The global marine propulsion engine market is segmented into power source such as diesel, gas turbine, natural gas, steam turbine, renewable energy, hybrid and others. Among these segments, diesel segment accounted the largest market of overall marine propulsion engine market in 2016. Additionally, higher efficiency as compared to other power source and low cost of engine are anticipated to flourish the growth of global marine propulsion engine market. Apart from this, natural gas segment is believed to be the fastest growing segment in the global market of marine propulsion engine due to increasing environmental concerns.
Global marine propulsion engine market is expected to mask a robust CAGR of 4% over the forecast period i.e. 2017-2024. Additionally, the market is riding on the back of growing marine industry along with increasing seaborne activities. Moreover, the global marine propulsion engine market is anticipated to account noteworthy revenue of USD 12 Billion by 2024.
The cargo ships segment by application holds the biggest market of overall marine propulsion engine in 2016. In addition to this, the factors fostering the growth of cargo ships segment includes growing sea trade activities of non-bulk goods such as vehicles, electronic items and others. In terms of regional platform, Asia-Pacific region captured the leading share of global marine propulsion engine market owing to escalating trade activities between Asia and Europe. Moreover, China and Japan are the prominent countries in this region.
Robust Expansion of Marine Industry
Positive growth of marine industry on the back of rising GDP figures across the globe is positively impacting the growth of marine propulsion engine market. Additionally, increasing government investments to build marine industry is also believed to propel the growth of marine propulsion engine market during the forecast period.
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Growing Trade Activities
Increasing global trade activities through sea transport as it is cost-effective and rise in the number of marine travelers are some of the factors propelling the market of marine propulsion engine. Furthermore, growing demand for resources such as crude oil, coal, steel, and iron from developing countries is also projected to impel the growth of marine propulsion engine market.
Although, various regulation regarding marine environment such as International Convention for the Prevention of Pollution from Ships (MARPOL) is anticipated to hamper the growth of marine propulsion engine market.
The report titled “Marine Propulsion Engine Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global marine propulsion engine market in terms of market segmentation by Power Source, by Application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global marine propulsion engine market which includes company profiling of Caterpillar, Cummins, MAN Diesel & Turbo, Rolls-Royce, Wärtsilä, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Fairbanks Morse Engine, Masson Marine, and Nigata power system. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global marine propulsion engine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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