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What’s driving the Marine Engines Market in Asia Pacific?

Asia Pacific Marine Engines Market size to exceed USD 8 bn by 2024 due to growing adoption of LNG fuel pertaining to the modification in propulsion engines coupled with the introduction of tri-fuel technology engines.
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services.
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services.

The Graphical Research report provides a detailed overview on “Asia Pacific Marine Engines Market is predicted to exceed USD 8 billion by 2024”. Growing international merchandise trade driven by the global foreign direct trade investments will thrust the industry growth. Regulatory norms introduced by respective government authorities pertaining to the prevention of marine pollution and maritime safety & security will further stimulate the marine engines market share. Furthermore, the presence of majority of ship manufacturers across the region will boost the product adoption.

Shifting focus toward the development for non-conventional fuels coupled with the high acceptance of marine outboard engines will drive the LNG marine engines market size. Easy availability along with cost efficiency of LNG as bunker fuel when compared with HSFO will enhance the product penetration. In addition, increasing regulatory pressure on ship vendors pertaining to the practice of clean fuels will propel the demand for sustainable engines.

Ongoing technological advancement in the propulsion products to maximize energy efficiency and power output will drive the 1,000-5,000 HP marine engines market growth. Shifting focus toward the development of feasible electric motors to limit greenhouse gas emissions will stimulate the product demand.

China marine engines market will account for USD 2 billion by 2024. Increasing government mandates to promote the use of LSFO along with extensive product development pertaining to marine diesel engines will complement the industry landscape. Stringent protocols established by government authorities pertaining to rising environmental concerns will augment the product demand. For instance, in August 2016, China’s Ministry of environmental Protection and AQSIQ, jointly introduced the emission standards for marine engines used in domestic shipping.

Recreational marine engines market is anticipated to grow over 6% by 2024. Rapid urbanization and industrialisation across the nations along with rise in disposable income will positively impact the industry landscape. Low operating costs, high efficiency, operational capabilities and reduced noise range are some of the major advantages reinforcing the product demand. In addition, increase in shipbuilding activities on account of rising demand for commercial and luxury vessels will encourage the product adoption.

Regulatory agencies across the region have adopted policy measures which are encouraging the implementation of low emission units, positively impacting Asia Pacific marine engines market share. Introduction of global sulphur cap with 0.5% will directly affect the marine industry of the region further, increasing the demand of clean fuel engines.

Key industry players across the Asia Pacific marine engines market include Anglo Belgian, Cummins, Wärtsilä, Hyundai, Deutz, MAN Energy Solutions, Mitsubishi, Yamaha, Yanmar, Yuchai, Caterpillar, Scania, Weichai, Rolls Royce, John Deere, Brunswick Corporation and IHI Corporation.

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