North America Marine Engines Market growth to Grow with a robust CAGR through to 2028
Increase in
water sports and leisure activities is expected to drive the North America
Marine Engines Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “North America Marine Engines Market - By Country,
Competition, Forecast and Opportunities, 2018-2028”, the North America
Marine Engines Market is expected to register a robust during the forecast
period, 2024-2028. North America features a wide array of ports along its
coastlines and inland waterways, encompassing the Atlantic, Pacific, Gulf of
Mexico, and Great Lakes. These ports play a crucial role in facilitating the
transportation of goods and raw materials within the region and to and from
other parts of the world. As trade activities continue to grow, the demand for
marine engines to ensure the efficient operation of these ports and shipping
lanes also increases, thus driving the market growth.
The transition
towards cleaner and environmentally friendly marine fuels presents a
substantial market opportunity. With the tightening of regulations and
increasing environmental concerns, there is a rising demand for marine engines
capable of running on alternative fuels like liquefied natural gas (LNG),
hydrogen, and biofuels. Manufacturers and suppliers can capitalize on this
opportunity by developing and providing engines that are compatible with these
sustainable fuel options.
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market data Figures spread through 135 Pages and an in-depth TOC on
"North America Marine Engines Market”
Based on stroke,
Two Stroke segment has emerged as the predominant market leader. Two-stroke
engines are commonly found in specific vessel categories, including large
container ships, bulk carriers, and certain types of tankers. These engines are
renowned for their efficiency at high loads and are often preferred for vessels
where power-to-weight ratios and fuel efficiency are paramount. The demand for
two-stroke engines in North America is influenced by the size and purpose of
the vessels. Large cargo vessels, crucial for global trade, rely on two-stroke
engines to deliver the required power while ensuring fuel efficiency. Continued
research and development endeavors are focused on enhancing the efficiency of
two-stroke engines. This encompasses optimizing combustion processes, improving
fuel injection systems, and advancing engine component coatings. The two-stroke
segment is not exempt from the trend toward hybrid propulsion systems. Some
manufacturers are exploring hybrid solutions that combine two-stroke engines
with electric propulsion to achieve greater operational flexibility and
emissions reduction. Digitalization is gradually making its way into the
two-stroke engine market, offering advantages like remote monitoring,
condition-based maintenance, and real-time performance optimization. These
technologies have the potential to enhance the reliability and efficiency of
two-stroke engines.
Based on
capacity, Above 20,000 HP segment is expected to grow during the forecast
period. Marine engines with power ratings exceeding 20,000 HP are predominantly
utilized in specialized vessels, including large container ships, bulk
carriers, oil tankers, and cruise liners. These engines are specifically
engineered to meet the rigorous power demands of such vessels. The demand for
marine engines in the above 20,000 HP category is closely associated with the
size and type of vessels. Large cargo vessels, particularly those in the container
and bulk shipping sectors, necessitate high-power engines to fulfill their
operational requirements while ensuring fuel efficiency. The growth in global
trade, propelled by consumer demand for goods and commodities, contributes to
the demand for vessels powered by high-horsepower engines. These engines play a
vital role in facilitating the transportation of goods across the world's
oceans. Notably, the shift towards sustainable and alternative fuels is an
emerging trend in this sector. Manufacturers are exploring engine adaptations
in this category to operate on liquefied natural gas (LNG) and other
low-emission fuels in order to comply with environmental regulations. Moreover,
digitalization and connectivity are gradually penetrating the above 20,000 HP segment,
offering advantages such as remote monitoring, predictive maintenance, and
performance optimization. These technologies have the potential to enhance
engine reliability and efficiency.
Major companies
operating in North America Marine Engines Market are:
- Caterpillar
Inc.
- Cummins
Inc.
- Volvo
Penta
- MAN
Energy Solutions
- Wärtsilä
Corporation
- Yanmar
Marine International
- Detroit
Diesel Corporation
- John
Deere Power Systems
- Mercury
Marine
- PACCAR
Inc.
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“United States
is expected to dominate the market during the forecast period. Anticipated
advancements in marine engine technology will prioritize the development of
engines that meet stringent regulations while ensuring high efficiency and
environmental friendliness. Digitalization and connectivity will remain crucial
in optimizing engine performance and reducing operational costs. The adoption
of advanced data analytics, remote monitoring, and predictive maintenance is
projected to experience substantial growth.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“North America Marine Engines Market By
Stroke (Four Stroke, Two Stroke and Others), By Capacity (Up to 1,000 HP,
1,001–5,000 HP, 5,001–10,000 HP, 10,001–20,000 HP and Above 20,000 HP), By Fuel
Type (Heavy Fuel Oil, Intermediate Fuel Oil and Others), By Ship Type (Bulk
Carriers, General Cargo Ships, Container Ships, Ferries & Passenger Ships,
Oil Tankers and Others), By Country, By Competition Forecast &
Opportunities, 2018-2028”, has evaluated the future growth potential
of North America Marine Engines Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in North America Marine Engines Market.
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