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America marine engines market to accrue significant proceeds by 2026

Author : Ronak Bora | Published Date : 2021-01-16 

With the need to retain its status as one of the greatest maritime powers in the world history, the shipbuilding industry in America is likely to undergo an extensive overhaul over the forthcoming times. Since the main propulsion machinery is the most significant machinery of a ship, the America marine engine market is likely to be the recipient of considerable opportunities for expansion.

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The following top six trends transforming the America marine engines market dynamics are:

Versatility of MDO enabling use across numerous vessel types to reinforce growth

Based on fuel, the America marine engines market has been categorized into MGO, hybrid, LNG, and MDO. Of these, the MDO-based engines are expected to witness substantial growth over the forthcoming times, due to lower emissions, thermal stability, and easy availability. This high-density fuel offers versatility since it can be blended in different ratios, enabling usage across lighter, medium sized, as well as high speed marine engines.

<1,000 HP power segment to be at the fore, thanks to convenience and minimal costs

The major segments of the America marine engines market, on the basis of power units, are >20,000 HP, 10,001-20,000 HP, 5,001-10,000 HP, 1,001-5,000 HP, and <1,000 HP. The <1,000 HP segment is projected to emerge with the highest contribution in terms of revenue share in the America marine engines market, due to its better displacement capacities ensuring high speeds and easy boating at minimal costs.

Medium speed segment poised for rapid expansion

High speed, low speed, and medium speed are the three segments of the America marine engines market based on the deployment of technology. Of these, the medium speed marine engines are anticipated to represent a massive chunk of the America marine engines market through 2026, driven by their low fuel consumption and operating costs.

2-stroke marine engines to lead by propulsion

By propulsion, the America marine engines market has been bifurcated into 4-stroke and 2-stroke marine engines. The latter is likely to promise immense opportunities for growth, driven by their enhanced productivity, in conjunction with their widescale applicability across propulsion systems. The recent developments in the market, for instance, the announcement of BW Gemini’s program involving the world’s premier very large gas carrier (VLGC) that deploys a 2-stroke LPG engine, might also benefit the growth of the America marine engines market dynamics.

Commercial segment to represent a huge pie of the pie

Navy marine engines, offshore marine engines, commercial marine engines, and recreational marine engines are the four key segments of the market by application. The commercial segment is anticipated to soar, owing to the integration of smart technologies across the commercial marine engines by leading market players. For instance, in December 2020, Sperry Marine, in collaboration with DNV GL, a provider of four stroke and two-stroke marine engines, announced its plan to work on the efficiency of vessel navigation via SperrySphere, a new digital platform.

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US to contribute a major portion with renewed focus on shipbuilding

In 2019, with a view to restore the lost glory of the American shipbuilding industry, a new legislation, ‘Energizing American Shipbuilding Act’ was introduced, stating that crude oil and LNG exports be transported only via US built vessels. The revival of the economy in the nation is possible by reinvesting in the shipbuilding industry since it can restore economic security especially within the frame of the COVID pandemic.

Moreover, with the US Navy secretary announcing the requirement of a new fleet in November 2020, the America marine engines market is expected to register consistent growth.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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