Marine Propulsion Engine Market on growth track to 2024
Date: 2018-09-04   Author: Ronak Bora  Category: #market

Marine Propulsion Engine Market on growth track to 2024

Marine Propulsion Engine Market is set to be over USD 13 billion by 2024 with a CAGR of more than 4%. 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.

Diesel propulsion engine sector will grow at CAGR estimation of around 4% and was around USD 6 billion in 2015 owing to technological developments such as break mean effective pressure, firing pressures, turbo-charging efficiency and fuel injection technology. Increase in electric transmission installations will boost the use of fuel cell.

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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.

Renewable resources such as biodiesel, wind, and solar, are used for power generation in driving the ships. Solar and wind accounted for more than 3% of global share is anticipated to grow at around 6% CAGR.

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.

In 2015, gas turbines segment was valued at more than USD 900 million owing to advanced technical features. Military and navy sector hugely contributes to this industry growth. Lowering the impact on the environment through the use of wind and solar energy will spur the industry thereby having governmental support.

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Asia Pacific contributed to over half of the total revenue generated in 2015 due to China and Korea marine propulsion engine market growth. U.S. may witness high adoption rate of LNG during the forecast period.

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.

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About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline 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 sport.

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