With an increasing count of cruise events being undertaken worldwide, the need for marine engines is poised to expand rigorously in the years to come. This is rather evident from the recent numbers put forth by the Florida Caribbean Cruise Association, as per which, 2017 observed over 25.8 million global ocean cruise passengers. Having said that, rising marine traffic along with the expediting percentage of seaborne trades are likely to produce a demand spurt for marine engines over the span of 2020 to 2026. Also, it would be essential to mention that marine engines market is all set to exceed an overall remuneration of USD 8 billion by 2026 end, subject to the rising prominence of the below mentioned trends:
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Ongoing technological developments in marine engines
Marine engines market is dramatically driven by the ongoing technological developments in design and a paradigm shift from traditional fuel to relatively lower sulfur oil in conjugation with strict government mandates to adopt green fuel. Companies have been raising high preference for marine vessels and engines that boast of high efficiency and superior reliability. Moreover, rising emission rates from vessels in line with expanding awareness amongst individuals and authorities toward deployment of sustainable technologies are poised to produce a demand spurt of highly advanced marine engines in the years to come.
In this regard, it would be important to mention the instance of China Yuchai International Limited. As per news reports, one of the classic automotive producers and distributors of engines for on- and off-road applications had recently announced launching its cutting-edge marine engine in an effort to meet the mounting demand for national marine industry. It was reported that this engine enhances the existing design of Yuchai model YC6MJ engine with technologies personalized for yacht-class engine requirements. Needless to mention, umpteen innovative technologies are expected to be incorporated in Yuchai’s exceptional principal technologies in producing YC6MJ marine engine, leading to the kW-to-L power being increased to 50.1 kW/L.
Such incidences, along with similar others, are likely to provide a positive glimpse of the impending scenario of overall marine engines market.
Potential efforts by prominent market players
Given that numerous strategic measures are being developed globally to augment the growth potential of marine engines industry, it would be safe to declare that major prominent players partaking in the business landscape are engaging themselves in bringing forth novel innovations in the market. For instance, the Denmark government has recently announced developing 2-stroke ammonia fueled marine engine to support the massive demands put forth by various individuals and companies in the maritime industry.
According to reliable reports, the initiative which is expected to be led by MAN Energy Solutions targets the demonstration of a complete, marine-propulsion system that would make way for the first ever commercial order for an ammonia-fueled vessel.
Increasing exploration and drilling activities across the United States
Speaking of the regional terrain, marine engines industry is said to gain major impetus across the United States; courtesy: rising trade of container cargo and increasing exploration and drilling activities. In fact, estimates suggest that the regional market would depict a CAGR of 4.7% through 2026, perhaps due to the elevating investments toward technological developments and product aesthetics. Also, the demand for cleaner substitutes across the States is also likely to amplify the growth prospects in the near future.
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