The Marine Propulsion Engine Market is projected to grow at a CAGR of 4.3%, during the forecast period, 2020-2027.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
Increase in production & sales of ships globally and rise in international seaborne trade drive the market growth. In addition, increase in demand for resources such as crude oil, coal, steel, and iron from developing countries fuels the market growth. However, stringent environmental rules & regulations and large capital investment required to set up new manufacturing facilities hamper the market growth. Irrespective of these challenges, rise in usage of inland waterways and advancement in technology, such as new alternative fuel propulsion engine, are expected to provide various opportunities for new products and boost the market growth.
Marine propulsion engine market is gaining significant traction on the grounds of powering the world’s most massive ships that transport cargo worldwide. Over time, there has been tremendous growth in international trade through marine transportation due to its cost-effectiveness
The marine propulsion engine market is driven by need for faster, cleaner and fuel-efficient engines. International Maritime Organization (IMO) has drafted a new rule where the Sulphur content in marine fuel will be reduced to 0.5% from 3.5%. This new regulation is expected to cut off emissions from ships by 77%. This has caused the ship operators to low Sulphur content fuels such as Marine Gas Oil and it has also driven the demand for electrification of marine vessels.
Currently there are more than 50,000 vessels around the globe that are responsible for transporting nearly 90% of world cargo. In last 50 years, the sea trade has almost quadrupled reaching from 8000 billion-ton miles to nearly 60,000 billion-ton miles in 2018. Shipping industry’s requirement for marine officers has also gone up by 24%. By 2030, the shipping industry is expected to carry 170 billion tons of global trade.
Marine propulsion is the system or mechanism used to generate thrust that allows a small boat or even a ship to move across waterways. Modern ships are usually equipped with mechanical systems consisting of an electric motor turning a propeller, or even pump-jets or an impeller. These ships employ reciprocating engines as their main source of power because of their robustness, operational simplicity and lower emissions. The power required by a ship largely depends on the way it is used during regular operations – for e.g. - A passenger ship requires less power than either a trade or naval ship. The marine propulsion engine market serves offshore support vessels, commercial vessels, inland waterway vessels, submarines and more.
Focus on renewable energy fuelling the marine propulsion engine market
A growing need for dependent and fuel-efficient ships is anticipated to be the main driver of the marine propulsion engine market. There has been rapid innovation in the industry that has led to the development of new high-performance engines that are more fuel-efficient than their predecessors. Leading companies in the marine propulsion engine market are continuously innovating and extending their product offerings to handle the growing demand for greater capacity handling. This is mainly due to a rise in international seaborne trade caused by a globalised world with heavy interdependence and interconnectivity.
The second major factor that is likely to impact the marine propulsion engine market is the focus on renewable energy sources. Global warming and an impending energy crisis are some of the biggest challenges faced by the world in the 21st century. Commercial and transport ships notorious for causing a lot of pollution and accidental oil spills not only damage the regional natural ecosystem but also negatively impact the company’s goodwill and market image. That is why energy sources such as solar energy, wind energy, electric energy and hydroelectric energy are becoming more important than ever before. The development of electric motors that can power ships and reduce fossil fuel consumption will definitely have a positive impact on the marine propulsion engine market. The depletion of shale gas and conventional reserves will increase the demand for LNG, particularly as a marine fuel.
Regulatory hurdles - the biggest challenge to the marine propulsion engine market
Uncontrollable CO2 emissions from conventional engine systems have led to the implementation of stringent environmental regulations and various taxes such as carbon tax to help reduce the impact of climate change. The marine pollution convention (MARPOL) regulations help prevent sewage, oil and chemical spill contamination along with air pollution caused by marine propulsion engine exhaust fumes. Non-adherence to these governmental rules and regulations may lead to severe penalties running into billions of dollars. This can stifle the growth of the marine propulsion engine market particularly as smaller domestic companies may not be able to comply.
Diesel propulsion system is the most common marine propulsion system used in all types of vessel along with small and recreational boats. Moreover, diesel marine propulsion engine led the overall market, accounting for 85% in 2019. This is attributed to its benefits such as high reliability, economical nature, low maintenance cost, and easy availability of diesel globally.
Asia Pacific is the key marine propulsion engine market to watch
Asia Pacific accounts for a major portion of the marine propulsion engine market and is anticipated to maintain its dominance throughout the forecast period. This is primarily because of key nations China, Japan and South Korea that have become manufacturing powerhouses heavily dependent on external trade. China is already the world’s largest exporter and would naturally require a greater number of commercial ships, thus having a positive impact on the demand for marine propulsion engines. In addition to trade, countries across the world have begun beefing up their navies to combat ocean piracy. Asian navies, in particular, are rapidly building their defence capabilities and this should increase the size of the marine propulsion engine market across the Asia Pacific region.
By Power Source
Some of the key players in the marine propulsion engine market are Caterpillar, Hyundai Heavy Industries Co. Ltd., General Electric Company, and Masson Marine.
The report covers exhaustive analysis on:
Supply & Demand
Competition & Companies involved
Regional analysis includes:
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Frozen Food Market Size, Share, Trends, Growth, Production, Consumption, Revenue and Forecast 2020 - 2027Read more...
Lawn and Gardening Consumables Market Size, Share, Trends, Growth, Production, Consumption, Revenue and Forecast 2020 - 2027Read more...
Aerosol Valve Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis and Forecast 2020-2027Read more...
Electronic Contract Manufacturing Services Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis and Forecast 2020-2027Read more...
Distributed Control Systems Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis and Forecast 2020-2027Read more...