Global Marine Internal Combustion Engines Market Report 2023: Significant Rise in Disposable Incomes Bolsters Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Marine Internal Combustion Engines Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031” report has been added to ResearchAndMarkets.com’s offering.

This study report represents an analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.

Companies Mentioned

• Hudong Heavy Machinery
• CSSC-MES Diesel
• MAN Engines
• Dalian Marine Diesel
• Yichang Marine Diesel Engine
• Qingdao Haixi Heavy-duty Machinery
• Mitsubishi Heavy Industries Ltd.
• SCANIA
• Yanmar Co. Ltd
• GE Ltd

Combustion of fuel with air takes place within the engine in an internal combustion engine. Simple engine design, low operational costs, and high fuel economy as compared to external combustion engines are some of the factors responsible for its high usage in the marine industry.

These engines use the lowest grade of fuel like heavy oil and heavy diesel oil. These engines use the lowest grade of fuel to ascertain economic viability, due to high volume consumption from the ship’s engine as compared to other refined fuels like petrol, SKO (superior kerosene oil), etc.

Marine operations make up 60-70% of total costs incurred. Due to this high percentage, a lot of marine fleets are being exchanged for multiple uses like an anchor handling tug being temporarily used as offshore support vessels. This exchange has proven to be more economical for the marine asset operator.

The larger ship sizes (bulk carriers, cargo vessels, tankers, etc.) utilize 2-stroke engines while the vessels with lower capacity vessels (Ro-Ro boats, Small Offshore Support Vessels, etc.) may utilize technologically advanced, compact, costlier turbocharged 4-stroke main propulsion and auxiliary engines.

The directives based on marine pollution to reduce the sulfur content to 0.5% by 2020, are one of the major reasons for inducing more advanced 4-stroke engines to reduce marine pollution and achieve operational profits. The marine sector is majorly involved in regional, cross-countries, and cross-continent trade activities, and hence the requirement of a fleet is essential to carry out these activities.

There is a significant rise in disposable incomes of people where there is an increased number of people opting for luxury leisure trips on cruises and owning yachts. Mandates from IMO’s (International Maritime Organizations) MARPOL (Marine Pollution) convention and the Paris Agreement on pollution levels at sea are being strictly adhered to. There is increased awareness of utilizing advanced 4-stroke IC engines to achieve operational efficiency and emission standards.

All these factors are propelling the demand for more marine internal combustion engines. Fluctuations in crude oil prices have led to a decline in overall oil & gas exploration activities. This has a direct impact on the shipping industry as it is heavily dependent on the oil & gas industry.

Based on engine type, the market is segmented into low-speed engines, medium-speed engines, and high-speed engines. In 2022, medium-speed engines dominated the internal combustion marine engine market, and a similar trend is expected during the forecast period. Based on applications, the market is segmented into bulk carriers, tankers, container vessels, cruise, passenger vessels, offshore support vessels, and others (tugs, utility vessels, etc.).

Bulk carriers dominated the market in 2022. Geographically, Asia Pacific was the largest region for IC marine engines market. China, Japan, and South Korea were the hot spots for the market due to high trade, oil & gas, and shipbuilding activities in the region. China is expected to grow at the highest rate since it has raised its marine diesel engine production rapidly on account of high merchant trade activities and increased oil imports from other regions.

Market Segmentation

Product

• Low-speed Engine
• Medium-speed Engine
• High-speed Engine

Application

• Bulk carriers
• Tankers
• Container vessels
• Cruise
• Passenger vessels
• Offshore support vessels
• Others (tugs, utility vessels, etc.)

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of the Marine Internal Combustion Engines market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Marine Internal Combustion Engines market?
• Which is the largest regional market for the Marine Internal Combustion Engines market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Marine Internal Combustion Engines market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Marine Internal Combustion Engines m

For more information about this report visit https://www.researchandmarkets.com/r/mt1ig7

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