Thailand Marine Engine Market (2023-2029) Share, Trends, Growth, Size, Value, Industry, Analysis, Forecast, Segmentation, Outlook & COVID-19 Impact: Market Forecast By Power, By Propulsion Type, By Application, By Region and Competitive Landscape

Thailand Marine Engine Market Synopsis

Thailand marine engine market witnessed significant growth in recent years owing to the growing urbanization and increased rate of commercial activities in Thailand, resulting in increased demand for cargo ships and containers used for international and regional transportation of raw materials and merchandise. However, the spread of the COVID-19 pandemic in 2020 resulted in a fall in market revenues due to the lockdown measures adopted to curb the spread of the virus, which in turn led to disruptions in the supply chain and delays in the production process. For instance, Thailand's total container volume in 2020 plummeted 5.49% from 2019 volume, 9,574,612 TEU and 10,130,294 TEU respectively. However, as the economic conditions are normalizing and commercial activities are resuming, the Thailand marine engine industry rebounded in 2021 and registered growth. Moreover, in 2022, exports were hit by slowing demand in Q4 which affected the marine engine market and registered slow growth in 2022.
According to this research, Thailand marine engine market revenue size is projected to grow at a CAGR of 14.4% during 2023-2029. The development of port infrastructure and rising investment such as the Eastern Economic Corridor (EEC), a $43 Billion infrastructure development initiative of Thailand, intends to transform the country into a high-income nation by improving regional connectivity, transportation infrastructure, and trade logistics and with "National Maritime Navigation Line" to improve the transportation of cargo by sea and to grow Thailand's export industries, would further anticipate to offer high-growth opportunities for the marine engines market in the forecast period. Strict rules to regulate pollution as Thailand complies with international laws and norms that the International Maritime Organisation (IMO) has established in order to lessen marine pollution, enhance maritime safety, and encourage environmentally friendly shipping methods act as a restraint for conventional marine engine market in the country.

Market by Power

The 500.1-1000 Hp power segment, acquired the maximum revenue share in 2022 on account of increased trade activities in 2021 and 2022, and with national marine transport policy to promote the expansion of maritime transportation and the strengthening of Thailand's export sector would further boost the 500.1-1000 Hp engine market.

Market by Propulsion Types

By propulsion type, Diesel Engine acquired the major revenue in 2022 on account of rising exports in Thailand as to travel long distances, fuel is a crucial factor to keep operating for longer periods period. Moreover, rising port infrastructure coupled with rising shipping activities would help diesel marine engines maintain their dominance in the forecast period. The LNG segment is also anticipated to grow in the forthcoming years.

Market by Applications

The commercial sector is expected to record the highest growth in the forecast period as the marine market in Thailand is growing steadily on account of the growing efforts of the government to boost tourism and leisure activities under Thailand's 4.0 developmental plans.

Market by Regions

Thailand's southern region had the largest revenue share in the marine engine industry in 2022 on account of the presence of well-known tourist destinations such as Phuket province, Ko Samui, Ko Phi Phi, and rising maritime activities. Additionally, with increasing industrialization and port development initiatives would further provide more opportunities in the southern region. The eastern region is also projected to grow in the near future.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Thailand Marine Engine Market Overview
• Thailand Marine Engine Market Outlook
• Thailand Marine Engine Market Forecast
• Historical Data and Forecast of Thailand Marine Engine Market Revenues and Volume for the Period 2019-2029F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues and Volume, By Power for the Period 2019-2029F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Propulsion Types for the Period 2019-2029F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Applications for the Period 2019-2029F
• Historical Data and Forecast of Thailand Marine Engine Market Revenues, By Regions for the Period 2019-2029F
• Market Drivers, Restraints
• Market Trends
• Industry Life Cycle
• Thailand Marine Engine Market Porter’s Five Forces
• Market Opportunity Assessment
• Company Ranking
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Power

• Below 100 Hp
• 100.1-500 Hp
• 500.1-1000 Hp
• Above 1000 Hp

By Propulsion Types

• Diesel Engine
• Steam Turbine
• Gas Turbine
• LNG Engine
• Others (Nuclear, Fuel Cell, Solar Water Jet, and Wind)

By Applications

• Commercial
• Recreational
• Offshore Oil and Gas
• Navy
• Others (Finishing, Coast Guards, Safety Boats)

By Regions

• Northern Region
• North-eastern Region
• Eastern Region
• Central Region
• Southern Region