Global Marine Propulsion Engine Market Report, published by Variant Market Research, forecast that the global market is expected to reach $15 billion by 2024 from $10 billion in 2016; growing at a CAGR of 4.6% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 4.8% and 4.5%, respectively, during the forecast period.
Global Marine Propulsion Engine Market Report, published by Variant Market Research, forecast that the global market is expected to reach $15 billion by 2024 from $10 billion in 2016; growing at a CAGR of 4.6% from 2016 to 2024.
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Several inventions have led to the growth of advanced mode of propulsion engine that would confirm safety of the marine ecosystem with cost efficiency. Many types of propulsion engines are used in ships, among which diesel propulsion is primarily used.
Marine Propulsion Engine Market trend include use of liquefied natural gas (LNG) fuel engine in ships which gained popularity in recent years due to their low emission and low cost.
This favors the Marine Propulsion Engine Market size.
High investments & rapid technical inventions to drive the growth of the global marine propulsion engine market
The global marine propulsion engine market growth is driven by factors such as high investments & rapid technical inventions, growing international trade among different countries, Growing focus on renewable energy resources due to reduction of conventional reserves and the ever-increasing demand for crude oil. However, strict rules & regulations over the increasing greenhouse gases & marine contamination, and high investment cost may hamper the growth of the market.
Furthermore, importance of the use of renewable energy resources, biofuel & synthetic fuels and increasing budget for defense sector to support their coastline security would provide growth opportunities in the forecast period.
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The global marine propulsion engine market is segmented into power source, ship type and geography. Power source segment contains gas turbine, diesel, steam turbine, natural gas and others.
Furthermore, the market by ship type is bifurcated as cargo ship, bulk carrier, passenger ships, offshore vessels, tanker, and others. Based on geography, the marine propulsion engine market is bifurcated into North America, Europe, Asia-Pacific, and RoW.
Diesel accounted for the largest market share in the power source segment
In 2016, diesel held the major market share, whereas, natural gas is anticipated to witness fastest CAGR over the forecast period 2016-2024, due to its benefits such as economical nature, high reliability, easy availability of diesel globally, and low maintenance cost in the Marine Propulsion Engine Market industry.
Cargo ship accounted for the largest market share in the ship type segment
Cargo ship and tanker dominated the ship type segment with maximum market share in 2016, due to rise in production and sales of ships worldwide and increasing global seaborne trade.
Asia-Pacific held the major market share and anticipated to grow at a fastest CAGR over the forecast period
Marine Propulsion Engine Market forecast that Asia-Pacific held the major market share in 2016 and it is expected to dominate the market during the forecast period 2016-2024, due to rise in the number of import and export trades among countries. Europe held the second largest market share.
Asia-Pacific and North America are anticipated to grow at a fastest CAGR of 4.8% and 4.5%, respectively, over the forecast period.
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Market players have used different strategies to increase marine propulsion engine market share and global presence. The major players in the market are Rolls-Royce plc., Caterpillar, Cummins, Inc., Wartsila, Hyundai Heavy Industries Co.
Ltd., MAN Diesel & Turbo, Mitsubishi Heavy Industries, Ltd., Daihatsu Diesel Mfg. Co. Ltd., Yanmar Co. Ltd., and Scania, among others.
Scope of Marine Propulsion Engine Market
Power Source Segments
- Gas Turbine
- Steam Turbine
- Natural Gas
Ship Type Segments
- Passenger Ships
- Cargo Ship
- Bulk Carrier
- Offshore Vessels
- North America
- South Korea
- South America
- Middle East
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