Marine Engine Market to Reach $18.09 Billion, Globally, by 2030 at 4.7% CAGR: Allied Market Research

Major determinants of the market growth Major determinants of the market growth Surge in international marine freight transport, increase in water sports and leisure activities, and high demand for two stroke marine engines have boosted the growth of the globalmarine engine market. However, fluctuations in transportation and inventory costs and surge in adoption of fully electric vessels hinder the market. On the contrary, development of engine technology and surge in adoption of fuel...

Major determinants of the market growth

Surge in international marine freight transport, increase in water sports and leisure activities, and high demand for two stroke marine engines have boosted the growth of the global marine engine market. However, fluctuations in transportation and inventory costs and surge in adoption of fully electric vessels hinder the market. On the contrary, development of engine technology and surge in adoption of fuel fuel-based marine engines would unlock new opportunities in the future.

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The bulk carriers segment dominated the market

By ship type, the bulk carriers segment held the largest share in 2020, accounting for around two-fifths of the global marine engine market, owing to rise in international seaborne trade and maritime freight transport. However, the ferries and passenger ships segment is estimated to register the highest CAGR of 6.7% during the forecast period, due to rise in adoption of recreational activities, water touring, and other leisure activities.

The intermediate fuel oil segment to portray the highest CAGR through 2030

By fuel type, the intermediate fuel oil segment is projected to manifest the highest CAGR of 5.4% from 2021 to 2030. However, the heavy fuel oil segment held the largest share in 2020, accounting for around two-thirds of the global marine engine market, as it is widely used in marine vessels and cost-effective.

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Asia-Pacific, followed by Europe and North America, to manifest the highest CAGR by 2030

By region, the global marine engine market across Asia-Pacific, followed by Europe and North America, is anticipated to showcase the highest CAGR of 5.3% during the forecast period. In addition, the region dominated in 2020, accounting for nearly half of the market, owing to cheap wages, growing seaborne trade, and strong government backing.

Major market players

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