According to the Graphical Research new growth forecast report titled “America Marine Engines Market Size By Fuel (MDO, MGO, LNG, Hybrid), By Power (< 1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, > 20,000 HP), By Technology (Low Speed, Medium Speed, High Speed), By Propulsion (2-Stroke, 4-Stroke), By Application (Commercial, Offshore, Recreational, Navy), Industry Analysis Report, Country Outlook (U.S., Canada, Brazil, Argentina)”, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026.
America Marine Engines Market share is anticipated to expand on account of rising shipbuilding exercises and surging international trade. Growing seaborne commercial activities, primarily across the emerging and developed economies driven by robust development of shipping industry is set to augment the business landscape. Further, ongoing expansion of sea routes along with improving business relations has resulted in escalated export-import exercises across the globe, which in turn will lead to large-scale product deployment.
Marine engines are projected to witness surging adoption owing to growing demand for commercial goods including dry bulk commodities and oil & petroleum products. Several nations eased their movement restrictions following the drop in COVID-19 cases which is set to stimulate the trade activities thereby enhancing the market statistics. Further, rising shipbuilding exercises and rampant rise in unit production along with mounting public demand is anticipated to augment the product installation.
MDO fueled engines will gain significant adoption through the forecasted timeframe on account of key characteristics involving oxidation & thermal stability, lesser emission release and reduced operational costs. Further, surging marine trade practices owing to favorable government initiates to develop commercial sea routes coupled with easily availability of fuel is set to stimulate the product deployment.
<1,000 HP marine engines market share is anticipated to undergo a substantial growth in consequence of their wider installation base across large vessels particularly for enhanced capacity requirement. These units are generally installed in merchant ships comprising bulk carriers, containers, tanker vessels and cargo ships.
Escalating demand for tugboats coupled with ongoing expansion and development of regional ports predominantly across developed and developing economies will promote the adoption of high-speed marine engines. These systems are primarily installed on fishing vessels, boats, yachts and small ships and offer higher efficiency, improved engine performance and compact size which is set to boost the business outlook.
2-Stroke engines will observe a considerable development owing to their improved operational productivity and large scale applicability in propulsion systems. Progressing technological advancements together with the unit’s enhanced operational efficiency is anticipated to complement the industry landscape. Further, the ability to use cost-effective fuels, high load sustainability, uniform turning moment and resistance against wear & tear will drive the business scenario.
Brazil marine engines market is projected to expand on account of rising development activities across the nation driven by favourable local initiatives and high contribution from the shipbuilding business. For instance, government of Brazilian is opening markets for participation from private parties through FDIs, concessions and PPPs while opting for new trade agreements. Therefore, ongoing privatization in conjunction with regional agreements will result in growing commercial exercises thereby, leading to escalating product deployment.
Key manufacturers functioning across the America marine engines market are forming strategic alliance with an aim to benefit from the economies of scale with a general purpose of capturing a substantial market share. Prime participants across the industry include Volvo Penta, Brunswick Corporation, Wärtsilä, Scania, Caterpillar, and Cummins amongst others.