Marine auxiliary engines are engines that supply power to ships or boats. These engines are made up of the crankshaft, liner, pistons, bedplate, and head. These components are made of corrosion-resistant materials, and their seals and bearings are particularly developed for use in maritime conditions. Naval auxiliary engines provide advantages such as operating flexibility and high efficiency while giving electricity to vessels. Such engines are also efficient in terms of speed, weight, and dependability under difficult climatic situations.
Factors such as an increase in international maritime shipping transit, a high demand for two-stroke marine engines, and a rise in aquatic sports and leisure activities are expected to drive the marine engine market's expansion. Yet, the rising use of all-electric vessels, as well as fluctuations in transportation and inventory prices, limit market expansion. In contrast, greater deployment of dual-fuel marine engines and advancements in engine technology are likely to present market participants with appealing prospective opportunities. During the forecast period, the market will be driven by an increase in commercial and defense-related ship and cargo vessel manufacturing, tremendous growth in marine freight transportation, an increase in cruise ship travels and marine tourism, and increased research and development of environmentally safer marine engines such as gas-based marine engines, among other factors.
The impact of COVID-19 on the marine engine market is unknown, but it is expected to last for a few years. The COVID-19 outbreak compelled governments all over the world to impose strict lockdowns and ban the import and export of critical raw materials. This resulted in an abrupt decrease in the availability of critical raw materials for marine engines. Boat and engine manufacturers suffered enormous losses as a result of the COVID-19 pandemic's disruption of supply chains and production schedules. Furthermore, the nationwide lockdown forced parts manufacturing plants to shut down partially or completely. However, by taking appropriate measures to halt virus spread, the world is gradually returning to normalcy in daily business operations. Increased vaccination and decreased fatality rates have improved the ship market scenario.
Marine Auxiliary Engine Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AGCO POWER INC, Caterpillar Inc, Cummins Inc, DEUTZ AG, Hyundai Heavy Industries Co., Ltd, JOHN DEERE, KIRLOSKAR OIL ENGINES LTD, MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd, Rolls Royce plc, STX ENGINE, Volvo Penta, Yanmar Holdings Co., Ltd
Global Marine Auxiliary Engine Market Segmentation:
By Engine Type: Based on the Engine Type, Global Marine Auxiliary Engine Market segmented as; Diesel Engine, Gas Turbine, Natural Engine, Propulsion Engine, Auxiliary Engine, Other Engine Type.
By Ship Type: Based on the Ship Type, Global Marine Auxiliary Engine Market segmented as; Bulk Carriers, Chemical Tankers, Container Ship, Ferriers And Passenger Ships, Gas Carriers, General Cargo Ships, Oil Tankers, Support Vessel, Others.
By Fuel Type: Based on the Fuel Type, Global Marine Auxiliary Engine Market segmented as; Heavy Fuel Oil, Intermediate Fuel Oil, LNG, Marine Diesel Oil, Marine Gas Oil, Others.
By Power Range: Based on the Power Range, Global Marine Auxiliary Engine Market segmented as; Up to 1000Hp, 1001-5000Hp, 5001-10000Hp, 10001-20000Hp, Above 20000Hp.
By Application: Based on the Application, Global Marine Auxiliary Engine Market segmented as; Commercial Boats, Security Boats, Recreational Boats, Fishing Boats.
By Region: The Marine Engines market can be classified geographically as follows: North America (the United States, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and the Rest of Europe), Middle East & Africa (Saudi Arabia, United Arab Emirates, and the Rest of the Middle East & Africa), and Central & South America (Brazil, Argentina, and Rest of Central and South America).
North America (the United States, Canada, and Mexico) will dominate the Marine Engines market. Rising marine tourism, collaboration between governments and the shipping sector on maritime technologies, and increased government investment for naval defence are the primary factors driving market expansion in the North American area. Moreover, throughout the forecast period, the Asia Pacific region (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific) is predicted to be the fastest-growing sector in the Marine Engines market.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.