Allied Market Research
Loading...
0

Marine Propulsion Engine Market Expected to Reach $12 Billion, Globally, by 2022

 

Report Code : A01542

quote Marine propulsion engine is a machine, which provides power to ships to move across the water. Adoption rate of alternative fuel propulsion system is high as compared to conventional diesel propulsion system, owing to their advantages such as low CO2 emission, flexibility, and significant NVH performance. Moreover, increase in carbon footprint has fueled the demand for natural gas and fuel cell marine propulsion engine. Asia-Pacific holds the significant share in market due to growth in shipbuilding industry in China & South Korea. quote

Eshan Hira
Research Analyst, Automotive & transportation

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

The marine propulsion engine market was valued at $9 billion in 2015 and is projected to reach $12 billion by 2022, growing at a CAGR of 4.1% from 2016 to 2022, according to a new report published by Allied Market Research. Diesel propulsion system segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 51% in 2015, and is anticipated to maintain this trend.

Marine propulsion engine creates thrust to move ship across the water by converting chemical energy to mechanical energy. Increase in production & sales of ships globally and rise in international seaborne trade drives the market growth. In addition, increase in demand for resources such as crude oil, coal, steel, and iron from developing countries is another driver for the growth of the market. However, stringent environmental rules & regulations and large capital investment required to set up new manufacturing facilities hamper the market growth. Moreover, rise in usage of inland waterways and advancement in technology, such as new alternative fuel propulsion engine, are expected to provide lucrative opportunities for new products and boost the market growth.

Power source segment is divided into diesel, gas turbine, natural gas, and others (steam turbine, renewable energy, hybrid, and fuel cell). In 2015, diesel propulsion engine accounted for the largest revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to high efficiency and low cost of engine as compared to others. However, natural gas-powered engine segment is expected to witness the highest growth rate of 7.1%, owing to stringent emission rules and regulations.

By ship type, the market is categorized into cargo or container ship, tanker, bulk carrier, offshore vessel, passenger ship, and others (tugs & service ships). In 2015, cargo or container ship accounted for the largest market share due to rise in international seaborne trade of non-bulk cargo such as vehicles, food products, and electronics items. Bulk carrier segment is anticipated to show highest growth rate among ships type, owing to rise in demand of resources such as ore, coal, grains and other similar products in loose form.

Asia-Pacific accounted for majority of revenue in 2015, and is expected to maintain its dominance, followed by Europe and North America. This is attributed to the rise in shipbuilding industry of South Korea and China.

Key Findings of Marine Propulsion Engine Market

  • In 2015, diesel propulsion engine led the overall marine propulsion engine market, and is projected to grow at a CAGR of 2.8% during the forecast period.
  • Natural gas propulsion engine segment is expected to grow at a remarkable CAGR of 7.1%.
  • Cargo or container ship segment led the overall market in 2015, and is estimated to grow at a CAGR of 2.8%.
  • Bulk carrier segment is expected to grow at a remarkable CAGR of 5.4%.
  • Asia-Pacific accounted for the largest market share in 2015, and is anticipated to grow at a CAGR of 4.5%.
  • China and South Korea are the major shareholders, accounting for about half share of the Asia-Pacific marine propulsion engine market.

Key players in the marine propulsion engine market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy. The major players profiled in this report include Caterpillar, Cummins Inc., Rolls-Royce Plc, Wrtsil, MAN Diesel & Turbo, Hyundai Heavy Industries Co., Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Scania, YANMAR CO., LTD., DAIHATSU DIESEL MFG.CO., LTD., Nigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine, and General Electric Company.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Marine Propulsion Engine Market by Power Source (Diesel, Gas Turbine, Natural Gas, and Others {Steam Turbine, Renewable Energy, Hybrid, and Fuel Cell}) and Ship Type (Cargo or Container Ships, Tanker, Bulk Carrier, Offshore Vessel, Passenger Ships, and Others {Tugs & Service Ships}) - Global Opportunity Analysis and Industry Forecast, 2014-2022 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,718 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Marine Propulsion Engine Market"
Purchase Enquiry