Valued at $ 14.8 billion by 2026, marine engines are expected to experience stable growth globally
FACTS AT A GLANCE
Editing: 8; Posted: April 2021
Executive pool: 1682
Companies: 41 – Players covered include Caterpillar, Inc .; Cummins, Inc .; General Electricity Company; Hyundai Heavy Industries Co., Ltd .; MAN SE; Mercury Marine Inc .; Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd .; Rolls-Royce Holdings PLC; Volvo Penta; Wartsila Corporation et al.
Blanket: All major geographies and key segments
Segments: Fuel (heavy fuel oil, intermediate fuel oil, marine fuel oil, marine fuel oil); Type of vessel (commercial vessels, offshore support vessels)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Marine Engine Market to Reach $ 14.8 billion by 2026
Amid the COVID-19 crisis, the global marine engine market estimated at US $ 12.7 billion in 2020, is expected to reach a revised size of US $ 14.8 billion by 2026, with a CAGR of 2.5% over the analysis period. Commercial vessels, one of the segments analyzed in the report, are expected to register a CAGR of 2.4% and reach US $ 10.4 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the offshore support vessel segment is readjusted to a revised CAGR of 2.6% for the next 7 year period.
The US market is estimated at $ 3.5 billion in 2021, when China is expected to reach $ 2.9 billion by 2026
The marine engine market in the United States is estimated at US $ 3.5 billion in 2021. China, the world’s second-largest economy, is expected to reach a projected market size of US $ 2.9 billion by 2026, with a CAGR of 4.7% over the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 0.6% and 1.8% respectively over the period of analysis. In Europe, Germany is expected to grow at around 1.1% CAGR. Following
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