Marine Propulsion Engine Market 2021-2024; Leading Players, Competitive Landscape and Regional Forecast
Global Marine Propulsion Engine Market is anticipated to depict a CAGR of 4.3% through 2024, having recorded a valuation of USD 9 billion in 2015. By 2024, the market is expected to hit a remuneration of USD 13.3 billion.
Marine Propulsion Engine Industry is gaining a substantial traction on the grounds of powering the world’s largest ships that transport cargo across the globe. Over the years, there has been a tremendous increase in the international trade through marine transportation due to its cost-effectiveness. Consequently, there is a high demand for fuel efficient ships, which will propel marine propulsion engine market.
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Basically, marine propulsion refers to the mechanism that produces the required thrust for driving the marine objects. The propulsion engines used in these marine vessels are a fascinating piece of machinery which are undergoing rapid development and product upgradation for energy efficiency and high performance. In this regard, some of the world’s finest marine propulsion engine market players such as Rolls-Royce and Wärtsilä are emphasizing on diversifying their product portfolios to explore sustainable transportation solutions.
Concerns over the environmental issues and energy conservation has gained immense attention over the years. A considerable amount of carbon emissions from conventional systems has prompted the regulatory bodies to enforce norms that mitigate the carbon footprints due to engine exhaust gases. For instance, the Marine Pollution Convention (MARPOL) has introduced such regulations to prevent the environment from chemical spills, air pollution, contamination by oil and sewage. Also, in the event that the companies operating in marine propulsion engine market attempt to violate these norms, they may be subject to heavy penalties from the government.
Rising proximity of wind and solar energy as auxiliary power sources will lead this segment to register a CAGR of 5.9% by 2024, having had a contribution of 3.5% of overall marine propulsion engine market stake in 2015. Apart from this, diesel, steam turbine, gas turbine, fuel cell, and natural gas are the noticeable product segments of marine propulsion engine industry. The gas turbines product segment is witnessing lucrative gains, owing to its the high-speed sprint operation mode. Such turbines are in great demand in the military & naval sector, thus, boosting the growth prospects of marine propulsion engine industry.
The deployment of new-age technologies such as fuel injection, firing pressure, and turbo-charging in diesel propulsion engines will positively affect the market valuation of diesel marine propulsion engine industry. Diesel engines are majorly used due to their high efficiency and high power generation capacity. In addition, a significant rise in the adoption of electric transmission systems will stimulate the fuel cells product deployment in the coming years. Fuel cells marine propulsion engine market has gained considerable traction, owing to its high performance in auxiliary impulsion and low-power machinery.
Asia Pacific marine propulsion engine industry accounted for more than 50% of the overall share in 2015, with a revenue generation of more than USD 4.5 billion. China and South Korea are the prominent revenue contributors. These countries have been investing heavily in regional marine propulsion engine market, thereby augmenting APAC market share. Moreover, favorable government initiatives for the development of solar & wind energy powered products in the region will also drive the market demand.
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Data Tables
TABLE 1 Marine propulsion engine industry 3600 synopsis, 2013 - 2024
TABLE 2 Global marine propulsion engine market (USD Million), 2013 - 2024
TABLE 3 Global marine propulsion engine market by region (USD Million), 2013 - 2024
TABLE 4 Global marine propulsion engine market by product, (USD Million), 2013 - 2024
TABLE 5 Growth drivers
TABLE 6 Industry pitfalls & challenges
TABLE 7 Global diesel propulsion market (USD Million), 2013 - 2024
TABLE 8 Global diesel propulsion market by region (USD Million), 2013 – 2024
TABLE 9 Global wind & solar propulsion market (USD Million), 2013 - 2024
TABLE 10 Global wind & solar propulsion market by region (USD Million), 2013 – 2024
TABLE 11 Global gas turbine propulsion market (USD Million), 2013 - 2024
TABLE 12 Global gas turbine propulsion market by region (USD Million), 2013 – 2024
TABLE 13 Global fuel cell propulsion market (USD Million), 2013 - 2024
TABLE 14 Global fuel cell propulsion market by region (USD Million), 2013 – 2024
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