Home > Energy, Mining, Oil & Gas > Marine Propulsion Systems Market

Marine Propulsion Systems Market By Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs & Ships, Anchor Handling Vessels, Offshore Support Vessels, Floating Production Units, Platform Supply Vessels], Cruise & Ferry [Cruise Vessels, Passenger Ferries, Passenger Cargo Vessels], Navy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

  • Report ID: GMI4753
  • Published Date: Jun 2020
  • Report Format: PDF

Industry Trends

Marine propulsion systems market size exceeded USD 12 billion in 2019 and will grow with a CAGR of 2.3% through 2026. Growing environmental awareness among individuals coupled with regulatory pressure to adopt sustainable systems is set to positively impact the industry landscape. Further, ongoing technical advancements accompanied by development in engine design to reduce operational costs will augment the marine propulsion systems industry value.
 

Get more details on this report - Request Free Sample PDF
 

Increasing international trade coupled with rising shipbuilding activities will encourage the market growth. In addition, introduction of new government policies to curb pollution is resulting in manufacturers directing investments toward the development of low emission systems. For instance, the IMO established a directive under Annex VI to limit NOx emitted by > 130 kW output diesel engines installed on & after 1st January 2016.
 

The outbreak of COVID-19 pandemic has adversely impacted the overall value chain in the marine sector. Halted shipbuilding activities coupled with nosediving trade volume have challenged the market outlook. In addition, the manufacturers are ramping down the production and are bracing for a lackluster second quarter. However, healthy orderbook along with positive outlook toward shipping industry will drive the marine propulsion systems market statistics.
 

Rising government regulations along with increasing demand for sustainable systems will drive the LNG demand

Get more details on this report - Request Free Sample PDF
 

LNG is projected to grow on account of introduction of favorable initiatives along with expansion of Emission Control Areas (ECAs). Compliance to stringent government regulations is leading to an increasing usage of green fuel-based propulsions systems. Moreover, ongoing R&D investment coupled with increasing technical enhancements in these systems will positively impact the marine propulsion systems market forecast.
 

Natural gas segment is anticipated to register more than 2% CAGR through 2026. Rising awareness toward environment sustainability along with upsurge in retrofitting of existing vessels with an aim to install green engines will strengthen the business outlook. In addition, reduced carbon emissions coupled with competitive pricing of commercially viable regions are few of the major parameters positively impacting the product installation.
 

Increasing adoption in merchant vessels will drive the 1,000-5,000 hp demand

1,000-5,000 hp marine propulsion systems market is projected to dominate the industry in the forecast timeframe owing to upsurge in demand from containerships, cruise ships and other offshore service vessels. Ongoing investments in the marine industry is projected to be diverted towards bringing the international trade back on track, post realizing the COVID-19 impact. Increased installation in the defense vessels coupled with various countries looking to strengthen their maritime security is set to propel the industry scenario.
 

Widespread application in commercial vessels will drive low speed market share

Get more details on this report - Request Free Sample PDF
 

Low speed engines segment is set to exceed USD 6 billion by 2026 owing to the high thermal efficiency and wide application base. Steady propulsion output allows these engines to be utilized in various vessels of deep-sea ships including tankers, bulk carriers, containers ships and cargo ships. These units along with two-stroke diesel engines are the prime movers of merchant ships. The two-stroke cycle maximizes the power to weight ratio at the minimum engine size, in turn complementing the marine propulsion systems market size.
 

Increasing purchasing power among individuals has led to lucrative growth in the recreational sector

Get more details on this report - Request Free Sample PDF
 

Recreational application will witness steady growth on account of rising standard of living and upsurge in purchasing power of individuals. Increasing marine tourism along with growing demand for passenger & recreational vessels will enhance the market scenario. For instance, in 2018, 28.5 million citizens went on a cruise in the U.S. inducing significant product demand. In addition, these ships require high-capacity engines that operate on environment-friendly fuel and possess high efficiency.
 

Dominance in ship building along with healthy orderbook will drive the Asia Pacific marine propulsion systems market growth

Asia-Pacific has proven to be the most lucrative region for the marine propulsion systems market owing to the increasing shipbuilding activities specifically in China, Japan & South Korea along with rising number of joint ventures with internationally established brands. These countries account for over 60% of ship building and maintain a healthy orderbook.
 

Moreover, trade of crude oil from the Middle East to Asia-Pacific is a major factor currently driving the market value in the region. Rising maritime trade in the South-East Asia spearheaded by the developing economies will further encourage the market growth.
 

In North America, Canada is undergoing an economic slowdown on account of the spread of COVID- 19 pandemic. Reduced traffic in major ports within the country and the shipping lines is anticipated to significantly impact the product adoption. However, implementation of strict government protocols in the ECAs along with retrofitting activities is set to complement the business outlook. Further, rising ship building pertaining to the battle forces & increasing demand for commercial vessels will strengthen the marine propulsion systems market share.
 

Rising acquisitions & collaboration and ongoing innovations acting as the crucial point of industry participants

Ongoing R&D, product development, innovations & alliances with an aim to comply with the internationally accepted regulations & mandates is encouraging the market trends. Manufacturers are taking part in M&As and partnerships with regional & global vendors to create opportunities. Moreover, major industry participants are emphasizing on backward integration by engineering the vital components to sustain quality standards and gain competitive advantage across the business landscape.
 

In addition, the market players are channeling investments toward altering existing product portfolios to meet the gradually changing regulation requirements. Few of the key players in the marine propulsion systems market are Wärtsilä, Volvo Penta, Man Energy Solutions, Rolls Royce, Caterpillar, GE Transportation, Cummins, John Deere, Dresser-Rand Group and Brunswick Corporation among others.
 

Marine Propulsion Systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:
 

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

  • Commercial
    • Container Vessels
    • Tankers
    • Bulk Carriers
    • RO-RO
  • Offshore
    • AHTS
    • PSV
    • FSV
    • MPSV
    • Others
  • Recreational
    • Cruise-Ships
    • Ferries
    • Yachts
  • Navy
  • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • Italy
    • Norway
    • France
    • Russia
    • Denmark
    • Netherlands
    • Belgium
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Vietnam
    • Singapore
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Iran
    • Angola
    • Egypt
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Mexico
       
Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The overall marine propulsion systems market might register a crcr of 2.3% over the anticipated period.
marine propulsion systems market is likely to surpass a mammoth of $11.3 billion by the end of 2026.
Rising seaborne trade along with growing investment from manufacturers toward improving product design will be key driving factors for the global market growth.
Low speed engines segment revenue is expected to exceed USD 6 billion by 2026, as estimated by GMI.
Wärtsilä, Volvo Penta, Man Energy Solutions, Rolls Royce, Caterpillar, GE Transportation, Cummins, John Deere, Dresser-Rand Group and Brunswick Corporation are the major players in the global market.

Buy Now


Premium Report Details

  • Base Year: 2019
  • Companies covered: 17
  • Tables & Figures: 769
  • Countries covered: 38
  • Pages: 410
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

Get a report that explains COVID-19 impact on this market

 Request Free Sample

Budget constraints? Get in touch with us for special pricing

Request Discount