Marine Engine Cooling System
- Marine engine cooling system plays a key role in the operation of marine vessels. It is a system that is used to maintain the temperature of marine engines to increase their efficiency and performance.
- There are two types of marine engine cooling systems: raw water systems and closed loop systems. The raw water cooling system sucks the salt-water directly from the ocean through a strainer and then cycles it through the engine block. The closed loop cooling system uses both salt water and coolant to cool the engine.
- The engine horsepower plays a major role in designing of a cooling system. Bigger and more efficient cooling system is required for high horsepower engines.
Key Drivers of Global Marine Engine Cooling System Market
- Demand for marine engine cooling system has been increasing owing to the rise in tourism activities and per capita income of the people across the globe. Furthermore, steady rise in demand for pleasure and recreational activities around the globe is anticipated to propel the demand for marine engine cooling system during the next few years.
- Increase in transportation and trade activities across the globe is also likely to boost the demand for marine vessels, thereby driving the demand for marine engine cooling systems
- On December 14, 2020, MOTA, a France-based manufacturer of marine and industrial cooling systems, established a Japanese subsidiary MOTA ASIA KK in Osaka, Japan. This move is expected to expand its sales channels and services; and help the company strengthen and explore new opportunities in Japan.
- The marine sector has been adversely affected by the COVID-19 pandemic. Most of the manufacturing companies have partially shut their manufacturing plants. Decrease in global demand for seaborne trade and unavailability of labor has hampered the supply of marine engine cooling systems.
- Many suppliers of marine engine cooling systems have halted their operations owing to the lockdowns imposed in several countries to curtail the pandemic
Asia Pacific to Hold Major Share of Global Marine Engine Cooling System Market
- Based on region, the global marine engine cooling system market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global marine engine cooling system market in 2020. The market in the region is expected to expand at a rapid pace during the forecast period. China, Japan, and South Korea held 90% share of global shipbuilding in 2018. China accounted for 40% share, while Japan held 25% share. South Korea constituted 25% share. Governments of many countries in Asia have taken various initiatives to support the shipbuilding industry in the region. This is likely to propel the demand for marine engine cooling system in the next few years.
- North America held vital share of the market in 2019 owing to the large fleet size and increase in demand for pleasure boats in the region. Rise in tourism and recreational activities is estimated to boost the demand for marine engine cooling system in North America during the forecast period.
- The market in Europe is projected to expand at a rapid pace during the forecast period. The marine sector in the region is well established. Europe has the highest number of powerboats, yachts, and super yachts in the world. Furthermore, boat shows and recreational activities are rising in the region. The pleasure boat industry in France has 5,435 companies that employ a total of 40,510 employees. France accounts for nearly one-third of sales and one-fifth of the fleet in Europe.
- Latin America and Middle East & Africa held relatively minor share of the global marine engine cooling system market in 2019. The market in these region is anticipated to expand at a moderate pace during the forecast period, as the marine sector in these region is still developing.
Key Players in Marine Engine Cooling System Market
Major players operating in the global marine engine cooling system market are as follows:
- ALFA LAVAL
- Orca Marine Cooling Systems
- EJ Bowman
- Kelvion Holding GmbH
- Perkins Engines Company Limited
- Loftin Equipment Co.
- CP Performance
- YANMAR HOLDINGS Co., Ltd.
Global Marine Engine Cooling System Market: Research Scope
Global Marine Engine Cooling System Market, by Product Type
- Raw Water Cooling System
- Closed Loop Cooling System
Global Marine Engine Cooling System Market, by Vessel Type
- Merchant Marine Vessel
- Navy Marine Vessel
- Yacht Marine Vessel
Global Marine Engine Cooling System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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- Asia Pacific
- Latin America
- The Middle East and Africa
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2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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