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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.
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.
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.
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.