Thailand Marine Engine Market Synopsis

Thailand Marine Engine Market has grown steadily in recent years, owing to rising population and industrialization, which have significantly increased the rate of commercial activities in Thailand, resulting in increased demand for cargo ships and containers used for international and regional transportation of raw materials and merchandise. Furthermore, Thailand has emerged as the world's seventh largest producer of palm oil, exporting palm oil products to countries like China, India, Pakistan, Philippines and other countries, as this trend continues, the demand for marine engines is expected to grow over the forecast period.

According to 6Wresearch, Thailand marine engine market revenue size is projected to grow at a CAGR of 22.6% during 2021-2027. This industry in the country is one of the prominent parts of Asia Pacific Marine Engine Market. The sector is a crucial part of the country and it has been attaining continuous growth in the country due to the growth in industrialization and population. The spread of COVID-19 in 2020 resulted in fall of market revenues due to the lockdown measures adopted to curb the spread of the virus, which in turn led to disruptions in supply chain and delay in production process. For instance, Thailand total containers volume in 2020 plummeted 5.49% from 2019 volume, 9,574,612 TEU and 10,130,294 TEU respectively. However, as the economic conditions are normalizing and commercial activities are resuming, the market is anticipated to recover by 2022 and register growth thereafter.

Furthermore, The Eastern Economic Corridor (EEC), a 1.5 trillion baht infrastructure development initiative of Thailand, intends to transform the country into a high-income nation by improving regional connectivity, transportation infrastructure, and trade logistics. Hence these factors are anticipated to offer high-growth opportunities for the Marine Engines Market in Thailand in the forecast period.

Market by Power

In 2020, 500.1-1000 Hp power type registered highest revenue share in Thailand Marine Engine Industry, as this segment has a broad range of applications including offshore activities like drilling and OSVs. 100.1-500 Hp power type acquired highest volume share in 2020 as they are used for small sized cargo vessels, tugboats and tankers in domestic trade and medium sized fishing boats. The 500.1-1000 Hp power type will account for the highest market share.

Market by Propulsion Type

Diesel marine engine accounted for maximum revenue share in Thailand marine engine market, by propulsion types, in 2020 as it is most commonly used in almost all types of vessels such as in small boats and recreational vessels due to their operating simplicity, robustness and fuel economy compared to other propulsion types.

Market by Application

By applications, commercial sector acquired highest revenue share in Thailand marine engine market in 2020, on account of rising commercial freight transport in the country. HPT, the largest port operator at Laem Chabang Port, handled over 3 million TEU in 2020, accounting for 30% of the Thai market and further intends to expect the port capacity to approximately 6.75million TEU in the upcoming years. Hence the size of the commercial fleet in Thailand is expected to increase, and with that, increase the share of nation’s carriers in overall cargo turnover.

Market by Region

The southern region of Thailand had the biggest revenue share in the marine engine market in 2020, as the region is responsible for the bulk of the country's port trade activities and cargo services. Rising industrialization, and port expansion projects by port authority of Thailand, is likely to boost demand for marine engines in the country. Further, Songkhla and Phuket Ports have also been built to serve the southern part of Thailand.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2017 to 2020.
• Base Year: 2020.
• Forecast Data until 2027.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects

Key Highlights of the Report

• Thailand Marine Engine Market Overview
• Thailand Marine Engine Market Outlook
• Thailand Marine Engine Market Forecast
• Historical Data and Forecast of Thailand Marine Engine Market Revenues and Volume for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues and Volume, By Power for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Propulsion Types for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Applications for the Period 2017-2027F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Regions for the Period 2017-2027F
• Market Drivers, Restraints
• Market Trends
• Industry Life Cycle
• Thailand Marine Engine Market – Porter’s Five Forces
• Market Opportunity Assessment
• Company Shares
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Power

• Below 100 Hp
• 100.1-500 Hp
• 500.1-1000 Hp
• Above 1000 Hp

By Propulsion Type

• Diesel Engine
• Steam Turbine
• Gas Turbine
• LNG Engine
• Others (Nuclear, Fuel Cell, Solar Water Jet and Wind)

By Application

• Commercial
• Recreational
• Offshore Oil and Gas
• Navy
• Others (Finishing, Coast Guards, Safety Boats)

By Region

• Northern Region
• North-eastern Region
• Eastern Region
• Central Region
• Southern Region

Frequently Asked Questions About the Market Study:

1. What is the future of the Thailand Marine Engine Market?

The market in the country is progressing at a rapid pace and it is projected to gain more growth in the years to come owing to the way it operates. A number of factors have been contributing to the growth of the market.

2. How much growth is expected in the Thailand Marine Engine Market?

According to 6Wresearch, Thailand marine engine market revenue size is projected to grow at a CAGR of 22.6% during 2021-2027.

3. Which factors are contributing to the market growth?

The Eastern Economic Corridor (EEC), a 1.5 trillion baht infrastructure development initiative of Thailand, intends to transform the country into a high-income nation by improving regional connectivity, transportation infrastructure, and trade logistics. Hence these factors are anticipated to offer high-growth opportunities for the Marine Engines Market in Thailand in the forecast period.

4. Which power segment will dominate the market?

The 500.1-1000 Hp power type will account for the highest market share and this segment registered highest revenue share in market, as it has a broad range of applications including offshore activities like drilling and OSVs.

5. Which application segment will account for the largest share?

By applications, commercial sector acquired highest revenue share in Thailand marine engine market in 2020, on account of rising commercial freight transport in the country. The same segment will continue to grow.

6. Is customization available in the market study?

Yes, we can do customization as per your requirements. Please feel free to write to us sales@6wresearch.com for any customized or any other requirements.