ASEAN Marine Engines Market value will witness a significant impetus owing to rising import & export activities coupled with robust expansion in the maritime transportation sector. Ongoing development of sea routes along with improved economic relations between the nations has resulted in exponential growth across global maritime trade, which is set to augment the large-scale product deployment.
LNG marine engines market is anticipated to observe substantial development on account of shifting focus toward adoption of clean fuel and acceptance of marine outboard engines. Availability of LNG as eco-friendly substitute for bunkering fuel in vessels when compared to the high sulfur fuel along with the increasing stringency of emission control norms will escalate the product adoption.
1,001-5,000 HP marine engines market will grow on account of increased energy efficiency and engine power driven by technological advancements. Wider applicability across merchant ships comprising of bulk carriers, yachts, tugs and support vessels in conjunction with easy installation, and low maintenance cost will positively influence the market growth.
Rising demand from tugboats and dredgers along with development of domestic and international ports primarily across emerging nations will propel the incorporation of high-speed marine engines. Growing deployment of these units across boats, vessels, and small ships together with their ability to offer improved performance, compact size and high efficiency will enhance the industry landscape.
Growing urbanization along with rising disposable income across developing nations will boost the product adoption across recreational applications. ASEAN market will witness a significant rise driven by increasing shipbuilding activities and increasing end user participation in cruise vessels voyages. Furthermore, improved operational capabilities, higher product efficiency and reduction in noise levels are some of major factors which will ensure large-scale product deployment.
ASEAN market share is anticipated to increase in consequence of rising investments from local and globally established organizations promoting growth across maritime sector. Economies of scale and brand acknowledgement are some of the strategic tactics followed by key market players in order to strengthen their market share. Eminent manufacturers functioning across the industry are Scania, Cummins, Yanmar, Atlas Copco, Caterpillar, Hyundai heavy industries, John Deere and MAN Energy Solutions amongst others.