Global Marine Engine Market: Overview
Marine engines are devices that give power to various kinds of auxiliary equipment, vessels, propulsion systems central, and generators. Various categories of marine engines are present that are made for various reasons of different marine systems and vehicles. Marine engines can be segmented according to the type of the power range of the engine, propulsion system in use major applications, and fuel used to power the engine.
Global Marine Engine Market: Growth Factors
The global marine engines market is likely to have a huge growth in coming future. Increased shipbuilding orders for gas carriers and bulk carriers are the main reason that has driven the growth of the global market. Additionally, the rise in maritime trade is also boosting the growth of the global market. Moreover, use of advanced technology in the production of the marine engines is also driving the global market growth. Besides this, increased job opportunities are also powering the growth of the global marine engines market. Adding one more to the list, the affordable cost of labor associated with the marine engines industry is also driving the global market growth.
On the other hand, high cost for transportation for marine engines is the main reason hampering the growth of global marine engines market. The high cost of raw materials is one of the reasons that is hindering the growth of the global market. Moreover, high cost for maintenance is also one of the significant reasons that are restraining the growth of the global market. Last but not the least, a high cost of ownership is also one of the significant reasons that are restraining the growth of the global market.
Global Marine Engine Market: Segmentation
Based on the types of vessel, the global marine engines market is mainly classified as commercial vessels and offshore support vessels.
On the basis of fuel, the global market is divided into intermediate fuel oil, heavy fuel oil, marine gas oil, marine diesel oil, and others.
Based on the power, the global market for marine engines is segmented into 1,001 HP to 5,000 HP, up to 1,000 HP, 10,001 to 20,000 HP, 5,001 HP to 10,000 HP, above 20,000 HP, and others.
Based on the target audience, the global market is segmented into ship-building companies, marine engines manufacturers, government and industry associations, marine engines ancillary parts suppliers, investment and consulting firms, and others.
Global Marine Engine Market: Regional Analysis
Regionally, the global market for marine engines is significantly segmented into Asia-Pacific, the Middle East and Africa, North America, and Rest of the World. Increased shipbuilding orders for gas carriers and bulk carriers are boosting the global market in Canada and the U.S. Rise in maritime trade in the development of marine engines devices is lowering the global market in Asia Pacific. Increased job opportunities and affordable cost for labor will boost the global market in Europe.
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Global Marine Engine Market: Competitive Players
Key players in the global marine engines market are Caterpillar, Inc., GM Powertrain, Wartsila Corporation, Cummins Engines, Robert Bosch, Rolls Royce, Shanghai Diesel Co., L’Orange, and Hatton Marine.