$9.38 Billion Worldwide Marine Engines Industry to 2031 - Growth in International Marine Freight Transport is Expected to Drive Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Marine Engines Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global marine engines market.

The global marine engines market is expected to grow from $8.76 billion in 2021 to $9.38 billion in 2022 at a compound annual growth rate (CAGR) of 7.06%. The marine engines market is expected to grow to $11.10 billion in 2026 at a compound annual growth rate (CAGR) of 4.32%.

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Major players in the marine engines market are Cummins Inc, Caterpillar, Mitsubishi Heavy Industries Ltd, Volvo Penta, Yanmar Holdings Co Ltd, Wartsila, Hyundai Heavy Industries Co Ltd, Daihatsu Diesel Mfg Co Ltd, MAN Energy Solutions, Volkswagen Group, WinGD, Siemens Energy, Wabtec, Isotta Fraschini Motori, CNPC Jichai Power Company Limited, Bergen Engines, Rolls-Royce Holdings and Bergen Engines.

The marine engines market consists of sales of marine engines by entities (organizations, sole traders, partnerships) that refer to a heat engines used to transform heat energy into mechanical energy by burning fuel to propel a ship. It is installed or planned to be installed on a marine vessel. Marine engines are categorized as propulsion marine engine, propels or guides the movement of a ship through the sea, and auxiliary marine engine refers to a propulsion-less marine engine.

The main types of marine engines are diesel engine, gas turbine, natural engine, and other engine types. The gas turbine can convert natural gas or other liquid fuels to mechanical energy. These marine engines are used ships like oil tankers, bulk carriers, general cargo ships, and container ship. The fuel used to power the marine engines categorized as heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, LNG, and other fuel types. The marine engines are categorized as four stroke, and two stroke with power ranging from up to 1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and above 20,000 HP.

Asia Pacific was the largest region in the marine engines market in 2021. The regions covered in the marine engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The marine engines market research report is one of a series of new reports that provides marine engines market statistics, including marine engines industry global market size, regional shares, competitors with a marine engines market share, detailed marine engines market segments, market trends and opportunities, and any further data you may need to thrive in the marine engines industry. This marine engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Growth in international marine freight transport is expected to drive the marine engine market. Marine freight transport refers to ships or cargo used to move goods from one location to another. Marine transport is cheaper and more feasible than railroad and air transportation for international transport.

According to an article published by World Economic Forum, in 2021, approximately 90% of the world's products were transported by water transport. Further, in the last 20 years, the average size of a container ship has doubled, with the most prominent ships capable of transporting 24,000 containers. Thus, an increase in international marine freight transport will increase the demand for marine engines.

Cloud-based technology to monitor marine engines is the key trend gaining popularity in the marine engines market. Cloud monitoring is a technique for examining, evaluating, and regulating the operational workflow of a cloud-based IT infrastructure. Increasing efforts toward expanding engine capacities have further led to the development initiatives for designing reliably advanced systems.

For instance, in April 2021, Cummins Inc. introduced PrevenTech Marine, an advanced remote monitoring solution for marine vessels. PrevenTech Marine monitors Cummins powered assets remotely, using connectivity, big data, advanced analytics, and IoT and boosts uptime, reduces maintenance costs, and improve the service experience.

In January 2022, Langley Holdings, a UK-based engineering and industrial manufacturing group, acquired Bergen Engines AS from Rolls-Royce, for $103 million (€91 million). Through this acquisition, Langley Holdings will accomplish its net-zero goals and long-term environmental objectives through the developing microgrid industry. Bergen Engines is a Norway-based company that manufactures gas and diesel engines for land based, commercial marine and naval.

The countries covered in the marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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