Middle East & Africa Marine Engines Market growth to Grow with a robust CAGR through to 2028
Increasing
number of industrial set-ups along the region's coastal areas is expected to
drive the Middle East & Africa Marine Engines Market growth in the forecast
period, 2024-2028.
According to
TechSci Research report, “Middle East & Africa Marine Engines Market -
By Country, Competition, Forecast and Opportunities, 2018-2028”, the Middle
East & Africa Marine Engines Market is expected to register a robust during
the forecast period, 2024-2028. Numerous
governments in the MEA region are actively promoting and investing in the
development of their offshore energy sectors. This encompasses infrastructure
development, regulatory frameworks, and incentives to attract foreign
investments and technology transfers. These government initiatives establish a
favorable environment for the expansion of offshore energy operations, thereby
bolstering the marine engines market.
With
the escalating environmental concerns and fuel expenses, the MEA region is
witnessing an increasing need for energy-efficient marine engines.
Manufacturers capable of delivering engines with enhanced fuel efficiency and
reduced emissions are poised to capitalize on significant opportunities. This
encompasses the development of engines that not only meet but surpass
international emissions standards, such as those established by the
International Maritime Organization (IMO). By doing so, shipowners can ensure
regulatory compliance while simultaneously curbing operational costs.
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market data Figures spread through 135 Pages and an in-depth TOC on "Middle East & Africa Marine Engines Market.”
Based on stroke,
Two Stroke segment has emerged as the predominant market leader. Two-stroke
engines are predominantly utilized in large-scale commercial vessels, such as
container ships, bulk carriers, and oil tankers. The MEA region, strategically
positioned along major global shipping routes, experiences a substantial volume
of maritime trade. Consequently, there is a consistent demand for large
commercial vessels propelled by two-stroke engines to facilitate the
transportation of goods across the Red Sea, the Arabian Gulf, and the Indian
Ocean. To meet stringent emissions regulations set by the International
Maritime Organization (IMO), two-stroke engines have been subject to
technological advancements. MEA countries, including Saudi Arabia and the
United Arab Emirates, have actively embraced these cleaner and more efficient
engines to comply with environmental standards. This trend is driven by an
increasing emphasis on sustainability and the reduction of the carbon footprint
associated with maritime activities. The MEA region boasts significant offshore
oil and gas reserves, particularly in the Arabian Gulf. Two-stroke engines find
extensive use in offshore support vessels, such as platform supply vessels
(PSVs) and anchor handling tug supply (AHTS) vessels, which are crucial for offshore
drilling operations. The expanding offshore energy sector in the region,
including countries like Saudi Arabia, presents opportunities for two-stroke
engine manufacturers to supply reliable and high-performance engines.
Based on capacity,
Above 20,000 HP segment is expected to grow during the forecast period. The
above 20,000 HP segment is characterized by high-power marine engines commonly
found in large commercial vessels such as container ships, oil tankers, bulk
carriers, and LNG carriers. The MEA region, strategically located between
Europe, Asia, and Africa, serves as a crucial hub for maritime trade with a
significant volume of goods passing through its waters. The transportation of
goods across the Red Sea, Arabian Gulf, and Indian Ocean heavily relies on
large vessels equipped with engines in the above 20,000 HP range, making this
segment vital to the region's maritime trade activities. Furthermore, the MEA
region holds substantial offshore oil and gas reserves, particularly in the
Arabian Gulf, where high-power engines in the above 20,000 HP segment play a
crucial role in offshore drilling rigs, production platforms, and support
vessels. As the region continues to explore and develop these offshore
reserves, the demand for these powerful engines remains consistent.
Additionally, the MEA region has been experiencing growth in the cruise
industry, with several countries investing in cruise terminals and
infrastructure. Cruise ships, due to their size and power requirements,
typically rely on engines in the above 20,000 HP range. This presents lucrative
opportunities for engine manufacturers to provide engines for these vessels.
Major companies
operating in Middle East & Africa Marine Engines Market are:
- Caterpillar
Inc.
- Deutz
AG
- Rolls-Royce
Holdings plc
- Volvo
Penta
- MAN
Energy Solutions
- Wärtsilä
Corporation
- Yanmar
Co., Ltd.
- MTU
Friedrichshafen GmbH
- Daihatsu
Diesel Mfg. Co., Ltd.
- SISU
Diesel
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“Saudi Arabia is
expected to dominate the market during the forecast period. Saudi Arabia is
placing a growing emphasis on environmental sustainability and adherence to
international emissions standards. This trend impacts the selection of marine
engines in the MEA region, favoring those that have lower emissions and higher
fuel efficiency. Manufacturers who provide eco-friendly marine engines can
benefit from this increasing demand.,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Middle East & Africa Marine Engines
Market By Stroke (Four Stroke, Two Stroke and Others), By Capacity (Up to 1,000
HP, 1,001–5,000 HP, 5,001–10,000 HP, 10,001–20,000 HP and Above 20,000 HP), By
Fuel Type (Heavy Fuel Oil, Intermediate Fuel Oil and Others), By Ship Type (Bulk
Carriers, General Cargo Ships, Container Ships, Ferries & Passenger Ships,
Oil Tankers and Others), By Country, By Competition Forecast &
Opportunities, 2018-2028”, has evaluated the future growth potential
of Middle East & Africa Marine Engines Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Middle East & Africa Marine Engines Market.
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