Marine Propulsion Engine Market Report, Growth Projection, Outlook, Reginal Demand, Key Players, Research Analysis To 2024
Category: #  By Ronak Bora  Date: 2020-04-02
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Marine Propulsion Engine Market Report, Growth Projection, Outlook, Reginal Demand, Key Players, Research Analysis To 2024

There have been increasing efforts to modernize the marine propulsion engine market to develop engines that are likely to reduce fossil fuel consumptions and make use of renewable energy instead. Thus, rising emphasis on implementing solar and wind energy as an alternative fuel methods for engine propulsion will further boost the industry growth.

Marine Propulsion Engine market is gaining a substantial traction on the grounds of powering the world’s largest ships that transport cargo across the globe. Over the years, there has been a tremendous increase in the international trade through marine transportation due to its cost-effectiveness. Consequently, there is a high demand for fuel efficient ships, which will propel marine propulsion engine market. Basically, marine propulsion refers to the mechanism that produces the required thrust for driving the marine objects. The propulsion engines used in these marine vessels are a fascinating piece of machinery which are undergoing rapid development and product upgradation for energy efficiency and high performance. In this regard, some of the world’s finest marine propulsion engine industry players such as Rolls-Royce and Wärtsilä are emphasizing on diversifying their product portfolios to explore sustainable transportation solutions.

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Rising proximity of wind and solar energy as auxiliary power sources will lead this segment to register a CAGR of 5.9% over the period of 2016-2024, having had a contribution of 3.5% of overall marine propulsion engines market stake in 2015. Apart from this, diesel, steam turbine, gas turbine, fuel cell, and natural gas are the noticeable product segments of marine propulsion engine market. The gas turbines product segment is witnessing lucrative gains, owing to its the high-speed sprint operation mode. Such turbines are in great demand in the military & naval sector, thus, boosting the growth prospects of marine propulsion engine market.

With the depletion of conventional and shale gas reserves, liquefied natural gas is emerging as an efficient source of fuel in marine propulsion engine industry. Growing adoption of liquefied natural gas as a propulsion medium in the United States has significantly boosted the revenue share of marine propulsion engine market in the region. Furthermore, steam turbines are becoming a sustainable option for the alternative fuel source and are anticipated to offer tremendous business scope due to their utilization in coal carriers.

The deployment of new-age technologies such as fuel injection, firing pressure, and turbo-charging in diesel propulsion engines will positively affect the market valuation of diesel marine propulsion engine industry. Diesel engines are majorly used due to their high efficiency and high power generation capacity. In addition, a significant rise in the adoption of electric transmission systems will stimulate the fuel cells product deployment in the coming years. Fuel cells marine propulsion engine market has gained considerable traction, owing to its high performance in auxiliary impulsion and low-power machinery.

Asia Pacific marine propulsion engine industry accounted for more than 50% of the overall share in 2015, with a revenue generation of more than USD 4.5 billion. China and South Korea are the prominent revenue contributors. These countries have been investing heavily in regional marine propulsion engine market, thereby augmenting APAC market share. Moreover, favorable government initiatives for the development of solar & wind energy powered products in the region will also drive the market demand.

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Key marine propulsion engine market participants are likely to focus on research and development activities to come up with environmentally sustainable and economical technologies. Notable market players include Mitsubishi, MAN Diesel & Turbo, Wärtsilä, Volvo Penta, Hydraulic Marine Systems, Caterpillar, Exxon Mobil Corp, Yamaha, Sinopec, Hydrosta BV, and Cummins.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.2. Data Sources

Chapter 2. Executive Summary

2.1. Marine propulsion engine industry 3600 synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Product trends

Chapter 3. Marine Propulsion Engine Industry Insights

3.1. Industry segmentation

3.2. Industry Size and forecast, 2013 - 2024

3.3. Industry ecosystem analysis

3.4. Technological landscape

3.5. Industry Impact forces

3.5.1 Growth drivers

3.5.1.1 Rising demand for operationally-dependable and efficient ships

3.5.1.2 Introdution of nuclear propulsion engines

3.5.1.3 Rising LNG prominence

3.5.1.4 Growing prefrence for non-conventional energy sources

3.5.2 Industry pitfalls & challenges

3.5.2.1 Strict emission standards

3.5.2.2 Renewable energy sources limitations for primary propulsion

3.6. Growth potential analysis

3.7. Porter’s analysis

3.8. Key competitor landscape

3.9. PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/marine-propulsion-engine-market



About Author

Ronak Bora

Email: [email protected]   

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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