South America Marine Engines Market By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, and Others), By Capacity (0-10000 HP, 10000-20000 HP, 20000-30000 HP, 30000-40000HP), By Fuel, (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil), By Speed (High Speed, Medium Speed, Low Speed), By Stroke (Two-Stroke, Four-Strok

South America Marine Engines Market is expected to register a CAGR of approximately 7% from 2024 to 2028. Marine engine demand is rising across South America because of factors such as expanding seaborne trade activities and increasing commercial and industrial demand for marine engines. Additionally, growing merger and acquisition activities in the South American marine engines market is anticipated to drive the market in the upcoming years. Moreover, rising demand for vessels and oil tankers in South America will drive demand for marine engines during the forecast period.

A marine engine is an engine-powered pump that transfers fluid or compressed aira marine engine is a machine for watercraft propulsion. Engines used in marine vehicles, including propelled boats, ships, and other allied vehicles, are known as marine engines. Marine vessels can be used in various applications, including surveillance, shipping, and offshore support. Their size and application determine the type of motor used in these vehicles.

Growing demand for marine engines in both commercial and industrial sectors

Bulk carriers, crude oil tankers, LNG ships, and mega container ships are all widely used in commercial shipping. These enormous ships need a lot of power to move them through rough waters. More than 85% of these vessels are propelled by large slow-speed engines directly linked to the propeller.

Government regulations to regulate maritime pollution

Government implemented several norms and regulations to regulate CO2 emission, as, ships are a major source of air pollution. Therefore, reduced black carbon emissions have emerged as an increasingly important element to fight global warming, as black carbon is the second most powerful climate warming pollutant after carbon dioxide (CO2).

Some of the government regulations are

• Brazilian Government signed up to UN Clean Seas campaign. The Clean Seas campaign support governments be creating effective national laws and encouragement for businesses and citizens to create sustainable models of production and consumption.
• In 2022, The International Atomic Energy Agency (IAEA) helped Peru to assess and limit the environmental damage from a major oil spill in its coastal waters.

Growing demand for vessels and oil tankers

There is an increase in demand for vessels and oil tankers as there is a subsequent growth in the maritime logistics. According to the UNCTAD, maritime logistics is considered the backbone of trade, as it transports about 84% of volumes traded globally and almost 70% of global trade value and approximately 80.3% in South America, predominantly in the South American subregion. Therefore, ports play a significant role in distribution of goods

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Market Segmentation

The South America Marine Engines Market is divided into ship type, capacity, fuel, speed, stroke, and engine. Based on ship type, the market is further segmented into oil tankers, bulk carriers, general cargo ships, container ships, gas carriers, chemical tankers, and others. On the basis of capacity, the market is further split into 0-10000 HP, 10000-20000 HP, 20000-30000 HP, 30000-40000HP

Market Players

Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co. Ltd., MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Inc., Rolls Royce PLC, Volvo Penta, Wartsila Corporation, and Yanmar Holdings Co. Ltd

Key developments

In September 2022, MAN Energy Solutions SE launched the new MAN 49/60 engine. The engine can run on LNG, diesel, and heavy fuel oil, as well as biofuels and synthetic natural gas. The engine is a four-stroke, dual-fuel engine that will help the transition to clean maritime transportation.