Marine engines market worth $13.53 bn by 2021
The global marine engines market is expected to grow from an estimated USD 11.14 Billion in 2016 to USD 13.53 Billion 2021 at a CAGR of 3.85%. Growth in the marine engines market will be majorly driven by rise in the ship-building industry as well as increased maritime trade and stringent emission norms, says a research report titled 'Marine Engines Market by Power'000 HP' by Markets and Markets. Asia-Pacific will remain the largest market for marine engines for the projected period 2016 to 2021. The growth will be mainly driven by rise in the ship-building industry in China as well as Japan and South Korea. China, Japan, and South Korea constituted more than 80% of ship-building activity in 2015, and more investments, particularly in China, for the ship-building industry. Another factor attributing to the growth will be rise in maritime trade in South-east Asia spearheaded by China and other emerging economies in the region such as Indonesia. Commercial vessels, as a consequence of increased ship-building orders for gas carriers and bulk carriers, will continue have the largest market share for marine engines by vessel type, largely driven by rising economic growth in South Asia and South-east Asia. There will also be an increased demand for pleasure vessels in Europe and North America especially in yachts and luxury cruises. HFO (Heavy Fuel Oil) based marine engines have always dominated the marine engines market, and will continue to hold the larger share in the marine engines market segment by fuel type. Major market players are MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan), and Rolls-Royce Power Systems AG (Germany) and others.