MARINE ENGINEERING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The Global Marine Engineering Market is estimated to be valued at USD 165.10  Bn in 2024 and is expected to reach USD 250.90 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

Marine engineering is a field that deals with engineering principles related to the development, design, construction, manufacturing, operation and maintenance of vessels and structures in a marine environment. Some of the key aspects of marine engineering include hull design, propulsion systems, marine auxiliary machinery, shipbuilding and material selection. With increasing globalization and trade, the demand for shipping and cargo transportation has been rising steadily. This has fueled growth in the marine engineering sector with more advanced vessels being developed to transport people and freight across the world efficiently.

Market Dynamics:

The global marine engineering market is driven by growing maritime trade volumes worldwide. Rising demand for energy and bulk commodities has increased the requirements for specialized cargo and crude oil tankers which need sophisticated marine engineering solutions. Furthermore, expanding offshore exploration and production activities have augmented the need for offshore support vessels, drilling rigs and floating production storage and offloading (FPSO) units.However, volatile energy prices hamper investments in new offshore projects. Additionally, tightening environmental regulations pose challenges for the sector in developing low-emission ship designs and engines. Meanwhile, growing emphasis on automated and unmanned vessel technologies present an opportunity for marine engineers to develop advanced autonomy systems.

Key features of the study:

• This report provides in-depth analysis of the global marine engineering market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global marine engineering market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include Shell, Petrobas, Pttep, Conocophilips, Chevron, Samsung Heavy Industries, Exxon Mobil, Equinor, DSME, and HUI.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global marine engineering market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global marine engineering market.

Market Segmentation

•  Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Mechanical Engineering
  • Electrical Engineering
  • Computer Science
• Application Insights (Revenue, USD Bn, 2019 - 2031)
• • Boats
  • Ships
  • Oil Rigs
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Shell
  • Petrobas
  • Pttep
  • Conocophilips
  • Chevron
  • Samsung Heavy Industries
  • Exxon Mobil
  • Equinor
  • DSME
  • HUI