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ASEAN Marine Engines Market to grow at a significant CAGR from 2020 to 2026
Published Date: 2020-12-17
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According to the Graphical Research new growth forecast report titled “ASEAN 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 (Singapore, Vietnam)”, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
ASEAN Marine Engines Market share will witness a considerable growth owing to robust development across shipbuilding industry and developing sea trade. Furthermore, increasing demand for commercial & recreational vessels on account of high concentration of prime ship-operators functioning primarily across the emerging nations will propel the business landscape.
Ability to provide enhanced power output along with low emission count will drive the hybrid marine engines market share. Moreover, compliance with the globally imposed directives following the increasing stringency of environment protection laws formulated by the governing authorities will propel the business scenario. Furthermore, capability to offer substantial amount of power in order to meet the varying loads in vessels including tugs, ferries and naval ships along with significant reduction in noise levels is anticipated to enhance the product deployment.
Wider applicability across submarines, yachts and tugboats coupled with its ability to provide smooth and efficient functioning is set to promote the deployment of > 20,000 HP engines. Shifting end user inclination toward travel and recreational activities on account of improved living standards driven by rising per capita income will ensure escalated product adoption. In addition, surging naval activities and growing commercial marine trade exercises owing to favourable government initiatives is set to enhance the industry statistics.
Robust development of maritime infrastructure on account of increasing project funding along with rising adoption of oil & gas exploration projects is set to encourage the deployment of marine engines across offshore applications. Several nations have eased restrictions on trade movements which were initially implemented after COVID-19 outbreak, thereby resulting in intensified commercial sea-borne activities, which in turn will enhance the ASEAN marine engines market potential.
2-stroke marine engines market share is set to increase owing to their enhanced operational capability driven by technological advancements. Furthermore, increasing R&D activities centered at product upgradations along with the unit’s ability to operate on economic fuel and sustain heavy load will simulate the product adoption.
Vietnam marine engines market is anticipated to boost on account of rapid industrialization and commercialization of seaports driven by fourth industrial revolution. The surging demand for distribution of goods following the robust development of sea routes in and around the nation is set to augment the ASEAN marine engines market share.
Key manufacturers functioning across the ASEAN marine engines market are forming strategic alliances with an aim to benefit from the economies of scale with a purpose of capturing a substantial market share. Eminent industry players across the industry include Yanmar, Wärtsilä, Scania, Caterpillar, Volvo Penta and Cummins amongst others.