Marine Propulsion Engine Market Size By Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), Industry Analysis Report, Regional Outlook (U.S., Germany, UK, China, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: October 2016 | 103 Pages | Report ID: GMI791 Report Format: PDF

Inquiry Before Buying   Request Sample
Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Marine Propulsion Engine Market size was over USD 9 billion in 2015, and is anticipated to grow at 4.3% CAGR from 2016 to 2024.
 

Europe Marine Propulsion Engine Market size, by product, 2013-2024 (USD Million)

Europe Marine Propulsion Engine Market size, by product, 2013-2024 (USD Million)
 

Use of renewable energy sources such as solar and wind energy to meet auxiliary power requirements will increase, thereby augmenting marine propulsion engine market growth. Increasing need for efficient as well as operationally dependable ships will lead to modernization of marine propulsion engine market over the forecast timeline. Rising emphasis on increasing diesel engine capacity to drive new generation tankers with large cargo holding capability will propel global marine propulsion engine market share.
 

Rapid innovation in the marine propulsion engine market is forecast to result in powerful and energy efficient product development. Leading marine propulsion engine market players such as Wärtsilä and Rolls-Royce are continuously spending on R&D in order to innovate and enhance their product portfolio and increase ship power and capacity handling requirements. Growing shipping industry focus on developing electric motors to reduce fossil fuel consumption may help in increasing energy efficiency and eliminate environmental emissions.
 

Depletion of conventional and shale gas reserves will increase LNG demand, especially as a marine fuel. LNG adoption requires availability of specialized insulated tanks and a safe area which drives demand for larger storage space. However, several alternative tank arrangements are adopted along with numerous system alternatives through which LNG can be utilized.
 

Advent of nuclear propulsion systems act as a key interest for vessel designers as a small percentage of nuclear fuel is engaged in providing energy which is equivalent to a relatively high weight in coal or oil. It also proves to be beneficial for icebreakers while exploring frozen waterways in the Arctic. Increasing CO2, NOX, SOX, volatile organic compounds and particulate matter emissions could focus on non-conventional energy sources such as wind and solar energy.
 

Marine Propulsion Engine Market, By Product

Wind & solar accounted for over 3.5% of the marine propulsion engines market share in 2015 and is estimated to grow at 5.9% CAGR from 2016 to 2024. Rising prominence of these systems as auxiliary power source owing to its environment friendly nature will drive the marine propulsion engine market demand over the forecast timeline. Gas turbines were valued at over USD 900 million in 2015, growth in the sector can be credited to high speed sprint operation mode offered by these turbines. Navy and military sector also offer massive growth prospects over the forecast timeframe.
 

Solar and wind energy may gain prominence as auxiliary propulsion sources due to negligible environmental impact. However, incapability to suffice power requirements may negatively impact demand for marine propulsion engine market product. Introduction of fuel cells offer significant growth potential for ship impulsion, and may exhibit encouraging performances for low-power and auxiliary impulsion machinery.
 

Marine Propulsion Engine Market, By Region

Asia Pacific accounted for 50% of the overall revenue in 2015, mainly due to high growth in Korea and China marine propulsion engine market size. Rapid LNG adoption as a propulsion medium will drive U.S. marine propulsion engine market size in the coming years.
 

Advancement in technology and increasing awareness pertaining to environment conservation has garnered vital importance in the marine propulsion engine market over the forecast timeline. Substantial CO2 emissions from conventional systems have led to the introduction of environmental regulations and carbon taxes to help mitigate climatic changes. Regulations by marine pollution convention (MARPOL) aids in preventing contamination by oil, sewage, chemical spills, and air pollution by engine exhaust gases thereby protecting the environment. Furthermore, non-adherence to government regulations may lead to severe national penalties.
 

Competitive Market Share

Key industry players contributing to marine propulsion engine market share include MAN Diesel & Turbo, Wärtsilä, Mitsubishi and Caterpillar. Continuously innovates in order to provide environmentally sustainable, flexible, economically sound, and efficient solutions are the main strategies adopted by these players.
 

Other participants are Yamaha, Volvo Penta, Sinopec, Shell, Idemitsu, Hydrosta BV, Hydraulic Marine Systems, Exxon Mobil Corp, and Cummins.
 

Marine Propulsion Engine Industry Background

Components required for manufacturing vary as per the engine type. Typical components required for diesel engines include but are not limited to cylinder, cylinder head, crank case, crankshaft, piston, cam shaft, valves, and control panels. Gas turbines and steam turbines require components such as rotor, rotor blades, casing, bearings, valves, and electrical controls. Wind turbines require towers, blades, rotor, gear box, generators, and transformers.
 

Manufacturers have dedicated professional sales staff having expertise in the company’s entire product lines for identifying specific and tailored solutions. After the point of sale, the respective company’s trained and certified technicians address various maintenance and repairing needs. Addiitonally, engine manufacturers have provide several in-shop and field service backed by factory support. Companies also have geographically dispersed spare parts distribution centers. End-users include small boats, recreational vessels, naval ships, merchant ships, LNG carriers, and coal carriers.
 


What Information does this report contain?

What was the historic market data from 2013 to 2015, what is the industry growth forecast from 2016 to 2024?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2024?
What are the technology & innovation trends, how will they evolve by 2024?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?


Why Global Market Insights?

 Comprehensive Research
  • All-inclusive coverage
  • In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
  • Penetrative insights & latest trends
  • Offers holistic understanding of the market
 Data Accuracy & Reliability
  • Unique methodology
  • Iterative in nature to eliminate errors
  • Detailed methodology, scope, assumptions and data sources available for reference
 Post-Sales Support
  • Committed to making a positive difference for our clients
  • Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
  • Every purchase comes with an option to obtain additional information:
    • up to 10% of the original cost
    • 45-minute analyst tele-call to obtain further clarity on the market.
 Security & Confidentiality
  • Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
  • Only PCI-DSS compliant payment methods used for highest level of client data security
This site is protected by Trustwave's Trusted Commerce program Authorize.Net Merchant - Click to Verify

Connect with our sales team