Marine Propulsion Engine Market (CAGR Of 4%) Is Anticipated To Reach USD 12 Billion Till 2024

Marine propulsion is a mechanism used to generate power to move ship or boat across water. While sails and paddles are still used on smaller boats but modern ships are driven by mechanical system. Ships are integrated with one or more propulsion engines, depending on their size. Moreover, in the early stage of marine propulsion, steam turbines were used and due to advancement in technology, diesel or alternative fuel engine and gas turbine are used.

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Market size and forecast

Marine propulsion engine market is expected to expand at a CAGR of 4% over the forecast period i.e. 2017-2024. Moreover, the marine propulsion engine market is anticipated to reach USD 12 Billion over the forecast period. By power source, diesel propulsion system is expected to sustain its dominance during the forecast period. The market is expected to witness significant growth during the forecast period owing to various ongoing government investments in shipbuilding industry and inland waterways. Increase in demand for resources such as crude oil, coal, steel, and iron from developing countries likely to uplift the market growth in the next few years.

Geographically, Asia-Pacific is accounted to dominate the global marine propulsion engine market, mainly due to significant demand in Korea, Japan and China. Growing trade activities between Asia and Europe has led to the growth of shipbuilding industry and created massive market for marine propulsion engine in both the regions. Europe is the second largest market for marine propulsion engine followed by North America. Stringent norms taken by government following environmental concerns is expected to restrain the market growth in the next few years.

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Leading Key Players of Automotive Industry:

Caterpillar, Cummins, MAN Diesel & Turbo, Rolls-Royce, Wärtsilä, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Fairbanks Morse Engine, Masson Marine, Nigata power system, and Others.

Market Segmentation:

By Power Source
By Applications
By Regions

Growth Drivers and Challenges

Increase in international trade activities through water transportation as it is cost-effective, rise in the number of marine travelers, vast development of the global seaborne transport industry, arrival of technologically advanced and highly reliable engines, economic stability, and rising disposable incomes are the major factors that have driven the global marine propulsion engines market in the last few years.

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Moreover, increasing need for efficient as well as operationally dependable ships will spur the demand for marine propulsion engine in the next few years. Growing importance on increasing diesel engine capacity to drive new generation tankers with large cargo holding ability will expand the global marine propulsion engine market growth. Rising focus on renewable energy sources owing to the depletion of conventional reserves and ever-increasing demand for crude oil will further support the growth of the market.

However, the market is expected to be hindered by the regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which applies mainly to the protection of the marine environment and prevention of adulteration by oil, chemical spills, sewage, marine species, and air pollution, by engine exhaust gases.

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