market is also likely to have a huge number of expansion activities by global and well-established firms. Mergers and acquisition activities are anticipated to be seen during the forecast period with several contracts and agreements among the top manufacturers and shipbuilding companies, across the globe.
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Industry Top Key Players:-
The key players of global marine engine market are GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), and Wärtsilä Corp (Finland). Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (U.S.), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany) are among others.
Global Marine Engine Market Analysis:-
The global marine engine market is estimated to observe a phenomenal growth over the forecast period. This is due to the substantial growth in the number of leisure marine travelers, massive expansion of the global seaborne transport industry, advent of technologically advanced and extremely reliable engines, economic steadiness, and growing individual disposable incomes. Asia Pacific region is anticipated to dominate the marine engines market and is also predicted to be the fastest expanding market over the forecast period. The high growth rate is attributed to the growth in the shipbuilding activities, especially in countries such as South Korea, Japan, China and Southeast Asian countries such as Singapore, Indonesia and Malaysia. These countries have a lucrative market for marine engine manufactures in the continent to explore, expand their operations and conquer larger market share. Europe was the second largest market in 2016. Countries such as Croatia, Denmark, Finland, France, Germany, Greece and Italy are the prominent shipbuilding nations in Europe. The growing maritime activities and tourism in the European region have created productive market for shipping industries and subsequently marine engine manufactures. North America witnessed a stagnant growth in 2016 and is anticipated to maintain the growth over the forecast period. U.S. held for the largest share in North America with more than 80% of the market share in 2016 and is expected to maintain its dominance over the forecast period.
MAJOR POINTS OF TABLE OF CONTENT:-
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
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3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
To be continued…..