Asia Pacific Marine Engines Market is projected to surpass USD 8 billion by 2024. Significant rise in seaborne trade coupled with ongoing technological advancements with respect to the development of efficient engines will complement the industry landscape. Introduction of regulatory norms by government authorities toward maritime safety and prevention of pollution by ships will further boost the business growth.
Growing adoption of LNG fuel pertaining to the modification in propulsion engines coupled with the introduction of tri-fuel technology engines will stimulate the Asia Pacific marine engines market. Development of non-fossil fuel equipment along with rising prevalence for marine outboard engines will positively influence the product demand. In addition, ongoing manufacturing activities, increasing awareness of shipowners and upsurge in demand for clean fuel engines will boost the industry growth.
1,000 - 5,000 HP engines are anticipated to witness a growth on account of increasing focus toward the development of viable electric motors. Ongoing government initiatives with an aim to reduce GHG emissions coupled with extensive innovation strategies to maximize power output and energy efficiency will further upsurge the market size.
Recreational marine engines market, in 2017 was valued over USD 1 Billion. Rapid urbanization across the developing nations coupled with rising disposable income will positively impact the industry landscape. China, South Korea and Japan are the major contributors accounting for over 60% of the region’s shipbuilding market share. Extensive retrofitting activities along with research and development ventures will propel the product penetration. In addition, high efficiency, low operating costs, reduced noise range and operational capabilities are some of the key factors reinforcing the product demand.
China marine engines market is projected to grow on account of rapid inter-border trade and growing shipbuilding activities across the nation. Policy measures by government authorities to encourage the adoption of low emission units will positively impact the product demand. Rising legislative incentives and regulations to promote LSFO along with constant specification advancements in marine diesel engines to comply with IMO norms will positively influence the product penetration.
Key industry vendors across the market comprises of Wärtsilä, Anglo Belgian Corporation, Hyundai, Yamaha, Yanmar Holdings, Mitsubishi Heavy Industries, Caterpillar, Rolls Royce, Scania, Weichai, MAN Energy Solutions, Cummins, Yuchai, John Deere, Deutz AG, IHI Corporation and Brunswick corporation.
Segments Covered in This Report:
Market Forecast(By Technology)
Market Value(By Propulsion)
Market Trend(By Application)
The above information has been provided for the following regions and countries: