Sellbyville, DE -- (SBWIRE) -- 10/25/2018 -- Thriving on the cusp of the fierce stringency in regulatory framework, marine engines market today stands as one of the most challenging yet remunerative business spaces. One of the various supervisory measures swaying the marine engine industry trends is the mandatory roll outs enforced by the IMO (International Maritime Organization) under MARPOL Annex VI, with regards to limiting NOx and Sulphur oxides emission from ship exhausts. In response to these protocols, engine manufacturers are brainstorming innovative solutions that are not only efficient but also environmentally viable.

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In a recent turn of events across the marine engines market, Wärtsilä, the Finnish tech giant has recently made to the headlines with the news of its recent order regarding environmentally viable dredger for Damen Shipyards Group. Reportedly, Wärtsilä would manufacture these engines deploying SCR (selective catalytic reduction) technology to limit the toxic emissions, making it absolutely in compliance with IMO's Tier III regulatory standards. Boasting of a portfolio of 103-meter length and 4975 gross tonnage, Wärtsilä's dredger is likely to be one of the most sustainable ships of its kind in the marine industry.

Increasing maritime trade activities is yet another vital factor having a strong impact on shaping the marine engines market trends. As per estimates, overall sea borne container trade accounted for almost 60% world seaborne trade in 2017, having held a valuation of nearly USD 12 trillion. In fact, the United Nations Conference on Trade & Development claims that the shipping industry, in 2017, almost procured 70% of the world trade share by revenue and 80% in terms of volume. In effect, it is quite apparent that the robust expansion in trading activities have catapulted marine engines industry size, which recorded a valuation of USD 10 billion in 2017.

Regionally, Asia Pacific has emerged to be one of the most lucrative growth grounds for marine engines market expansion, given the presence of large number of engine manufacturers in the region. Add to it, increased R&D budget toward enhancement of shipping industry in tandem with increased maritime trade across China and Indonesia has further proliferated APAC marine engines market share. In 2017, Asia Pacific procured almost 60% of the global marine engines market size.

Endorsed with an upper hand in terms of technology interventions, the United States marine engines market is also anticipated to witness lucrative gains in the ensuing years. The regional industry share is forecast to surpass USD 1 billion by 2024. Increased shale production along with the nation's commitment toward installing eco-friendly systems will boost the regional demand. For the record, the country in 2015 implemented IMO tier III norms to curtail NOx emissions.

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All in all, marine engines industry growth seems to be humongous with the sustainability and go-green notions vividly encompassing the industry vertical. Add to it, the phenomenal maritime tourism industry which was a huge 7.6 trillion business in 2016, also depicts the rich scope the marine engines market is ought to witness in the coming years. Highly innovative products with technological advances and regulatory protocols remain the two anticipated trends majorly shaping the business in the coming timeframe. In terms of remuneration, the worldwide marine engines industry share is forecast to surpass a valuation of USD 13 billion by 2024.

Marine engines market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2013 to 2024, for the following segments:

Marine Engines Market, By Fuel
- MDO
- MGO
- LNG
- Hybrid
- Others

Marine Engines Market, By Power
- < 1,000 HP
- 1,000-5,000 HP
- 5,000-10,000 HP
- 10,000-20,000 HP
- > 20,000 HP

Marine Engines Market, By Technology
- Low Speed
- Medium Speed
- High Speed