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New study: Global marine propulsion engine market forecast to 2024

Growing efforts toward enhancing engine capacities and introduction of larger cargo holding capacity containers has led to rapid innovation and development initiatives.

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Marine Propulsion Engine Market size is poised to surpass USD 13.31 billion by 2024; according to a new research report.

Depleting shale and conventional gas reserves has increased demand for LNG (Liquefied Natural Gas) as marine fuel.

It is used in reciprocating engines owing to its effective combustion capabilities.

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Fuel cells will witness substantial growth opportunities due to high performance characteristics in auxiliary propulsion and low-power machinery. The shipping industry has diverted its focus on reducing consumption of fossil fuel by developing electric motors, thereby contributing to energy efficiency.

Stringent emission regulations by International Convention for Prevention of Pollution (MARPOL) may hinder the marine propulsion engine market size over the forecast timeline. MARPOL regulations are principally applied for marine environment protection.

Violations caused due to chemical spills, exhaust gases leading to air pollution, and contamination of oil and sewage waste may lead to severe penalties.

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High demand for operationally dependable and fuel efficient ships will drive the marine propulsion engine market share over the forecast timeline. Rapid innovation has led to the development of new energy efficient and high performance products.

Industry participants such as Rolls-Royce and Wärtsilä have continuously innovated and extended their product offerings to cater to growing demand for capacity handling.

With decreasing demand for fuel bunkers, nuclear propulsion delivers more cargo space without refueling. Growing trend towards the development of the powerful engines in the shipping industry has been supplemented by the introduction of supertankers.

Shift towards unconventional energy sources will fuel the marine propulsion market size over the forecast timeframe. Power derived from wind is free from exhaust pollutants.

Solar power is also utilized as an auxiliary power source with the help of photovoltaic cells to generate electricity, thus driving the future of propulsion systems.

Marine Propulsion Engine market by product:

  • Ø Diesel propulsion
  • Ø Wind &solar propulsion
  • Ø Gas turbine propulsion
  • Ø Fuel cell propulsion
  • Ø Steam turbine propulsion
  • Ø Natural gas

The above information is provided on a regional and country basis for the following:

  • Ø North America
  • Ø Europe
  • Ø Asia Pacific
  • Ø Latin America
  • Ø MEA

Growth drivers:

  • Ø Rising demand for operationally-dependable and efficient ships
  • Ø Introdution of nuclear propulsion engines
  • Ø Rising LNG prominence
  • Ø Growing prefrence for non-conventional energy sources
  • Ø Industry pitfalls & challenges
  • Ø Strict emission standards
  • Ø Renewable energy sources limitations for primary propulsion

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Diesel propulsion engine market size was upwards of USD 6 billion in 2015, it will grow at 4.2% CAGR estimation over the next eight years. This can be attributed to significant improvements in various technologies such as firing pressures, fuel injection technology, turbo-charging efficiency and brake mean effective pressure.

Rising adoption of electric transmission will augment fuel cell usage in the long term. Generation of green hydrogen using renewable energy is also anticipated to trigger technology adoption in the coming years.

Solar and wind segment accounted for more than 3% of the 2015 industry revenue with 6% CAGR forecast. Favorable government initiatives and investments in the development of renewable energy sources-powered products will drive demand.

Significant investments by China and South Korea will drive Asia Pacific marine propulsion engine market share. The regional industry was valued at more than USD 4.5 billion in 2015 and will grow at 4.8% CAGR.

Marine propulsion engine market share is dominated by companies such as MAN Diesel, Rolls Royce, Mitsubishi, and Wärtsilä. The industry is characterized by long term contracts and frequent mergers &acquisitions to achieve competitive advantage.

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