Marine Engine Services Market Analysis (2023 - 2030)
As per our research report, the Global Marine Engine Services Market size is estimated to be growing at a CAGR of 3.7% from 2023 to 2030.
The engines used in marine vehicles such as ships, motorized boats, cargo, and others are called marine engines, These engines require regular maintenance and repair services that ensure smooth functioning and provide protection from future breakdowns.
The pandemic hurt the marine industry. Due to global lockdown and travel restrictions, the shipbuilding industry witnessed a slowdown in activities and a decline in trade volumes. Further, due to lockdown the marine transportation and related industries were also affected. This resulted in a decline in international trade, leading to inefficiency, hold-ups, and supply chain disruptions. Furthermore, the production and transportation of components and spare parts required to build marine engines witnessed a shortage due to supply chain disruptions. Moreover, many manufacturers and producers faced increased costs and material sourcing difficulties.
Further, due to the unavailability of various services, marine engines witnessed a delay in maintenance and repair, which affected the revenue of companies. Apart from this, travel restrictions and social distancing norms affected the cruise industry, which declined the demand for marine engine services. Therefore, most of the cruise ships were largely docked and went out of operation due to the unavailability of engine maintenance services and upgrades that affected the engine manufacturing companies.
Closure of marine activities also resulted in layoffs, which affected the financial condition of workers in the shipbuilding industry, and led to economic depression in the marine industry.
Post-pandemic, there was an increase in focus on green technologies on account of environmental sustainability. Further, eco-friendly and fuel-efficient marine engines such as marine engines that run on BtL fuels, vegetable oil or renewable diesel, and PtL fuels witness an increase in demand, which further boosted the marine industry.
The restraints to this market include structural issues such as the sourcing of equipment and components, trade restrictions and imbalances, and expensive transportation costs.
KEY MARKET INSIGHTS:
- Based on market segmentation by engine, the propulsion engine holds the highest share in the market. These are primarily used in ships to provide them with thrust and power that help them navigate across oceans and sails. Gas turbines, diesel turbines, steam turbines, and dual-fuel engines are further types of propulsion engines. The auxiliary engine segment holds a significant share of the market. They are secondary engines that generate electricity and power ancillary equipment in ships such as pumps, refrigeration systems, vessels, and others. Further, they are essential for a ship’s efficient and safe functioning.
- Based on market segmentation by services, the service & maintenance segment holds the highest share of the market. These services are increasing demand by the cruise industry for efficient functioning and upgradation of engines. Further, the engine repair & reconditioning segment holds a significant market share. These services provide longevity and preventive maintenance to engines that protect marine engines from future damage. These include metal locking, piston restoration, engine & exhaust repair/replacement, transmission repair/fluids, replacement of zinc & impellers, and other such services.
- Based on market segmentation by application, the cruise & ferry segment holds the highest share of the market. Increasing marine tourism for luxury and comfort has boosted the demand for leisure vessels such as ferries, passenger ships, yachts, and cruises, which further has increased the demand for marine engines and maintenance services. Further, the merchant segment holds a significant market share owing to the increase in demand for maintaining large tankers and container vessels. These vessels depend on powerful engines that help in transporting large amounts of cargo and hence require regular maintenance, repairs, and troubleshooting to prevent future damage.
- Based on market segmentation by region, North America holds the highest share of the market. An increase in export-import activities and investments in shipbuilding are contributing to the demand for commercial ships, which is further boosting the market for marine engine services in the region. Further, Asia-Pacific is the fastest-growing region during the outlook period. Due increase in international trade and developments in the marine manufacturing industry has bolstered the demand for marine engine services in the region. Moreover, the Middle East region holds a sizeable market share on account of increased demand for oil & gas tankers, gas carriers, platform supply ships, and drillships, which is further contributing to the growth of marine engine services in the region.
- Companies playing a leading role in the Global Marine Engine Services market profiled in this report are – Caterpillar Inc., Cummins, Mercury Marine, GM Powertrain, Rolls Royce, Wartsila Corporation, John Deere, GE Transportation, Quinn Power Systems, Marine Engine Service, Marine Engine Services-Midlands, W.W.Williams, and Explorer Marine Services.
MARKET SEGMENTATION:
Global Marine Engine Services Market Segmentation: By Engine
- Auxiliary Engine
- Propulsion Engine
Global Marine Engine Services Market Segmentation: By Services
- Service & Maintenance
- Engine Repair & Reconditioning
- Replacement Parts
- Others
Global Marine Engine Services Market Segmentation: By Application
- Merchant
- Container Vessels
- Tankers
- Bulk Carriers
- Gas Carriers
- RO-RO
- Offshore
- Drilling Rigs & Ships
- Anchor Handling Vessels
- Offshore Support Vessels
- Floating Production Units
- Platform Supply Vessels
- Cruise & Ferry
- Cruise Vessels
- Passenger Ferries
- Passenger Cargo Vessels
- Navy
- Others
Global Marine Engine Services Market Segmentation: By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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