Category : Automotive, Transportation and Logistics | Published at : January-2021 | Delivery Format : PDF | Status: Published | Pages : 190
The market for marine propulsion engines is expected to grow at a CAGR of around 3.7% from 2020 to 2027 and expected to reach the market value of around US$ 14,684.9 Mn by 2027.
Marine propulsion engine is the machine that produces thrust to push the marine vehicles forward. Along with the advancement in technology and global transportation, the present era has several innovative propulsion engines with which a vessel can be fitted with. Moreover, this propulsion engine not only helps in the successful movement of the ship in the water, instead the use of the propulsion engine ensures a better safety standard for the marine ecosystem along with cost-efficiency.
Market Dynamics
The increasing international trade and emergence of developing economies in shipbuilding and related activities is accelerating the market value. The several advantages associated with the marine vessels for transportation of commercial goods like reduced emission of carbon dioxide, carbon monoxide, sulfur oxides, and nitrogen oxides are supporting the market growth. The ships are considered as a safer option in terms of encountering major accidents when compared with trucks and trains are minimal, this leads to the increasing demand in the global market. The rising demand for commercial shipping due to its importance in seaborne trade is further propelling the market value.
On the other side, the stringent environmental and transportation norms are projected to limit the growth to an extent over the estimated period from 2020 to 2027.
Diesel Propulsion accounted for the maximum share in the global Marine Propulsion Engines market
Diesel Propulsion is the leading segment by a power source in the marine propulsion engines market due to its flexibility in usage that includes all types of vessels along with small and recreational boats. The power source is also projected to maintain its dominance over the estimated timeframe from 2020 to 2027.
Asia Pacific accounted for the maximum revenue share in the Marine Propulsion Engines Market
In 2019, Asia Pacific registered dominating revenue share (%) in the global market and also anticipated to continue with its dominance over the estimated timeframe from 2020 to 2027. The rapidly developing economies of the region including China and India are majorly contributing to the regional market value. The growing number of joint ventures with international brands in the region due to increasing disposable income and infrastructural development is supporting the regional market value. The rising seaborne trade of crude oil mostly from Middle East countries to Asia-Pacific is further contributing to the regional market value. Furthermore, the region is also projected to experience the fastest growth throughout the forecast timeframe from 2020 to 2027.
The players profiled in the report include Caterpillar, Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., Fairbanks Morse Engine, General Electric Company, Hyundai Heavy Industries Co., Ltd., MAN Diesel & Turbo, Masson-Marine, Mitsubishi Heavy Industries, Ltd., Nigata Power Systems Co., Ltd., Rolls-Royce Plc, Scania, Wärtsilä, and Yanmar Co., Ltd. The major marine propulsion engines players were involved in strategic developments for escalating the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for marine propulsion engines.
Market Segmentation
Market By Power Source
Diesel Propulsion
Gas Turbine Propulsion
Steam Turbine Propulsion
Wind & Solar Propulsion
Fuel Cell Propulsion
Natural Gas
Others
Market By Application
Cargo or Container Ship
Tanker
Bulk Carrier
Offshore Vessel
Passenger Ship
Others (Tugs & Service Ships)
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for marine propulsion engines is expected to reach a market value of around US$ 14,684.9 Mn by 2027.
The marine propulsion engines market is expected to grow at a CAGR of around 3.7% from 2020 to 2027.
The diesel propulsion is the leading segment by power source in the marine propulsion engines market.
The increasing international trade, emergence of developing economies in shipbuilding and related activities, several advantages associated with the marine vessels for transportation of commercial goods, ships are considered as a safer option in terms of encountering major accidents, and rising demand for commercial shipping due to its importance in seaborne trade are some of the factors driving the market growth.
Caterpillar, Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., Fairbanks Morse Engine, General Electric Company, Hyundai Heavy Industries Co., Ltd., MAN Diesel & Turbo, Masson-Marine, Mitsubishi Heavy Industries, Ltd., Nigata Power Systems Co., Ltd., Rolls-Royce Plc, Scania, Wärtsilä, and Yanmar Co., Ltd. are the prominent players in the market.
Asia Pacific held the highest market share in the marine propulsion engines market.
Asia Pacific region is expected to be the fastest growing market over the forecast period.
