According to the latest report by IMARC Group, the global marine propulsion engine market grew at a CAGR of around 6% during 2015-2020. Looking forward, the market expects to exhibit moderate growth during the next five years.
A marine propulsion engine refers to a machine that burns fuel and enables ships to move across the water. It comprises of a piston, towers, valves, casings, bedplates, crankcases, bearings, crankshafts, flywheels, generators, transformers, rotor blades gearboxes, control panels, electrical controls, and cylinder blocks and liners. Marine propulsion engine has generators that supply electric power to motors and can function on heavy fuel. At present, marine propulsion engines are widely utilized in modern merchant ships and offshore support vessels.
The growing number of international trade activities is augmenting the demand for container ships to transport numerous products, such as oil, natural gas, mineral ores, and other consumer products. This is primarily bolstering the global marine propulsion engine market. Furthermore, the increasing focus on reducing fossil fuel consumption is propelling the adoption of marine electric propulsion engines worldwide. Additionally, the growing inclination towards liquefied natural gas (LNG)-based propulsion engines is further catalyzing the market growth. Besides this, the rising environmental consciousness is resulting in the utilization of cleaner and safer fuels, such as algal oils and bio-methane, to run marine propulsion engines with nominal exhaust gas emissions. Moreover, several market players are heavily investing in extensive R&D activities for enhancing the efficiency of marine propulsion engines to increase the cargo holding capacity of new-generation tankers, which is expected to strengthen the market growth over the forecasted years.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Marine Propulsion Engine Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AB Volvo, Caterpillar Inc., Cummins Inc., Fairbanks Morse, Hyundai Heavy Industries Group, Man SE (Volkswagen Group), Masson Marine, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc and Wärtsilä Oyj Abp.
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The report has segmented the market on the basis of Engine Type, Power Source, Power Range, Vessel Type and Region.
Breakup by Engine Type:
2-Stroke Engine
4- Stroke Engine
Breakup by Power Source:
Diesel
Gas Turbine
Natural Gas
Steam Turbine
Fuel Cell
Others
Breakup by Power Range:
80-750 HP
751-5000 HP
5001-10,000 HP
10,001-20,000 HP
Above 20,000 HP
Breakup by Vessel Type:
Bulk Carriers
Container Ships
Passenger Ships
Support Vessels
Tankers
Gas Carriers
Military Vessels
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
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