Dense presence of a majority of the world’s ship manufacturers in Asia-Pacific will further complement the marine engines market landscape in Asia Pacific.
The marine engines market in Asia Pacific is set to witness promising growth in forthcoming years owing to rising seaborne trade and technological advancements that are facilitating the development of cost-effective marine engines. Regulatory norms introduced by regional government authorities to regulate marine pollution as well as maritime security and safety will also foster the business scenario.
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Below are some key trends that would majorly influence growth of the marine engines market in Asia Pacific:
Increasing demand for clean fuel engines
Based on fuel, the LNG fuel segment is likely to witness substantial growth over the coming years owing to the introduction of tri-fuel technology engines and modification in propulsion engines. In comparison to HSFO, cost-efficiency and easy availability of LNG bunker fuel will complement the product deployment.
Increasing prevalence for marine outboard engines coupled with non-fossil fuel equipment development will enhance the segment outlook. Additionally, rise in demand for clean fuel engines, ongoing manufacturing activities, and rising awareness among shipowners will also drive the market growth.
Rising adoption of 1,000 – 5,000 HP engines
With respect to power, 1,000 – 5,000 HP engines are expected to witness robust growth on account of surging focus towards the expansion of viable electric motors. Technological advancements in the propulsion products to maximize power output and energy efficiency will drive the segmental growth. Furthermore, ongoing initiatives by several global governments to limit greenhouse gas emissions will further augment the market size.
Expanding scope of the recreational engines segment
In terms of application, in 2017, the recreational engines segment was valued at around $1 billion. The segment is further expected to grow over 6% by the end of the analysis timeframe. Rapid industrialization and urbanization across the developing nations, and rising consumer disposable income will strengthen the industry scenario. Japan, China, and South Korea are some of the major contributors accounting for about 60% of APAC’s shipbuilding market share.
Increase in retrofitting activities together with ongoing research and development efforts will drive the product penetration. Additionally, operational capabilities, low operating costs, decreased noise range and high efficiency are some of the key determinants strengthening the product demand.
Increasing shipbuilding activities across China
On the regional front, marine engines market in China will account for approximately $2 billion by the end of the analysis timeline. This anticipated growth is ascribed to the increasing shipbuilding activities and rapid inter-border trade. Increasing government regulations and legislative incentives to promote LFSO use, coupled with continuous specification advancements in marine diesel engines to follow IMO norms, will complement the market landscape.
Strict regulations established by the government authorities relating to adoption of low emission units and to increasing environmental concerns will positively influence the product demand. Citing an instance, in August 2016, Ministry of environmental Protection and AQSIQ of China, together introduced the emission standards that would be imposed on marine engines used in domestic shipping.
Implementation of low emission units by regulatory agencies
Regulatory agencies in the region have adopted numerous policy measures which are encouraging the enforcement of low emission units, which is greatly contributing towards Asia Pacific marine engines market growth. The introduction of global sulphur cap with 0.5% is expected to affect the marine industry in APAC directly, further fostering the demand for clean fuel-based engines.
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Scania, Brunswick corporation, Deutz AG, Mitsubishi Heavy Industries, John Deere, Anglo Belgian Corporation, Weichai, Cummins, Hyundai, Yanmar Holdings, IHI Corporation, Wärtsilä, Rolls Royce, MAN Energy Solutions, Yamaha, Caterpillar, and Yuchai among many others are some of the key industry players operating in the Asia-Pacific marine engines market.
Table of Contents (ToC) of the report:
Chapter 3. Marine engines Market Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024 (USD Million)
3.3. Industry ecosystem analysis
3.3.1. Vendor Matrix
3.4. Innovation landscape
3.5. Regulatory landscape
188.8.131.52.1. China, I/II Standards
184.108.40.206.2. Domestic Emission Control Areas
3.6. Industry impact forces
3.6.1. Growth drivers
220.127.116.11. Expansion in seaborne trade
18.104.22.168. Increasing maritime tourism
22.214.171.124. Technological advancement in marine engines
3.6.2. Industry pitfalls & challenges
126.96.36.199. Stringent government regulations against emissions
3.7. Porter’s analysis
3.8. Growth potential analysis
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