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Marine Engines: Driving Innovation on the High Seas
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According to The Business Research Company's, The marine engines market size has grown strongly in recent years. It will grow from $9.92 billion in 2023 to $10.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to infrastructure development and port expansion, industrialization and trade expansion, military and defense applications, growth in commercial shipping, development of passenger cruise industry.
The marine engines market size is expected to see strong growth in the next few years. It will grow to $13.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to impact of digitalization and IoT, rise in offshore wind and energy projects, focus on autonomous vessels, global trade expansion, expanding cruise and passenger shipping. Major trends in the forecast period include adoption of advanced propulsion systems, growth in compact and high-power engines, emphasis on durability and reliability, digitalization and IoT integration, development of autonomous vessels.
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Market Drivers and Trends:
Growth in international marine freight transport is expected to drive the marine engine market. Marine freight transport refers to ships or cargo used to move goods from one location to another. Marine transport is cheaper and more feasible than railroad and air transportation for international transport. According to an article published by World Economic Forum, in 2021, approximately 90% of the world's products were transported by water transport. Further, in the last 20 years, the average size of a container ship has doubled, with the most prominent ships capable of transporting 24,000 containers. Thus, an increase in international marine freight transport will increase the demand for marine engines.
Cloud-based technology to monitor marine engines is the key trend gaining popularity in the marine engines market. Cloud monitoring is a technique for examining, evaluating, and regulating the operational workflow of a cloud-based IT infrastructure. Increasing efforts toward expanding engine capacities have further led to the development initiatives for designing reliably advanced systems. For instance, in April 2021, Cummins Inc. introduced PrevenTech Marine, an advanced remote monitoring solution for marine vessels. PrevenTech Marine monitors Cummins powered assets remotely, using connectivity, big data, advanced analytics, and IoT and boosts uptime, reduces maintenance costs, and improve the service experience.
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Major Key Players of the Market:
Honda Motor Co Ltd., Caterpillar Marine Power Systems, Volvo Penta AB, Suzuki Motor Corporation, Hyundai Heavy Industries Co Ltd., Mitsubishi Heavy Industries Ltd., Cummins Inc., Isuzu Motors Ltd., Kubota Corporation, Scania AB, Rolls-Royce plc, Yanmar Holdings Co Ltd., AMTU Shipbuilding Pvt Ltd., MTU Friedrichshafen GmbH, Wärtsilä Oyj Abp, MAN Energy Solutions SE, Rheinmetall AG, Zhongwang Industries Co Ltd., Mercury Marine, Perkins Engines Company Limited, ABB Marine & Ports, DEUTZ AG, Johnson Marine, Detroit Diesel Corporation, Lister Petter Ltd., Evinrude, Nanni Diesel S.r.l., Beta Marine OY, Tohatsu Corporation, Osborne Engines Inc., Weichai Power Co Ltd.
Marine Engines Market 2024 Key Insights:
• The marine engines market size is expected to see strong growth in the next few years. It will grow to $13.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising International Marine Freight Transport Fuels Demand For Marine Engines
• Cloud-Based Monitoring Takes The Helm In The Marine Engines Market
• Asia-Pacific was the largest region in the marine engines market share in 2023
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