Marine Propulsion Systems Market size to exceed $11bn by 2026
Published Date: June 19, 2020 Authors: Ankit Gupta, Asmita Semwal
Marine Propulsion Systems Market is projected to surpass USD 11 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Shifting trends in the maritime transportation followed by increasing global seaborne trade volumes is set to encourage the marine propulsion systems industry growth. Rising investments toward development of more fuel-efficient units coupled with massive expansion of maritime transportation sector across the globe will positively impact the market scenario. The onset of the economic slowdown brought on by the COVID-19 pandemic is further projected to restrain the growth rate. However, favorable economic trends from the developing economies will drive the market growth.
Introduction of government policies with an aim to combat pollution by ships has complemented the demand for sustainable engines. The Marine Environment Protection Committee under Annexure VI established a directive to limit the nitrogen oxide pollution by the >130 kW output diesel engines. In addition, technological enhancements in product features to develop advanced engines complying with the standards will strengthen the market outlook.
Diesel engines will dominate the market owing to the low cost associated and easy availability
Diesel-based marine propulsion systems market will grow owing to its ease of availability and low cost. Decline in the crude oil prices along with growing maritime passenger traffic is anticipated to drive the product adoption. The demand may witness a relative downturn on account of ongoing environmental argument to shift from conventional polluting marine fuels on account of the regulatory pressure. Additionally, rising awareness among individuals about the carcinogenic effects of SOx emissions is projected to hamper the market growth. However, high cost associated with low sulfur fuel coupled with acceptance of diesel engines with emission control systems will positively impact marine propulsion systems market forecast.
Installation of auxiliary engines to augment the medium speed marine propulsion systems industry statistics
Medium speed segment of the market is projected to undergo significant growth on account of low ownership cost and high reliability. These propulsion systems are compatible with a wide range of fuel sources comprising LPG. Upsurge in global imports & exports of numerous commodities including ores, minerals and merchandise will positively impact the product installation.
Browse key industry insights spread across 410 pages with 728 market data tables & 41 figures & charts from the report, “Marine propulsion systems Market Outlook 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”in detail along with the table of contents:
Dependence of international trade on the marine industry will boost the commercial application
Commercial accounts for a major share owing to the heavy dependence of international trade on the marine industry. Increasing disposable income among individuals provides additional upsurge in revenue majorly owing to the rising spending towards cruises and yachts. Ongoing expansion of the choke points coupled with increasing container traffic will complement the container vessels demand. In addition, increasing investments to fund development of LPG based systems for commercial application will propel marine propulsion systems market demand.
Established infrastructure will allow the European region to weather the COVID -19 pandemic
Germany, in 2019, accounts for over 16% of the Europe marine propulsion systems market share. Increasing retrofitting of propulsion systems on account of stringent government norms & directives coupled with increasing tourism will encourage the product penetration. Moreover, existence of some of the world’s largest manufacturing sites of marine engines have attracted major investments in Europe. With new application areas being considered and discovered on a regular basis coupled with development of clean fuel technologies is projected to augment the product adoption. Major ports accounting for consequential shares in global maritime trade is another key factor positively impacting the market landscape.
Some of the key players in the market are already channeling investments toward altering exiting product landscapes to gradually change based on the regulation requirements. Some major players in the marine propulsion systems market are IHI Corporation, Kawasaki, Caterpillar, GE Transportation, Brunswick Corporation ,Volvo Penta, Wärtsilä, Hyundai Heavy Industries, Cummins, John Deere, Rolls Royce, Dresser-Rand Group, Man Energy Solutions among others.