India Marine Engines Market is expected to grow at a robust CAGR
India Marine Engines Market is expected
to grow owing to development of new ports, shipping lanes, and coastal
facilities throughout the forecast period.
According to TechSci Research report, “India Marine Engines Market – By Region, Competition, Forecast and
Opportunities, 2019-2029”, the India Marine Engines Market is
expected to register robust growth during the forecast period. India possesses
an extensive coastline and a flourishing maritime industry. The demand for
marine engines is intricately linked to the shipping and maritime trade sector.
The surge in shipping activities, both domestic and international, propels the
demand for marine engines.
India’s “Sagarmala” initiative endeavors
to enhance and extend the nation’s ports and logistics infrastructure, offering
a significant prospect for the marine engines market. As the demand for vessels
and equipment crucial for port operations, dredging, and coastal shipping
rises, engine manufacturers can provide engines that cater to the requirements
of these infrastructure projects, thereby fostering the expansion of India’s
maritime trade.
With the rising awareness of
environmental issues and the implementation of stricter regulations, there is
an increasing need for cleaner and sustainable marine engines. Manufacturers
can capitalize on this opportunity by developing and supplying engines that
operate on alternative fuels such as LNG, hydrogen, or ammonia, in addition to
offering exhaust gas cleaning systems (scrubbers) and emissions-reducing
technologies.
The integration of digitalization, IoT,
and data analytics in marine engine monitoring and maintenance offers
compelling opportunities for technology companies to deliver innovative
solutions. Engine manufacturers can allocate resources to research and
development, aiming to develop engines that are not only more efficient and
reliable, but also seamlessly incorporate these cutting-edge technologies. This
integration ultimately enhances performance while also mitigating operational
costs.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the “India Marine Engines Market.”
Based on stroke, the Two Stroke segment is
expected to dominate the market during the forecast period. Environmental
regulations, such as IMO Tier III and the International Maritime Organization's
(IMO) MARPOL Annex VI, necessitate the reduction of nitrogen oxide (NOx)
emissions from marine engines. Manufacturers have devised technological
solutions, such as selective catalytic reduction (SCR) systems, to comply with
these regulations. The Indian government's focus on promoting coastal shipping
as a cost-effective and environmentally-friendly mode of transportation
presents a lucrative opportunity for the Two-Stroke Segment. Coastal vessels,
which facilitate the transport of goods between Indian ports, heavily rely on
two-stroke engines. Engine manufacturers are engaging in collaborations with
Indian shipyards and maritime institutions to promote technology transfer and
enhance local capabilities in the manufacturing and maintenance of two-stroke
engines. In conclusion, the Two-Stroke Segment of the India Marine Engines
Market plays a pivotal role in bolstering the country's commercial shipping
industry.
Based on capacity method, the Above
20,000 HP segment is projected to dominate the market throughout the forecast
period. In addition to commercial shipping, engines in this sector are also
utilized in specialized applications such as offshore drilling. They power
drilling rigs and production platforms in India's offshore oil and gas fields.
The increasing trend in this sector is the adoption of electrification and
hybrid propulsion systems, which offer the potential to reduce emissions and enhance
operational flexibility, particularly in offshore energy and passenger vessels.
Engine manufacturers have a significant opportunity to supply advanced
propulsion systems and related technologies as India focuses on strengthening
its naval capabilities, including aircraft carriers, destroyers, and
submarines.
Key market players in the India Marine
Engines Market are: -
- Yanmar Holdings Co., Ltd.
- John Deere India Private Limited
- Mahindra & Mahindra Ltd
- Simpson & Co. Ltd.
- Wartsila India Private Limited
- Scania CV India Pvt Ltd
- Volvo Group
- Cummins India Ltd
- Hyundai Heavy Industries
- Mitsubishi Heavy Industries
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“The India Marine Engines Market in South
India is poised to be the dominant force in the industry. With significant
naval bases such as Visakhapatnam and the presence of maritime security
considerations, South India offers lucrative prospects for marine engine
suppliers catering to the defense sector. The reliability of engines is crucial
for naval vessels, patrol boats, and surveillance craft.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Marine Engines Market Segmented
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 Region, and By Competition, 2019-2029F,” has evaluated the
future growth potential of India 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 India Marine Engines Market.
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