Marine Engines Market size in 2017 was valued at over USD 10 billion and is set to grow at more than 4% by 2024 when recreational segment is set to exceed USD 2 Billion

Sellbyville, DE -- (SBWire) -- 01/18/2019 --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.

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.

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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.

The U.S. market size is predicted to surpass USD 1 billion by 2024. The country, in 2015, introduced IMO tier III norms with an aim to reduce NOx emissions by limiting the usage up to 0.5%. Ongoing R&D to manufacture systems in compliance to the new environmental norms is set to stimulate the industry growth. In addition, continuous retrofitting activities in shipping yards to deploy eco-friendly systems will further foster the product demand.

MDO engines are widely acceptable by ship operators owing to their availability and favorable price levels. However, increasing emission control areas (ECAs) coupled with rising awareness toward emissions may act as an industry restraint. Introduction of norms and regulations to reduce marine pollution has led to an increase in demand for low-emission systems. Industry players, to follow the directive norms, have introduced their diversified product lines with advanced systems including catalytic reactors and scrubbers.
Germany accounted for over 18% of the Europe market share in 2017. Growing shipbuilding industry coupled with technological advancements to develop cleaner engines will positively impact the product penetration. The country's focus on specialized vessels including river cruise ships, mega yachts, wind farm service, military and ro-pax will further complement the industry growth.

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Key industry players in the marine engines market:
- Caterpillar Inc.
- Rolls-Royce
- Cummins Inc.
- John Deere
- Wärtsilä
- Scania Group
- Brunswick Corporation
- DEUTZ AG
- MAN Diesel & Turbo