Marine Propulsion Systems Market (By Product: Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas, Others; By Power: Below 1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, Above 20,000 HP; By Technology: Low Speed, Medium Speed, High Speed; By Propulsion: 2 Stroke, 4 Stroke; By Application: Passenger, Commercial, Defense) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

Acumen research and consulting estimates that the global marine propulsion systems market is anticipated to reach market size of around US$ 12,000 Mn by 2027 and is anticipated to grow at a CAGR of around 3% in terms of revenue during the forecast period 2020 – 2027.

The demand of marine propulsion engines is gaining major momentum by driving the world's most large container ships. Over time, foreign trade has expanded enormously due to the cost-effectiveness of maritime transport. A fast, cleaner and fuel efficient engines are needed in the market for marine propulsion engines. The International Maritime Organization (IMO) has drawn up a new law that the sulfur level in marine fuel has fallen to 0.5%, compared with 3.5%. It is expected that this latest law will slash ship emissions by 77%. This has culminated in low-sulphur fuels like Marine Gas Oil by ship-owners and has motivated the need to electrify sea ships.

Market Insights

Global markets are increasing substantially and the foreign exchange is rising. Seaborne ships perform an significant part in foreign commerce by aiding in the shipment of bulk goods. The use of ships to carry commercial goods has several benefits, the most prominent being fuel consumption. In addition, this leads to a reduction in CO2 levels, CO2 emissions, arsenic oxides and nitrogen oxides. Furthermore, ships would be deemed a better option, since there are limited risks of serious crashes relative to lorries and trains. The growth, along with the rise of developed countries in ships construction and related operations, of commercial shipping demand and value for seaborne trading would therefore boost demand for marine propulsion motors during the forecast period.

IMO 2020 compliant fuels, alternate fuels and electrifications

IMO 2020 intends for ship oils to reduce sulphur from 3.5% to 0.5%. Ships must move to low-sulfur alternatives, including Marine gas oil (0.1% to 1% of sulfur), Marine diesel oil (0.1% to 1.5% of sulfur), Low-sulphur fuel oils (0.55% of very-low sulphur fuel oil (VLSFO) and 0.10% of Ultra-low sulphur fuel oil (ULSFO)), among others. For ships with double generators, methanol can be used as substitute gasoline. While methanol represents nearly 0 percent of SOx emissions, high greenhouse gases can be generated. Methanol, because of its low energy content, is a corrosive fuel that requires more room to transport. In the rail, passenger and ferries market, methanol provides a strong potential prospect.

Growing Requirement for Water Transport to Push Marine Propulsion Systems Market Forward

One of the key factors contributing to the growth of the marine propulsion systems market is anticipated to be the growing use of heavy duty ships for logistic transportation, especially following a rapid growth in the e-commerce industry. High development is also anticipated in post-market services like repair and servicing due to the ongoing maintenance needs of heavy duty engines. The demand of marine propulsion systems is also projected to dramatically improve the increasing maritime security requirements of countries around the world. The fact that shipping by sea is not always possible for international shipping is becoming important for trade as a transport option. However, higher shipping costs of air freight are projected to lead in the short term to the development of marine shipping and the demand for marine propulsion systems.

Europe, the USA, and Asia-Pacific, owing to its good infrastructure and proximity to high levels of technological competence within these countries, are projected to be the main suppliers of the marine propulsion systems. The North American demand for maritime propulsion systems is projected to grow at a slightly higher pace as the number of millionaires and billionaires is dramatically expanded by over 100 percent over the next five years. The rising demographic of incredibly rich people is expected to buy luxury yachts and vessels, thereby improving the North American maritime propulsion systems. One of the key reasons contributing significantly to the markets of marine propulsion systems across Asia Pacific and North America are the steady increase in modernization and foreign trade due to comparatively decreased marine transport costs in comparison to air transport systems.

Key Players

Major players included in this report are Volvo Penta, Wärtsilä, Man Energy Solutions, Rolls Royce, Caterpillar, GE Transportation, Cummins, Dresser-Rand Group, John Deere, Brunswick Corporation, and others. In order to satisfy the globally negotiated requirements, continuing R&D, product growth, inventions and partnerships foster industry developments. Manufacturers participate in M&As and partnerships to create opportunities with regional and global vendors. In addition, key players in the sector emphasize retroactively applied technology , which enables quality standards to be preserved and the business landscape to achieve a competitive benefit.

The global marine propulsion systems market is segmented as below:

Market Segmentation

Marine Propulsion Systems Market By Product

Diesel

Wind & Solar

Gas Turbine

Fuel Cell

Steam Turbine

Natural Gas

Others

Marine Propulsion Systems Market By Power

Below 1,000 HP

1,001-5,000 HP

5,001-10,000 HP

10,001-20,000 HP

Above 20,000 HP

Marine Propulsion Systems Market By Technology

Low Speed

Medium Speed

High Speed

Marine Propulsion Systems Market By Propulsion

2 Stroke

4 Stroke

Marine Propulsion Systems Market By Application

Passenger

Commercial

Defense

Marine Propulsion Systems Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• 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