Global Marine Engine Market Projected to Grow Through 2022
According to a recent, comprehensive study on the global marine engine market, the marine engine industry is forecasted for accelerated growth now through the year 2022.
At Automotive Training Center’s (ATC’s) Warminster campus (our home base for Marine Service Technology training), our instructors and staff couldn’t be more excited for this news!
Continue reading to learn more about forthcoming trends in the marine industry and what they mean for aspiring marine service technicians.
An Ocean of Demand: Current Trends in the Marine Industry
A few factors contribute to the world marine engine market’s wave of growth that’s expected to consistently surge at a rate of +4% over the next five years.
Economy upswing: The most prominent trend being seen is a leveling out in the global economy (specifically in China and southeast Asia). An overall bump in maritime trade has led to a higher demand for shipbuilding in various parts of the globe, and more disposable income has led to more individuals investing in boats for leisure and travel.
Greener fuel solutions: Another trend that’s been prevalent across many industries is finding more eco-friendly ways to fuel transportation, boats and commercial vessels included.
Diesel is expected to continue to dominate the marine industry for a good while. But, research and development of more advanced engines that operate efficiently while better complying with strict government emissions regulations will also feed global engine market growth.
Aspiring technicians can expect to see alternative fuel sources like solar and wind power being further developed and worked into the industry’s newest watercraft.
Which Region & Manufacturers Lead the Marine Engine Market?
Region: A thriving shipbuilding industry in areas like China, Japan, India, and South Korea make the Asia Pacific region the far and away leader of the global marine engine market. A study conducted in 2015 showed that these areas accounted for 80% of world shipbuilding. The latest research shows that this region will continue to hold onto, and foster, that lead.
Manufacturers: Some of the biggest manufacturer players in the global marine engine market include Caterpillar Inc. (US), Cummins (US), GM Powertrain (US), MAN Diesel & Turbo SE (Germany), Mitsubishi Heavy Industries (Japan), and Wärtsilä Corporation (Finland).
What This Means for Prospective Marine Service Technicians
Large-scale growth across segments in the global marine engine market means that the demand for skilled individuals in this field are on the rise, too! Check out a few of the positions Marine Service Technology training can lead to, in addition to marine service technician:
- Gelcoat and fiberglass technician
- Marine electrician
- Personal watercraft technician
If you love working on engines and enjoy being out on the water, enrolling in and completing a Marine Service Technology program can equip you with the education you need to get your feet wet in the marine service field.
Learn more about ATC’s Marine Mechanic School today.