Commercial sector by applications, accomplished the highest share revenue in the Thailand Marine Engine Market – 6Wresearch
By applications, commercial sector is anticipated to grow at the fastest rate in Thailand Marine Engine Market as the maritime industry of Thailand is the most important way of commerce and tourism. Container vessels, which are widely used for trade and commerce, are increasing at a fast pace, thus augmenting growth of commercial sector revenues. Thailand has emerged as the seventh largest producer of palm oil, exporting palm oil products to nations like India, China, Pakistan, Philippines and other nations in the world, as this trend continues, the demand for marine engines in the country is projected to grow more during the forecast period.
According to 6Wresearch, Thailand marine engine market revenue size is projected to grow at a CAGR of 22.6% during 2021-2027. The COVID-19 outbreak resulted in a fall in the marine engine market for the year 2020, owing to disruptions in the supply chain, travel restrictions, and a halt in the manufacturing process. However, as the situation normalizes, the market is expected to rebound by 2022. The market is anticipated to register significant growth in the forecast period on account of growing number of commercial vessels in the country. For instance, Thailand commercial vessels contributed over 57.4 billion baht ($1.7 billion) in 2020, and the numbers are expected to rise substantially in the coming years.
According to Ravi Bhandari, Research Head, 6Wresearch, 500.1-1000 Hp power type will register the higher growth in the coming years and this segment held the highest share revenue in the market since this segment in the sector has board application range include the offshore activities such as drilling and OSVs.
LNG engine is expected to grow significantly in Thailand marine engine market in the forecast period as it is an environment friendly fuel which reduces carbon emissions and hence it is being widely adopted in the country and companies should focus on this propulsion type. This propulsion type can boost the Thailand Marine Engine Market Share.
“The Thailand Marine Engine Market (2021-2027)” report provides an in-depth analysis with 15 figures and 11 tables, covered in 77 pages. The report on The Marine Engine Market in Thailand comprehensively covers the industry by power, propulsion, applications, and regions. The report provides a detailed and unbiased analysis of the on-going growth drivers, opportunities/high growth areas, as well as trends of the industry which are estimated to support the stakeholders to meet and devise their market strategies as per the latest and future market dynamics.