New York, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Marine Auxiliary Engine Market Research Report Information By Fuel, Power, Application- Forecast 2030”, The market is expected to acquire a valuation of approximately USD 2,807.4 million by the end of 2030. Reports further predict that the market will thrive at a robust CAGR of over 3.9% during the period of 2030. ‘Evaluation.
Marine Auxiliary Engine Market Analysis
The marine auxiliary engine market will reach USD 2,807.4 million at a CAGR of 3.9% by 2030, according to the new Market Research Future report.
Marine Auxiliary Engine Market Key Players
Key players profiled in the Global Marine Auxiliary Engines Market report include-
- Wabtec Corporation (USA)
- Rolls-Royce Plc (UK)
- Yanmar Holdings Co. (Japan)
- MAN (Japan)
- Cummins Inc. (USA)
- Caterpillar (USA)
- Deere & Company (USA)
- Hyundai Heavy Industries Co. (South Korea)
- Mitsubishi Chemical Corporation (Japan)
- STX engine (South Korea)
- Kirloskar Oil Engines Ltd. (India)
- Deutz AG (Germany)
- AGCO Power Inc. (Finland)
- Volvo Penta (Sweden)
- Wartsila (Finland)
- Volkswagen (Germany)
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Marine Auxiliary Engines Market Engines
Booming Shipbuilding Industry to Boost Market Growth
Due to substantial research and development efforts to provide environmentally friendly auxiliary engine technology, investment in shipbuilding has increased. Developing countries such as India, Bangladesh and Indonesia as well as developed countries such as the United States, Germany and the United Kingdom are realizing the strategic value of building and maintaining strong vessels with latest technology, fueling the expansion of the marine auxiliary engine industry.
In order to reduce carbon emissions by 50% and protect the environment, the International Maritime Organization (IMO), a branch of the United Nations, introduced new rules in 2018. Global efforts to reduce carbon emissions are deployed by nations that have made considerable efforts. R&D investments. Additionally, the maritime sector is investing in battery-powered ferries, which would require high-performance engines and low-carbon fuels. Hence, the marine auxiliary engine market would be driven globally by increased investment in the shipping industry and increase in the use of energy-efficient engine components in ships.
Scope of the Marine Auxiliary Engines Market Report:
|Revenue forecasts in 2030||$2,807.4 million|
|CAGR||CAGR of 3.9% from 2022 to 2030|
|Key market opportunities||Growing demand for dual fuel engines|
|Key Market Drivers||Growth of international maritime trade Growth of the shipbuilding industry|
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Growing need for dual fuel engines to provide strong opportunities
Marine engines in developed countries like the United States, Germany and China use hybrid engine technology. By operating at peak efficiency and using batteries to smooth out many load changes, these motors can deliver remarkable efficiency. Crude oil is less accessible in remote and rural areas. In order to transport goods and services on waterways, marine auxiliary engines are crucial. According to a 2016 analysis by Siemens and Bellona, the marine auxiliary motor market would benefit if around 70% of Norwegian ferry vessels were converted to battery or hybrid power. Hybrid engine technology is being implemented in ships by countries like China, India and Korea with the aim of reducing fuel consumption and maintenance costs.
Strict environmental regulations to act as a market restriction
Strict environmental regulations could act as a drag on the market during the forecast period. Additionally, the impact of BREXIT and uncertainties in the Greek shipbuilding industry may also hamper the market growth.
MARPOL regulations will serve as a market challenge
MARPOL regulations may pose a challenge for the market during the forecast period.
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Marine Auxiliary Engines Market Segmentation
The global marine auxiliary engine market is bifurcated based on fuel, horsepower, and application.
By fuel, diesel will dominate the market over the forecast period. Marine diesel is a term for marine fuel made up of different mixtures of distillates and heavy fuel oil with very little heavy fuel oil. The density of marine diesel is higher than that of regular diesel. With the use of refining processes or the blending of pre-made marine fuels, marine diesel is available in a variety of blend ratios. Marine diesel can be used in a variety of engines due to their distinct mixture ratios.
By horsepower, up to 350 HP will dominate the market during the forecast period. Low-speed motors, with a maximum operating speed of 300 rpm, characterize marine auxiliary motors with a power range of up to 350 HP. These engines are mainly powered by turbocharged two-stroke engines with between 4 and 12 cylinders placed in a straight line. The ability of marine auxiliary engines up to 350 HP to operate efficiently on poor quality fuels is a key factor in the growth of this sector.
By application, commercial boats will spearhead the market during the forecast period. Motorboats, houseboats, center console boats, lifeboats and personal watercraft are examples of commercial boats equipped with marine auxiliary engines. Since the speed requirements of boats in this segment are significantly higher than those of cargo ships and cruise ships, they are powered by 4-stroke engines.
The impact of the pandemic on global health and economy has caused considerable disruptions in maritime trade and transport, which has negatively influenced growth forecasts. The volume of international maritime trade will decrease by 4.1% in 2020, according to UNCTAD. The effects of the pandemic on supply chain disruptions, demand contractions and widespread economic uncertainty have had a significant negative impact on the global economy.
Additionally, a number of engine OEMs have ceased production of their products due to the need to shut down manufacturing facilities and production assemblies due to the spread of COVID-19. This resulted in a slight drop in sales and difficulty in managing cash flow for players in the marine auxiliary engine market. Moreover, since much of the sector depended on maritime transport, which was hampered by national constraints, manufacturers of industrial machinery faced difficulties in obtaining raw materials.
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Marine Auxiliary Engines Market Regional Analysis
APAC Leads the Marine Auxiliary Engine Market
Over the past 20 years, the marine diesel engine market in Asia-Pacific has witnessed phenomenal growth, and this growth is expected to continue throughout the projected period. This is mainly due to the expansion of maritime trade in countries like China, South Korea and India. The demand for modern marine auxiliary engines has increased due to the implementation of regulatory criteria by government agencies dealing with maritime safety and pollution prevention from ships. The marine auxiliary engine market is mainly driven by this factor.
Europe will have admirable growth in the marine auxiliary engine market
After North America, Europe is the world’s second largest market for marine auxiliary engines. Over the projection period, trade in Europe is expected to increase as crude oil prices stabilize. The region’s main exports are automobiles and electrical equipment, and its main imports are dry bulk goods and electrical equipment. During the predicted period, these elements are expected to propel the marine auxiliary engine market in Europe. As 95% of all UK imports and exports are transported via oceans, the shipping industry is vital to the country’s economy.
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