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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Marine engine market predicted to reach $10.56 billion by 2022

01 Nov 2017 12:33 GMT

Report highlights increased demand for hybrid fuel engines as a driver of new growth opportunities.



A new report published by Zion Market Research estimates that the global marine engine market will grow at a compound annual growth rate (CAGR) of 3.5 percent to reach $10.56 billion by 2022.

According to the research, which values the marine engine industry at $8.59 billion in 2016, the key driving factors for growth are new technologies, the improved construction of inland waterway vessels, high demand for commercial vessels, a rise in seaborne trade, and growing demand for a financially viable engine.

Additionally, higher demand for hybrid fuel engines is said to offer new opportunities for growth, whilst orders for alternative solutions such as LNG, solar and wind power, plus stricter emission standards are also expected to be positive for the sector.

The cost of R&D activities and financial constraints, meanwhile, could have a negative effect on the growth of the marine engine market, the report says.

In terms of fuel type, the heavy fuel segment held the largest market share compared to intermediate fuel, marine diesel oil (MDO) and marine gas oil (MGO).

Four-stroke engines were said to have registered rapid growth due to reliability, fewer emissions, and smooth and quiet operation.

Asia-Pacific was deemed to be the most attractive and largest market, with the researchers highlighting the rise in maritime trade and shipbuilding activity in South East Asia.


Image: The Wartsila 34df dual-fuel engine. Image credit: Wartsila




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