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The global marine engine market size is anticipated to reach USD 14.51 billion by 2027 owing to the better supply chain visibility and rapidly growing international trade, shares Fortune Business Insights™ in its report, titled, “Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries & Passenger ships, and Others), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP, 40000 – 50000 HP, 50000 – 60000 HP, 60000 – 70000 HP, 70000 – 80000 HP, 80000 – 90000 HP, 90000 – 100000 HP, 100000 – 110000 HP, and Greater than 110000 HP ), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke (Two Stroke, Four Stroke, and Others) and Regional Forecast, 2020-2027.” As per the report findings, the market value stood at USD 12.49 billion in 2019 and it is expected to register a CAGR of 4.7% from 2020 to 2027.
Waterfront Shipping Company Delivers Two Second-generation Methanol Fueled Vessels
In September 2019, Waterfront Shipping Company Ltd., a global marine transportation company, delivered M/T Mari Couva and M/T Mari Kokako, two of the second-generation methanol-fueled vessels, to the Waterfront Shipping fleet. These 49,000 dwt vessels are built with the second generation of MAN B&W ME-LGIM two-stroke dual-fuel engines. These engines can be operated on methanol as well as conventional marine fuels. They offer at par, or sometimes better efficiency on methanol fuel type compared to HFO-burning engines. MAN Energy Solutions, the maker of marine engines, developed them to operate on alternatives to heavy fuel oil.
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Better Supply Chain Management Due to Ever-Expanding Global Trade to Drive Growth
The global marine engine market is estimated to be driven primarily by increasing supply chain management worldwide, which is a result of the ever-expanding global trade. In the past two decades, the total growth of international trade has been consistent at an average of 6% as per the reports of the International Monetary Fund (IMF). According to the organization, it is twice as fast as the world output. Although, strict regulations from governments across nations regarding emission control are estimated to hinder the growth of marine engines.
Embarking on Tailor-made Products to Help Key Players Gain Prominence
Key players operating in the global marine engine market consist of manufacturers focused on leading the competition. Major enterprises are embarking on providing tailor-made structures, built to functions as per the needs of their clients. In August 2019, Ports of Auckland ordered the world's first full-size electric tugboat from Damen Shipyards of the Netherlands. The latter is set to build a 70-tonne bollard pull all-electric tug for delivery in 2021.
A List of Key Manufacturers Operating In the Global Market:
Further Report Findings:
Table of Segmentation
Value (USD Billion)
By Ship Type
By Fuel Type