Press Release

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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