Marine
propulsion is a mechanism used to generate power to move ship or boat across
water. While sails and paddles are still used on smaller boats but modern ships
are driven by mechanical system. Ships are integrated with one or more
propulsion engines, depending on their size. Moreover, in the early stage of
marine propulsion, steam turbines were used and due to advancement in
technology, diesel or alternative fuel engine and gas turbine are used.
Market size and forecast
Marine
propulsion engine market is expected to expand at a CAGR of 4% over the
forecast period i.e. 2017-2024. Moreover, the marine propulsion engine
market is anticipated to reach USD 12 Billion over the forecast
period. By power source, diesel propulsion system is expected to sustain its
dominance during the forecast period. The market is expected to witness significant
growth during the forecast period owing to various ongoing government
investments in shipbuilding industry and inland waterways. Increase in demand
for resources such as crude oil, coal, steel, and iron from developing
countries likely to uplift the market growth in the next few years.
Geographically,
Asia-Pacific is accounted to dominate the global marine propulsion
engine market, mainly due to significant demand in Korea, Japan
and China. Growing trade activities between Asia and Europe has led to the
growth of shipbuilding industry and created massive market for marine
propulsion engine in both the regions.
Europe is
the second largest market for marine propulsion engine followed by North
America. Stringent norms taken by government following environmental concerns
is expected to restrain the market growth in the next few years.
Market Segmentation
Our
in-depth analysis segmented the marine propulsion engine market in the
following segments:
By Power
Source
·
Diesel
·
Gas
Turbine
·
Natural
Gas
·
Steam
Turbine
·
Renewable
Energy
·
Hybrid
·
Fuel
Cell
By
Application
·
Cargo
Ships
·
Tanker
·
Bulk
Carrier
·
Offshore
vessel
·
Passenger
Ship
·
Tugs
ships
·
Service
ships
By Region
Global
marine propulsion engine market is further classified on the basis of region as
follows:
·
North
America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity
Analysis
·
Latin
America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth &
Opportunity Analysis
·
Western
and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth
& Opportunity Analysis
·
Asia-Pacific
(China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market
size, Y-O-Y growth & Opportunity Analysis
·
Middle
East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth Drivers and Challenges
Increase
in international trade activities through water transportation as it is
cost-effective, rise in the number of marine travelers, vast development of the
global seaborne transport industry, arrival of technologically advanced and
highly reliable engines, economic stability, and rising disposable incomes are
the major factors that have driven the global marine propulsion engines market
in the last few years.
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Moreover,
increasing need for efficient as well as operationally dependable ships will
spur the demand for marine propulsion engine in the next few years. Growing
importance on increasing diesel engine capacity to drive new generation tankers
with large cargo holding ability will expand the global marine propulsion
engine market growth. Rising focus on renewable energy sources owing to the
depletion of conventional reserves and ever-increasing demand for crude oil
will further support the growth of the market.
However, the market is expected to be hindered by the regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which applies mainly to the protection of the marine environment and prevention of adulteration by oil, chemical spills, sewage, marine species, and air pollution, by engine exhaust gases.
However, the market is expected to be hindered by the regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which applies mainly to the protection of the marine environment and prevention of adulteration by oil, chemical spills, sewage, marine species, and air pollution, by engine exhaust gases.
Key Players
The key
players of marine propulsion engine market are as follows:
·
Caterpillar
·
Cummins
·
MAN
Diesel & Turbo
·
Rolls-Royce
·
Wärtsilä
·
Hyundai
Heavy Industries
·
Mitsubishi
Heavy Industries
·
Fairbanks
Morse Engine
·
Masson
Marine
·
Nigata
power system
Scope and Context
Overview
of the Parent Market
Analyst
View
Segmentation
The global
marine propulsion engine market is segmented as follows:
·
By
Power Source Market Size & Y-O-Y Growth Analysis
·
By
Application Market Size & Y-O-Y Growth Analysis
·
By
Region Market Size & Y-O-Y Growth Analysis
Market
Dynamics
Supply
& Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
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