Asia Pacific Marine Engines Market Size 2020 | Competitive Landscape, SWOT Analysis and Growth by 2024
Category: #energy-and-environment  By Ronak Bora  Date: 2021-06-01
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Asia Pacific Marine Engines Market Size 2020 | Competitive Landscape, SWOT Analysis and Growth by 2024

The Asia Pacific marine engines market size is set to witness promising growth in forthcoming years owing to rising seaborne trade and technological advancements that are facilitating the development of cost-effective marine engines. Regulatory norms introduced by regional government authorities to regulate marine pollution as well as maritime security and safety will also foster the business scenario.

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Moreover, dense presence of a majority of the world’s ship manufacturers in Asia-Pacific will further complement the market landscape. Below are some key trends that would majorly influence growth of the Asia-Pacific marine engines market:

Increasing demand for clean fuel engines

Based on fuel, the LNG fuel segment is likely to witness substantial growth over the coming years owing to the introduction of tri-fuel technology engines and modification in propulsion engines. In comparison to HSFO, cost-efficiency and easy availability of LNG bunker fuel will complement the product deployment.

Increasing prevalence for marine outboard engines coupled with non-fossil fuel equipment development will enhance the segment outlook. Additionally, rise in demand for clean fuel engines, ongoing manufacturing activities, and rising awareness among shipowners will also drive the market growth.

Rising adoption of 1,000 - 5,000 HP engines

With respect to power, 1,000 - 5,000 HP engines are expected to witness robust growth on account of surging focus towards the expansion of viable electric motors. Technological advancements in the propulsion products to maximize power output and energy efficiency will drive the segmental growth. Furthermore, ongoing initiatives by several global governments to limit greenhouse gas emissions will further augment the market size.

Expanding scope of the recreational engines segment

In terms of application, in 2017, the recreational engines segment was valued at around $1 billion. The segment is further expected to grow over 6% by the end of the analysis timeframe. Rapid industrialization and urbanization across the developing nations, and rising consumer disposable income will strengthen the industry scenario. Japan, China, and South Korea are some of the major contributors accounting for about 60% of APAC’s shipbuilding market share.

Increase in retrofitting activities together with ongoing research and development efforts will drive the product penetration. Additionally, operational capabilities, low operating costs, decreased noise range and high efficiency are some of the key determinants strengthening the product demand.

Increasing shipbuilding activities across China

On the regional front, marine engines market in China will account for approximately $2 billion by the end of the analysis timeline. This anticipated growth is ascribed to the increasing shipbuilding activities and rapid inter-border trade. Increasing government regulations and legislative incentives to promote LFSO use, coupled with continuous specification advancements in marine diesel engines to follow IMO norms, will complement the market landscape.

Strict regulations established by the government authorities relating to adoption of low emission units and to increasing environmental concerns will positively influence the product demand. Citing an instance, in August 2016, Ministry of environmental Protection and AQSIQ of China, together introduced the emission standards that would be imposed on marine engines used in domestic shipping. 

Implementation of low emission units by regulatory agencies

Regulatory agencies in the region have adopted numerous policy measures which are encouraging the enforcement of low emission units, which is greatly contributing towards Asia Pacific marine engines market growth. The introduction of global sulphur cap with 0.5% is expected to affect the marine industry in APAC directly, further fostering the demand for clean fuel-based engines.

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Scania, Brunswick corporation, Deutz AG, Mitsubishi Heavy Industries, John Deere, Anglo Belgian Corporation, Weichai, Cummins, Hyundai, Yanmar Holdings, IHI Corporation, Wärtsilä, Rolls Royce, MAN Energy Solutions, Yamaha, Caterpillar, and Yuchai among many others are some of the key industry players operating in the Asia-Pacific marine engines market.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Methodology

1.2. Market definitions

1.3. Market estimates and forecast parameters

1.4. Data Sources

1.4.1.   Secondary

1.4.1.1.      Paid Sources

1.4.1.2.      Public Sources

1.5. Abbreviations

Chapter 2. Executive Summary

2.1. Marine engines market 3600 synopsis, 2013 - 2024

2.1.1.   Business trends

2.1.2.   Fuel trends

2.1.3.   Power trends

2.1.4.   Technology trends

2.1.5.   Propulsion trends

2.1.6.   Application trends

2.1.7.   Regional Trends

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1038/asia-pacific-marine-engines-market

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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

 

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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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