Marine Propulsion Engine Market size worth $13.3bn by 2024
Published Date: October 10, 2016 Authors: Ankit Gupta
Marine Propulsion Engine Market size is set to reach USD 13.31 billion by 2024; according to a new research report by Global Market Insights, Inc.
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.
Growing efforts toward enhancing engine capacities and introduction of larger cargo holding capacity containers has led to rapid innovation and development initiatives. 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.
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 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.
Browse key industry insights spread across 103 pages with 35 market data tables & 30 figures & charts from the report, “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” in detail along with the table of contents:
Key insights from the report include:
- 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 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.
Marine Propulsion Engine market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
- Diesel propulsion
- Wind & solar propulsion
- Gas turbine propulsion
- Fuel cell propulsion
- Steam turbine propulsion
- Natural gas
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America