Posted On: 2021-10-08
Offshore oil and gas segment acquired the largest market revenue share in the Malaysia marine engine market – 6Wresearch
Malaysia marine engine market grew significantly from 2017 to 2019, owing to government initiatives to revive Malaysia's shipbuilding industry after a recession in 2014-2016. Malaysia is rapidly increasing its commercial vessel capacity, as 95 percent of its trade is through sea route, which would act as a driving force in the Malaysia marine engine market. Furthermore, Malaysia has emerged as the world's second largest producer of palm oil, exporting palm oil products to China, India, the Netherlands, Pakistan, the Philippines, and other countries. As this trend continues, it is expected to boost demand for marine engines during the forecast period.
According to 6Wresearch, Malaysia Marine Engine Market size is projected to grow at a CAGR of 6.4% during 2021-27. Malaysia marine engine market is currently in the later stages of growth phase of its industry life cycle. The market is anticipated to register significant growth in the forecast period as about 95% of Malaysia’s trade is carried through water ways. In addition to that, growing palm oil exports by the country is also anticipated to increase demand for marine engines. Strict government regulations to protect the environment acts as a restraint in the market. However, taking this into consideration, technologically advanced and environment friendly engines are now being used which is anticipated to drive the Malaysia marine engine market in the future.
According to Avantika Jain, Research Analyst, 6Wresearch, “By propulsion types, LNG engine is anticipated to register fastest growth during forecast period on the back of being a cleaner fuel with low carbon emissions to fulfil government regulations to control pollution and limit carbon emissions. LNG is a clean form of fuel, it is being adopted at a fast pace in the Malaysia marine engine market. Both new and old vessels have seen an increase of LNG engine in the form of dedicated and dual fuel engines, respectively”
According to Rishabh Singh Bhandari, Research Associate, 6Wresearch, “By applications, commercial sector is anticipated to record highest growth in the forecast period, as the maritime industry in Malaysia is the single most important mode of commerce in Malaysia, accounting for more than 95 percent of the country's trade. The Malacca Strait, which lies along the Malaysian coast, is an important international trade and commerce sea route connecting East and West, enhancing commercial sector revenues. Commercial maritime applications include container vessels, tankers, bulk carriers' cargo ships, and among others, creating a significant opportunity for growth in the marine engine market for commercial applications over the forecast period.”
Some of the major companies in Malaysia marine engine market Caterpillar Inc., Cummins Inc., Yamaha Motor Co. Ltd, Wärtsilä Corporation, AB Volvo (publ), MAN Energy Solutions SE, Rolls Royce Public Limited Company and Yanmar Holdings Co., Ltd.
“Malaysia marine engine market (2021-2027)” report provides an in-depth analysis with 16 figures and 09 tables, covered in 77 pages. The report estimates and forecast the overall Malaysia marine engine market by power, propulsion types, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.