ASEAN Marine Engines Market Size 2020 | Trends, Industry Analysis, Share, Growth and Forecasts 2026
Category: #energy-and-environment  By Ronak Bora  Date: 2021-04-17
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ASEAN Marine Engines Market Size 2020 | Trends, Industry Analysis, Share, Growth and Forecasts 2026

The ASEAN marine engines market size provides detailed analysis on this industry including substantial details subject to its overall position in the global landscape and applications across myriad end-user industries. Based on fuel type, the LNG-based marine engines segment is slated to witness lucrative development owing to shifting industry focus towards the use of cleaner fuels and approvals towards marine outboard engines. The availability of LNG as an environmentally friendly substitute to bunkering fuel within vessels in comparison to high sulfur fuel, and escalating stringency of industry emission control regulations would further foster product adoption.

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Meanwhile, leveraging their ability to deliver higher power output while ensuring low emission count, the hybrid marine engines segment is anticipated to chalk out a momentous growth graph for itself. In addition, compliance with directives imposed globally in response to tightening environment protection laws passed by governing authorities would also impel the business scenario. These engines provide a significant amount of power to address the changing loads of different vessels, including ferries, naval ships, and tugs. The additional factor of significant noise level reduction would act as an added benefit that would enhance the deployment of the product.

In terms of power output, the segment of 1001 - 5000 HP marine engines would clock in notable traction on account of rising demand for engine power and energy efficiency through technological advancements. Additionally, wide-scale applicability of these engines in merchant ships, including yachts, bulk carriers, tugs boats, and support vessels would outline a favorable business outlook for the market. Moreover, additional features such as low maintenance costs, and easy installation will also positively sway the market growth.

The > 20,000 HP engines segment, however, is also expected to witness an elevated demand. Large-scale applicability within yachts, tugboats, and submarines, and its ability to deliver efficient and smooth functioning would promote product deployment. Meanwhile, increasing inclination toward recreational activities and travel due to improving living standards, fueled by growing level of per capita income, would ensure strong product demand. Escalating naval as well as commercial marine trade activities owing to favorable government initiatives would enhance the market statistics as well.

Vietnam marine engines market is anticipated to boost on account of rapid industrialization and commercialization of seaports driven by fourth industrial revolution. The surging demand for distribution of goods following the robust development of sea routes in and around the nation is set to augment the ASEAN marine engines market share.

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Key manufacturers functioning across the ASEAN marine engines market are forming strategic alliances with an aim to benefit from the economies of scale with a purpose of capturing a substantial market share. Eminent industry players across the industry include Yanmar, Wärtsilä, Scania, Caterpillar, Volvo Penta and Cummins amongst others.

Table of Contents (ToC) of the report:

Chapter 3   ASEAN Marine Engines Market Trends

3.1    Industry coverage

3.2    Industry size & forecast, 2015 – 2026

3.3    Value chain analysis

3.3.1    Company product snapshot

3.4    Innovation Landscape

3.5    COVID-19 impact on the industry outlook

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Market drivers

3.7.2    Market restraints

3.8    Industry analysis - Porter's

3.9    Product growth mapping

3.10    Competitive benchmarking, 2019

3.10.1    Strategy dashboard

3.11    PEST analysis

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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