Marine Propulsion Engine Market: Global Analysis, Historical Growth & Forecast To 2024
The Marine Propulsion Engine Market demand to cross USD 13.3 Bn by 2026. 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 industry.
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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.
APAC marine propulsion engine market size is estimated to register a CAGR of 4.8% by 2024. China and South Korea are projected to be the major growth avenues. Rising investments in R&D, technological developments, and government initiatives towards adoption of clean energy are some of the factors anticipated to fuel APAC market demand.
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 industry has gained considerable traction, owing to its high performance in auxiliary impulsion and low-power machinery.
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Some Point from Table of Contents:
Chapter 4. Marine Propulsion Engine Product Insights4.1. Marine propulsion engine market share by product, 2015 & 2024
4.2. Diesel Propulsion
4.2.1 Market estimates and forecast, 2013 - 2024
4.2.2 Market estimates and forecast, by region, 2013 - 2024
4.3. Wind & Solar Propulsion
4.3.1 Market estimates and forecast, 2013 - 2024
4.3.2 Market estimates and forecast, by region, 2013 - 2024
4.4. Gas Turbine Propulsion
4.4.1 Market estimates and forecast, 2013 - 2024
4.4.2 Marine Propulsion Engine Market estimates and forecast, by region, 2013 - 2024
4.5. Fuel Cell Propulsion
4.5.1 Market estimates and forecast, 2013 - 2024
4.5.2 Market estimates and forecast, by region, 2013 - 2024
4.6. Steam Turbine Propulsion
4.6.1 Market estimates and forecast, 2013 - 2024
4.6.2 Market estimates and forecast, by region, 2013 - 2024
4.7. Natural Gas
4.7.1 Market estimates and forecast, 2013 - 2024
4.7.2 Market estimates and forecast, by region, 2013 - 2024
4.8. Others
4.8.1 Market estimates and forecast, 2013 - 2024
4.8.2 Market estimates and forecast, by region, 2013 - 2024
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