Sellbyville, DE -- (SBWIRE) -- 02/22/2019 -- Positive outlook toward seaborne industry and rising maritime trade activities will augment the marine engines market growth. As per the United Nations Conference on Trade & Development, in 2017 the shipping industry handled 80% of the world trade by volume and 70% by revenue through board ships across seaports worldwide. Marine Engines Market is set to surpass USD 13 billion by 2024, as reported in the latest study by Global Market Insights, Inc.

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Thriving on the cusp of the fierce stringency in regulatory framework, marine engines market today stands as one of the most challenging yet remunerative business spaces. One of the various supervisory measures swaying the marine engine industry trends is the mandatory roll outs enforced by the IMO (International Maritime Organization) under MARPOL Annex VI, with regards to limiting NOx and Sulphur oxides emission from ship exhausts. In response to these protocols, engine manufacturers are brainstorming innovative solutions that are not only efficient but also environmentally viable.

In a recent turn of events across the marine engines market, Wärtsilä, the Finnish tech giant has recently made to the headlines with the news of its recent order regarding environmentally viable dredger for Damen Shipyards Group. Reportedly, Wärtsilä would manufacture these engines deploying SCR (selective catalytic reduction) technology to limit the toxic emissions, making it absolutely in compliance with IMO's Tier III regulatory standards. Boasting of a portfolio of 103-meter length and 4975 gross tonnage, Wärtsilä's dredger is likely to be one of the most sustainable ships of its kind in the marine industry.

Increasing maritime trade activities is yet another vital factor having a strong impact on shaping the marine engines market trends. As per estimates, overall sea borne container trade accounted for almost 60% world seaborne trade in 2017, having held a valuation of nearly USD 12 trillion. In fact, the United Nations Conference on Trade & Development claims that the shipping industry, in 2017, almost procured 70% of the world trade share by revenue and 80% in terms of volume. In effect, it is quite apparent that the robust expansion in trading activities have catapulted marine engines industry size, which recorded a valuation of USD 10 billion in 2017.

Marine Engines Market Potential, Competitive Market Share & Forecast, 2018 – 2024 in detail along with the table of contents@ https://www.gminsights.com/industry-analysis/marine-engines-market

The U.S. market is predicted to surpass USD 1 billion by 2024. The country, in 2015, introduced IMO tier III norms with an aim to reduce NOx emissions by limiting the usage up to 0.5%. Ongoing R&D to manufacture systems in compliance to the new environmental norms is set to stimulate the industry growth. In addition, continuous retrofitting activities in shipping yards to deploy eco-friendly systems will further foster the product demand.

Regionally, Asia Pacific has emerged to be one of the most lucrative growth grounds for marine engines market expansion, given the presence of large number of engine manufacturers in the region. Add to it, increased R&D budget toward enhancement of shipping industry in tandem with increased maritime trade across China and Indonesia has further proliferated APAC marine engines market share. In 2017, Asia Pacific procured almost 60% of the global marine engines market.

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All in all, marine engines industry growth seems to be humongous with the sustainability and go-green notions vividly encompassing the industry vertical. Add to it, the phenomenal maritime tourism industry which was a huge 7.6 trillion business in 2016, also depicts the rich scope the marine engines market is ought to witness in the coming years. Highly innovative products with technological advances and regulatory protocols remain the two anticipated trends majorly shaping the business in the coming timeframe. In terms of remuneration, the worldwide marine engines industry share is forecast to surpass a valuation of USD 13 billion by 2024.

Key industry players in the marine engines market comprise of
- Caterpillar Inc.
- Cummins Inc.
- John Deere
- Wärtsilä
- Scania Group
- Brunswick Corporation
- DEUTZ AG
- MAN Diesel & Turbo
- Volvo Penta
- Arteche