The shipbuilding industry in Malaysia showed signs of recovery in 2017 after two years of sharp decline owing to the overproduction and slowdown of the oil industry all over the world. Another challenge that the shipbuilding industry in Malaysia faces is a foreign competition that provides cost-effective solutions and limited domestic capacity. As a result, more than 50% of ship requirements in Malaysia are fulfilled by foreign Shipyards.
According to 6Wresearch, Malaysia marine engine market size is projected to grow at a CAGR of 4.4% during 2018-24. The Malaysia government is encouraging the shipbuilding industry through an SBSR (Shipbuilding and Ship Repair) strategic plan 2020, aimed at increasing the capacity of local yards and promoting shipbuilding. The government has also introduced tax exemption schemes to recover the industry.
Marine Engines that use diesel engine propulsion systems continue to occupy the majority of the share of the market. With the decrease in permitted Sulphur emission levels worldwide, the popularity of alternative propulsion systems, such as the LNG engine and the steam turbine is increasing. The demand for LNG engines is expected to grow rapidly after the enforcement of new MARPOL standards for Sulphur emission from January 2020.Amongst all the applications, the offshore Oil and Gas industry in Malaysia held the highest Malaysia marine engine market share in 2017. Malaysia is one of the most important producers and exporters of natural gas in Asia. The global slowdown in the oil industry has affected the growth rate of the marine engines but the requirement of boats for Seabed Oil and Gas Drilling, Anchor handling tug supply, and Offshore Supply Vessels continue to drive the demand for Marine Engines in Malaysia.
The Malaysia marine engine market report thoroughly covers Malaysia marine engine market by power, propulsion types, applications, and regions. The Malaysia marine engine market outlook report provides an unbiased and detailed analysis of the Malaysia marine engine market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
The Malaysia marine engine market is expected to witness a proliferation in the coming timeframe on the back of an increase in the marine industry in the country. There is no doubt, that Malaysia is a tourism hub and as a result witnesses a large number of tourist visits to its domestic boundaries each year. This is leading to increased proliferation of cruise and on ship parties. The increased tourism participation in the country, is leading to an increased demand for ships to be brought down since the rising working of ships requires timely maintenance to be carried out and this, as a result, is posing increased demand for marine engines and is expected to proliferate significant demand for the same in the coming timeframe and would lead to shape the market competitive landscape of the Malaysia marine engine market in the next five to ten years.
Malaysia marine engine market is projected to find its true potential n the upcoming six years on the back of the rising growth of the EXIM industry in the country. As the trade between the countries has proliferated the use of ships where the Port Klang being the busiest port in Malaysia coupled with the top export including electronics and oil& gas and petroleum products. In line with this, the increasing trade practices after the covid -19 outbreak has led to accelerating demand for marine engines and is estimated to bolster the growth of the Malaysia marine engine market in the upcoming six years.
Key Highlights of the Report:
• Malaysia Marine Engine Market Overview
• Malaysia Marine Engine Market Outlook
• Malaysia Marine Engine Market Forecast
• Historical Data of Malaysia Marine Engine Market Revenues & Volume for the Period 2014-2017.
• Malaysia Marine Engine Market Size & Malaysia Marine Engine Market Forecast until 2024F.
• Historical Data of Malaysia Marine Engine Market Revenues & Volume, By Power for the Period 2014-2017.
• Market Size & Forecast of Malaysia Marine Engine Market Revenues & Volume, By Power until 2024F.
• Historical Data of Malaysia Marine Engine Market Revenues, By Propulsion Types for the Period 2014-2017.
• Market Size & Forecast of Malaysia Marine Engine Market Revenues, By Propulsion Types until 2024F.
• Historical Data of Malaysia Marine Engine Market Revenues, By Applications for the Period 2014-2017.
• Market Size & Forecast of Malaysia Marine Engine Market Revenues, By Applications until 2024F.
• Historical Data of Malaysia Marine Engine Market Revenues, By Regions for the Period 2014-2017.
• Market Size & Forecast of Malaysia Marine Engine Market Revenues, By Regions until 2024F.
• Malaysia Marine Engine Market Trends and Opportunities
• Market Drivers and Restraints.
• Malaysia Marine Engine Market Overview on Competitive Landscape
• Malaysia Marine Engine Market Share, By Players
• Company Profiles.
• Strategic Recommendations
Markets Covered:
The Malaysia marine engine market report provides a detailed analysis of the following market segments:
• By Power:
o Below 100Hp
o 100.1 Hp - 500Hp
o 500.1 Hp - 1000Hp
o Above 1000 Hp
• By Propulsion Types:
o Diesel Engine
o Steam Turbine
o Gas Turbine
o LNG Engine
o Others (Nuclear, fuel cell, solar, water jet, and wind)
• By Applications:
o Commercial
o Recreational
o Offshore Oil and Gas
o Navy
o Others (Finishing, Coast Guards, Safety Boats)
• By Regions:
o Peninsular Malaysia
o Subah
o Sarawak
1. Executive Summary
