Marine propulsion refers to a mechanism or system that is used to generate thrust that propels large ships as well as small boats to sail across the waterways. Modern ships are generally consisting of mechanical systems that are equipped with electric motors or pump-jets as well as they use reciprocating engines as main source of power.
According to Precedence Research, the global marine propulsion engines market was estimated at US$ 32.80 billion in 2020 and is projected to reach US$ 43.1 billion by 2030, registering a CAGR of 3.6 % from 2021 to 2030. The report contains 150+ pages with detailed analysis.
The report provides the overall revenue of the global marine propulsion engines market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global marine propulsion engines market for the period from 2017 to 2030.
Growth Factors
Marine transport is the backbone of international trade. As per the data revealed by the International Chamber of Shipping based in United Kingdom, nearly 90% of the total volume of merchandise trade occurs via sea route owing to its low cost compared to other mode of transports such as rail and road.
Other factors that include prominently rising global population, rapid industrialization particularly in the Asia Pacific region, and liberalization of economies have significantly spurred the rate of trade activities between countries across the globe. The aforementioned factors are likely to further propel the international trade at a rapid rate during the forthcoming years. Hence, the demand for cargo ships and containers that are required for international as well as regional transportation of raw materials and goods are likely to rise during the forecast timeframe. Further, rising need for fuel-efficient and dependent ships are anticipated to prosper the market growth for marine propulsion engines in the upcoming years.
| Report Highlights | Details |
| Market Size | US$ 43.1 Bn by 2030 |
| Growth Rate | CAGR of 3.6% from 2021 to 2030 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Region |
| Companies Mentioned | BP Shipping, Yamaha, Aegean, Caterpillar, Cummins, Chevron, Hydraulic Marine Systems, Exxon Mobil Corp. (XOM), Hydrosta BV, Ingeteam, Idemitsu |
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Scope of the Study
This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, product, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Report Highlights
- The Asia Pacific captured the majority of revenue share in the global marine propulsion engines market for the year 2020 owing to significant production of diesel in the region
- North America experienced slow growth during the forthcoming years because of increasing emphasis on renewable energy
- By product, diesel propulsion engine led the global marine propulsion engines market in the year 2020 owing to its increasing penetration as primary propulsion engine in marine industry
- Wind & solar propulsion engine exhibits the fastest growth over the upcoming years because of rising concern to curb down the rate of environment pollution
Regional Snapshots
Based on geography, the global marine propulsion engines market is studied for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted to held the largest revenue share in the year 2020 and anticipated to maintain its dominance during the analysis timeframe. This is primarily attributed to the key nations that include Japan, China, and South Korea that have emerged as a manufacturing powerhouse within past few years as their economy is largely dependent on the external trade.
Moreover, China is the world’s largest exporting nation and thus requires large number of commercial ships that in turn positively impact the market for marine propulsion engines in the country. Apart from surge in trade activities, countries across the globe are beefing up their naval security by increasing the number of ocean border visits to combat the ocean piracy. As the Asian navies are focusing towards strengthening their defense capabilities, the market for marine propulsion engines expected to gain prominent boost.
On the contrary, North America exhibits slow growth in the global marine propulsion engines market during the forecast time period because of increasing adoption of renewable energy. The government of USA has imposed stringent laws on emission in order to curb the rate of rising pollution. Hence, the usage of renewable energy is being promoted in the region by offering attractive incentives and benefits; however, renewable energy powered propulsion engines are only used as auxiliary engines and not as primary engines. Thus, the marine propulsion engines market in North America anticipated to be hindered by the shifting trend towards renewable energies.
COVID-19 Impact:
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The marine propulsion engines report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
Key Players & Strategies
The global marine propulsion engines market is a consolidated market mainly because of the presence of only international players along with increasing merger & acquisition between market players. These market players are also focused towards expanding their brand value by continuously innovating for providing environmentally sustainable, economically sound, flexible, and efficient solutions to their customers. For instance, in March 2018, Wartsila Oyj Abp announced to acquire Transas, a global shipping company with headquartered situated in the U.K. The acquisition helps Wartsila to speed up its path towards Smart Marine Ecosystem vision.
Apart from merger & acquisition, market players are also focused towards signing long-term contracts with government or large shipping companies to gain prominent market share. Further, in June 2020, ABB and VIGOR FAB signed a contract with the Washington States Ferries in order to provide hybrid-electric propulsion system for the Olympic Class Naval Vessels.
Some of the prominent players in the Marine Propulsion Engines Market include:
- BP Shipping
- Yamaha
- Aegean
- Caterpillar
- Cummins
- Chevron
- Hydraulic Marine Systems
- Exxon Mobil Corp. (XOM)
- Hydrosta BV
- Ingeteam
- Idemitsu
- MAN Diesel & Turbo
- Lukoil
- Masson Marine
- Petronas
- Mercury Marine
- Shell
- Total
- Sinopec
- SCANA
- Rolls Royce
- Volvo Penta
- Siemens
- Wartsila
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global Marine Propulsion Engines Market report on the basis of product, and region:
By Product Outlook
- Diesel Propulsion Engine
- Gas Turbine Propulsion
- Wind & Solar Propulsion
- Steam Turbine Propulsion
- Fuel Cell Propulsion
- Natural Gas Propulsion
- Others
Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World
Why should you invest in this report?
If you are aiming to enter the global marine propulsion engines market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for marine propulsion engines are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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