Engine market could reach 13.53 billion dollars – forecast for 2021

Marine engine market could reach 13.53 billion US dollars by 2021, growing at a CAGR of 3.85 % from 2016 to 2021. Increased demand for commercial vessels and rise in the ship-building industry will drive the growth in the marine engines market. Commercial vessels including bulk cargo carriers, gas carrier vessels, and pleasure vessels will have an increased demand largely due to economic recovery in China. Asia-Pacific will dominate the marine engines market largely due to rise in ship-building activity in China, South Korea, and Japan. The marine engines market is dominated by global players which include MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan) and Rolls-Royce Power Systems AG (Germany).