According to a report “Marine Propulsion Engines Market Analysis By Product (Diesel Propulsion, Wind Propulsion, Gas Turbine Propulsion, Fuel Cell) And Segment Forecasts To 2020”, published by Grand View Research, Inc. The Global Marine Propulsion Engines Market is expected to reach USD 10.95 billion by 2020, according to a new study by Grand View Research, Inc. Significant modernization in marine propulsion as a direct consequence of increased demand for operationally dependable and financially efficient ships is expected to drive the marine propulsion engines market. The shipping industry has started to focus more on reducing fossil fuel consumption by developing electric motors which also help increase energy efficiency.
The market is expected to be hindered by regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which apply principally to the protection of the marine environment and prevention of contamination by oil, chemical spills, sewage, marine species, and air pollution by engine exhaust gases. With the advancement in technology and increasing awareness pertaining to environmental conservation, development of propulsion systems that run on alternate fuels and with minimal emissions has garnered special importance.
Although wind and solar energy have gained prominence as auxiliary propulsion sources in the marine propulsion engines market, they are inadequate to suffice the power requirements for primary propulsion purposes.
Further key findings from the study suggest:
- High reliability and easy operability have resulted in diesel engines being the most extensively used to meet the primary as well as auxiliary ship propulsion needs in the marine industry. Presence of well-established spare part and repair networks globally coupled with availability of trained engineers and established training facilities has further driven the diesel marine propulsion engines demand.
- Depleting conventional and shale gas reserves have led to the increase in the demand for liquefied natural gas (LNG) as a marine fuel which involve dual fuel diesel (DFD) engines as prime movers. Wind energy and solar energy have gained prominence as auxiliary power generating sources as they do not emit harmful pollutants. Although steam turbine systems were traditionally used as prime movers, they have been increasingly substituted by diesel and dual fuel diesel (DFD) engines. Steam marine propulsion engines are still used in niche applications such as coal carriers and LNG carriers.
- Asia Pacific accounted for a substantial share of the overall marine propulsion engines market revenue in 2013, which can be attributed to significant investments by countries in the Far East such as China and South Korea. North America is among the highest adopters of LNG as a propulsion medium.
- Leading marine propulsion engines manufacturers such as Wärtsilä, Rolls-Royce, MAN Diesel, Caterpillar, and Cummins adopt global multi-sourcing strategies to explore alternative sources of supply. Marine propulsion engines manufacturers have dedicated professional sales staff having expertise in the company’s entire product lines for identifying specific and tailored solutions. The marine propulsion engines market is characterized by frequent mergers and acquisitions in a bid to achieve competitive advantage.
Global marine propulsion engines market by product (USD Million), 2012 – 2020
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For the purpose of this study, Grand View Research has segmented the global marine propulsion engines market on the basis of product and region:
Marine Propulsion Engines Product Outlook (Revenue, USD Million, 2012 – 2020)
- Diesel Propulsion
- Wind & Solar Propulsion
- Gas Turbine Propulsion
- Fuel Cell Propulsion
- Steam Turbine Propulsion
- Natural Gas
Marine Propulsion Engines Regional Outlook (Revenue, USD Million, 2012 – 2020)
- North America
- Asia Pacific
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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