Wind & solar marine propulsion engine market, which contributed over 3.5 % of the overall revenue in 2015, is expected to grow at a rate of 5.9% over 2016-2024.
— According to Global Market Insights, Inc., “Marine Propulsion Engine market size worth USD 9 billion in 2015, is anticipated to reach USD 13.3 billion by 2024, registering a CAGR of 4.3% over 2016-2024.” Increasing the efficiency of ships by using renewable resources is forecast to enable modernization and reduce the impact on diesel engines. Next generation tankers capability to carry large loads will augment marine propulsion engine market.
Increase in R&D by the OEMs will boost capacity handling requirements and ship power which in turn will positively impact the product offerings. Rapid innovations will result in energy efficient and powerful products for the shipping industry. Decrease in consumption of fossil fuel and development of electric motors may support environmental emission reduction and energy efficient products to boost the marine propulsion engine market.
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Major marine propulsion engine products include natural gas, diesel, fuel cell, steam turbine, wind & solar, and gas turbine engines. Wind & solar marine propulsion engine market, which contributed over 3.5 % of the overall revenue in 2015, is expected to grow at a rate of 5.9% over 2016-2024. The growth can be credited to favorable government policies supporting the product applications in shipping industry due to its eco-friendly nature. Diesel propulsion engine market price worth USD 6 billion in 2015, is expected to register a CAGR of 4.2% over the coming eight years.
Depletion of reserves of shale gas and conventional sources may lead to increasing use of LNG as maritime fuel. A prerequisite to LNG adoption is large, safe and insulated storage arrangements. However, various alternative storage tanks are built to satisfy the requirements which will enhance LNG usage. Increase in LNG adoption will drive marine propulsion engine market during the forecast timeline.
Importance of advanced technologies and increasing awareness for environmental conservation has led government to take severe actions in emissions. Instances such as oil spills, exhaust gases, chemical spills, air pollution and sewage waste leads to water contamination. Marine Pollution Convention (MARPOL) guidelines supports in environment protection from locomotive exhaust gases. Stringent emission standards and non-compliance to rules will lead to huge penalties for various organizations. Environmental regulations posed by government for reducing CO2 emissions will certainly have impact on marine propulsion engine market.
North America market is expected to witness a significant growth over the coming eight years owing to the large use of LNG as a marine or ship fuel. U.S. is predicted to be a key revenue contributor of the region.
Asia Pacific contributed to over half of the total revenue generated in 2015 due to China and Korea marine propulsion engine market growth.
Browse key industry insights spread across 103 pages with 32 market data tables & 27 figures & charts from the report, “Marine Propulsion Engine Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/marine-propulsion-engine-market
Volvo Penta, Rolls Royce, Sinopec, Mitsubishi, Wärtsilä, Yamaha, Caterpillar, MAN Diesel & Turbo, Hydraulic Marine Systems, and Cummins are the players in the marine propulsion engine market. Strategy adopted by the leading players is the continuous innovations to produce cost effective and fuel efficient machines. Moreover, mergers and strategic alliances remain in leading participants to gain competitive advantage. New entrants in the industry are coming with innovative technology to sustain in the competition.
Glimpse of Table of Content (ToC)
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
220.127.116.11 Rising demand for operationally-dependable and efficient ships
18.104.22.168 Introdution of nuclear propulsion engines
22.214.171.124 Rising LNG prominence
126.96.36.199 Growing prefrence for non-conventional energy sources
3.5.2 Industry pitfalls & challenges
188.8.131.52 Strict emission standards
184.108.40.206 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.gminsights.com/toc/detail/marine-propulsion-engine-market
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