Pune,India, April 18, 2022 (GLOBE NEWSWIRE) — Marine Engines Market is anticipated to grow at a steady growth rate over the forecast period, owing to the upsurge in adoption of smart engines for safety and situational awareness along with the significant rise in maritime tourism. Marine Engines are incorporated in marine vehicles for converting heat, which is generated by burning fuel, into development of thermal energy and further transforming it into mechanical energy. These engines used onboard ships or marine vehicles are internal combustion (IC) engines, wherein, the fuel combustion takes places inside engine cylinder, while the heat is generated after combustion process.
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Key Insights & Findings:
The 5001-10,000 hp segment led the Marine Engines market and valued at USD 3.73 Billion in 2020. Growing adoption of such engines in military patrol boats, commercial medium-sized passenger ferries, and maritime tourism primarily drives growth of this segment.
The propulsion segment accounted for the largest market share and valued at USD 7.84 Billion in 2020. Growth of the segment is mainly driven by need for propulsion, a major function of marine engine which is used to generate thrust to enable a boat, a ship, or any of the marine vehicle to move across waterways.
The commercial segment accounted for the significant market share and valued at USD 4.99 Billion in 2020. Growth of this segment is mainly driven by significant rise in international cargo movement and freight trade.
The two-stroke segment accounted for the largest market share and valued at USD 5.86 Billion in 2020. Growth of this segment is mainly driven by the fact that the two-stroke engine burns low-grade fuel oil and reduces running cost of the ship.
The heavy fuel oil segment accounted for the largest market share …
