Between commercial shipping, defense, and leisure maritime ventures, the waterways are primed for major growth in the marine engine outlook. Marine travel is still one of the most popular methods of transportation, shipping, and defense. Global Market Insights anticipate that the global marine engine market will surpass $13 billion USD by 2024, with the US industry size growing to $1 billion USD by the same year.1
This major growth can result in more engines being built to meet a growing demand, along with a greater competition among marine manufacturers to grab a share of this growing market. The marine engine market growth spells good news for marine companies and consumers alike. Here’s more on why the marine engine market outlook is so positive.
Marine Engine Market Growth in the U.S.
Marine engine market growth was biggest in the Asia-Pacific (APAC) region, which accounted for 60% of the marine engine market global share in 2017.1
But the United States is predicted to have considerable growth in market size over the next few years, partially due to recent emissions standards that have encouraged marine diesel engine manufacturers to develop increasingly efficient systems.
New, efficient marine diesel engine parts are being used to upgrade older systems, helping to improve both boat performance and the overall United States marine engine market outlook. The demand for personal recreational vessels such as yachts is also growing, while water-based tourism is also on the rise throughout the US.1 These factors are all helping to improve our country’s marine engine market growth.
Worldwide Trade at Sea
While much of the trade throughout the United States relies on other land-based methods of transportation, commercial trade is still very tied to the sea worldwide. United Nations reports show that sea-based container trade accounted for 70% of the world’s trade share, meaning commercial shipping vessels are vital for most trade in one way or another.2
What this Means for the South Florida Marine Industry
The marine engine market outlook is positive, with the United States looking at major growth in the coming years. For South Florida, this means a greater demand for marine engine maintenance, parts, and repairs. We are here to meet all of your marine diesel needs with OEM parts and industry leading expertise for all concerns regarding your diesel engine, transmission, and generator.
Sources
- Exsoft – Marine Engines Market
- Market Watch – Marine Engines Market Study Report 2019-2024
Our Marine Diesel Specialists offer a variety of products and services to provide marine diesel solutions in Fort Lauderdale and Punta Gorda. Our authorized MAN Engine dealers can offer expert maintenance, repair, and survey services, as well as complete engine, transmission, and generator overhauls. If you are seeking top-quality marine diesel solutions, products, or services, don’t wait to contact our Marine Diesel Specialists and Gulf Coast Diesel Service.