- Commercial LNG marine engine market size is expected to grow due to demand for the container, tanker vessels, gas & bulk carriers with shipbuilding activities.
- The report highlights LNG marine engine industry trends, technology evolution, economic indicators, and business challenges along with various other factors.
- LNG-fueled engines have gained increased traction on account of the ever-expanding global tourism sector and rising tourist traffic – recorded at 78,051 during the first quarter of 2019, increasing 11.9% in 2018.
- APAC’s LNG marine engine market growth is supported by the rising expansion of the shipbuilding sector across countries like China.
According to an article published in Market Watch, commercial LNG marine engine market size will witness growth owing to the growing demand for container and tanker vessels, gas & bulk carriers along with an upsurge in shipbuilding activities.
Global Market Insights releases a comprehensive report
Global Market Insights Inc. announces an ongoing comprehensive report on the “LNG Marine Engine Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, Norway, France, Austria, Romania, Greece, China, Japan, India, South Korea, Australia, Singapore, UAE, South Africa, Brazil, Argentina, Mexico) Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025“.
Key highlights of the report
This report provides an exhaustive account of the industry including:
- LNG marine engine market size, historical from 2014 to 2018 and annual forecast from 2019 to 2025
- Major LNG marine engine industry trends, technology evolution, economic indicators, and business challenges
- Regulatory and geopolitical trends impacting the industry
- Business drivers and pitfalls impacting key regional markets
- Competitive landscape of the industry and detailed profiles on the major companies
Demand for fuel-efficient ships
Increasing demand for fuel-efficient ships will drive LNG marine engine market size. LNG-fueled engines have gained increased traction on account of the ever-expanding global tourism sector and rising tourist traffic over recent years. According to National Statistical Office reports, total cruise passenger traffic was recorded at 78,051 during the first quarter of 2019, increasing 11.9% over the corresponding period in 2018.
LNG-powered ships
Rising technological advancements have led to the production of low-emission LNG-powered ships, bolstering LNG marine engine market size. Increasing production of eco-friendly and fuel-efficient maritime propulsion systems with leading LNG-powered engines will drive the industry share.
Cargo ship segment will offer modest proceeds to LNG marine engine market. Driven by increasing demand for LNG-powered ships, the LNG bunkering sector has expanded significantly over recent years. Growing demand for fuel-efficient and reliable marine propulsion systems has led manufacturers to develop advanced LNG marine engines.
Good forecast for the Asia-Pacific LNG market
Asia-Pacific LNG marine engine market will register substantial gains over the forecast period. Rapid shift towards low-emission marine fuel coupled with stringent emission standards has accelerated LNG-powered ships demand in the region. Additionally, growing investment in LNG bunker building sector is estimated to expand APAC market size. Numerous companies have announced the production of LNG bunker vessels, which may go operational in a year or two.
APAC making its presence felt in China
APAC’s LNG marine engine market growth will mainly be supported by the rising expansion of the shipbuilding sector across countries like China. In fact, it has recently been speculated that China’s first seagoing LNG bunker vessel is under construction and will soon go operational.
Key market players
Major players operating in LNG marine engine market include Caterpillar, Brunswick Corp., Anglo Belgian, Cummins, Deutz, John Deere, Rolls Royce, Yanmar, Turbo, Scania, Volvo Penta, IHI Corp., Wartsila, and Yuchai among others. Often, these companies engage in diverse growth tactics to expand their revenue share and reach across the globe.
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Source: MarketWatch
