ASEAN Marine Engines Market 2021-2026

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    ASEAN MARINE ENGINES MARKET

     

    KEY FINDINGS

    • ASEAN Marine Engines Market share will witness considerable growth owing to robust development across the shipbuilding industry and developing sea trade.
    • Ability to provide enhanced power output along with low emission count will drive the hybrid marine engines market share.
    • Robust development of maritime infrastructure on account of increasing project funding along with rising adoption of oil & gas exploration projects is set to encourage the deployment of marine engines across offshore applications.
    • Capability to offer substantial amounts of power in order to meet the varying loads in vessels including tugs, ferries and naval ships along with significant reduction in noise levels is anticipated to enhance the product deployment.
    • Increasing R&D activities centered at product upgrades along with the unit’s ability to operate on economic fuel and sustain heavy load will simulate the product adoption.
    • Rising emphasis on increasing diesel engine capacity to drive new generation tankers with large cargo holding capabilities is expected to propel the market.

     

    INTRODUCTION

    ASEAN Marine Engines Market share will witness considerable growth owing to robust development across the shipbuilding industry and developing sea trade. Furthermore, increasing demand for commercial & recreational vessels on account of high concentration of prime ship-operators functioning primarily across the emerging nations will propel the business landscape.

     

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    Ability to provide enhanced power output along with low emission count will drive the hybrid marine engines market share. Moreover, compliance with the globally imposed directives following the increasing stringency of environment protection laws formulated by the governing authorities will propel the business scenario. 

     

    Furthermore, capability to offer substantial amounts of power in order to meet the varying loads in vessels including tugs, ferries and naval ships along with significant reduction in noise levels is anticipated to enhance the product deployment.

     

    ASEAN MARINE ENGINES MARKET SEGMENTATION

     

    By Engine Type

    • Propulsion
    • Auxiliary

     

    By Power Output

    • < 1000 HP
    • 1000-5000 HP
    • 5000-10000 HP
    • 10000-20000 HP
    • >20000 HP

     

    By Stroke

    • 2 Stroke
    • 4 Stroke

     

    By Application

    • Commercial Vessels
    • Offshore Support Vessels

     

    ASEAN MARINE ENGINES MARKET DYNAMICS

    Ability to provide enhanced power output along with low emission count will drive the hybrid marine engines market share. Moreover, compliance with the globally imposed directives following the increasing stringency of environment protection laws formulated by the governing authorities will propel the business scenario. 

     

    Furthermore, capability to offer substantial amounts of power in order to meet the varying loads in vessels including tugs, ferries and naval ships along with significant reduction in noise levels is anticipated to enhance the product deployment.

     

    Wider applicability across submarines, yachts and tugboats coupled with its ability to provide smooth and efficient functioning is set to promote the deployment of > 20,000 HP engines.

     

    Shifting end user inclination toward travel and recreational activities on account of improved living standards driven by rising per capita income will ensure escalated product adoption. In addition, surging naval activities and growing commercial marine trade exercises owing to favourable government initiatives is set to enhance the industry statistics.

     

    Robust development of maritime infrastructure on account of increasing project funding along with rising adoption of oil & gas exploration projects is set to encourage the deployment of marine engines across offshore applications.

     

    Several nations have eased restrictions on trade movements which were initially implemented after COVID-19 outbreak, thereby resulting in intensified commercial sea-borne activities, which in turn will enhance the ASEAN marine engines market potential.

     

    2-stroke marine engines market share is set to increase owing to their enhanced operational capability driven by technological advancements. Furthermore, increasing R&D activities centered at product upgrades along with the unit’s ability to operate on economic fuel and sustain heavy load will simulate the product adoption.

     

    RECENT TRENDS IN THE MARKET

    • A growing need for dependent and fuel-efficient ships is anticipated to be the main driver of the marine propulsion engine market. The use of renewable energy sources such as solar and wind energy to meet auxiliary power requirements is expected to increase, thereby augmenting the marine propulsion engine market growth.
      • The increasing need for efficient and operationally dependable ships may lead to the modernization of marine propulsion engines over the forecast timeline.
      • Rising emphasis on increasing diesel engine capacity to drive new generation tankers with large cargo holding capabilities is expected to propel the market.
    • The second major factor that is likely to impact the market is the focus on renewable energy sources. Global warming and an impending energy crisis are some of the biggest challenges faced by the world in the 21st century.
      • Depletion of conventional and shale gas reserves will increase LNG (Liquefied Natural Gas) demand, especially as a marine fuel. LNG adoption requires the availability of specialized insulated tanks and a safe area, which drives the demand for larger storage space.
    • However, several alternative tank arrangements are adopted, along with numerous system alternatives, through which LNG can be utilized.
      • The advent of nuclear propulsion systems acts as a key interest for vessel designers as a small percentage of nuclear fuel is engaged in providing energy, which is equivalent to a relatively high weight in coal or oil. It also proves to be beneficial for icebreakers while exploring frozen waterways in the Arctic.
      • Increasing CO2, NOX, SOX, volatile organic compounds, and particulate matter emissions could focus on non-conventional energy sources such as wind and solar energy.

     

    COVID IMPACT ON ASEAN MARINE ENGINES MARKET

    The most significant near-term impact on marine engines will be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either because nations have shuttered industries to slow the spread of coronavirus or because the workers have tested positive.

     

    With the combined effects of the pandemic and slump in global oil prices, investments are likely to contract sharply this year, especially in offshore support vessels.

     

    With the ongoing economic downturn, halt in production, and lockdowns, the demand for commercial vessels is facing a downturn. In addition, the cancelation of cruise ships and the slowdown in international trade investments in commercial vessels is also expected to affect the demand for marine engines.

     

    Recovery is expected in the second half of the year, provided there is no emergence of another wave of the epidemic, and countries manage to control the spread quickly and resume normalcy.

     

    COMPETITIVE LANDSCAPE

    The marine propulsion engine market is fairly consolidated. The key industry players contributing to the marine propulsion engine market share include MAN Diesel & Turbo, Wartsila, Hyundai Heavy Industries Co. Ltd, Daihatsu Diesel Mfg. Co. Ltd, and Caterpillar. These companies continuously innovate to provide environmentally sustainable, flexible, economically sound, and efficient solutions to customers. The companies are trying to expand their brand values in the market by acquisitions and mergers. 

     

    Recently, Hyundai Heavy Industries formally took over Daewoo Shipbuilding & Marine Engineering (DSME) with a 55.7% stake in the company, which would be worth USD 1.08 billion. This acquisition is expected to further strengthen the market position of Hyundai Heavy Industries.

     

    COMPANY PROFILES

    1. Yanmar
    2. Scania
    3. Caterpillar
    4. Volvo Penta
    5. Cummins
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2021-2026
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2021-2026
    19 Market Segmentation, Dynamics and Forecast by Application, 2021-2026
    20 Market Segmentation, Dynamics and Forecast by End use, 2021-2026
    21 Product installation rate by OEM, 2021
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2021
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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