In a recent published report, Kenneth Research has updated the market report for Marine Propulsion Engine Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Marine Propulsion Engine Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Marine Propulsion Engine Market is estimated to reach $15 billion by 2024; growing at a CAGR of 4.6% between 2016 and 2024. Marine propulsion engine produces thrust to maneuver the ships across the water. Lot of efforts are being done to modernize the propulsion engine that would ensure the safety of marine ecosystem along with cost effectiveness. Diesel is the most widespread marine movers. However, liquefied natural gas (LNG) has also gained popularity owing to its low emission and cost advantage as compared to the diesel engines. Various environmental regulations have been introduced to mitigate the side effects and climate change. Majority of manufactures are exploring alternative sources to find sustainable solutions that would make the shipping industry safe, pollution-free and a reliable source of transport.
Some of the major drivers of global marine propulsion engine market are rapid innovations, rising demand for crude oil along with rising emphasis on renewable energy sourcing due to the exhaustion of conventional reserves. Though, high investment cost and increasing greenhouse gas emission & marine contaminations may restrain the growth of the market. Increasing defense budget and innovations such as biofuel and synthetic fuel would provide growth opportunities during forecast period.
The global marine propulsion engine market is characterized on the basis of power source, ship type and geography. By power source, the market is segmented into steam turbine, diesel, gas turbines, natural gas and others. Furthermore, ship type segment includes tanker, bulk carrier, cargo ship, offshore vessels, passenger ship and others.
North America, Europe, Asia-Pacific and rest of the world are the key geographical segments of the market. The U.S., Canada and Mexico are covered under North America wherein Europe covers Germany, UK, Italy, Norway and others. Asia-Pacific covers China, Japan, South Korea and others. RoW covers South America, Middle East and Africa.
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Key players in the market include Scania, Yanmar Co. Ltd., Caterpillar, Rolls-Royce plc., Cummins, Inc., Wartsila, Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries, Ltd., MAN Diesel & Turbo, and Daihatsu Diesel Mfg. Co. Ltd., among others.
The key takeaways from the report:
The report will provide detailed analysis of Marine Propulsion Engine Market with respect to major segments such as power source and ship type
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Marine Propulsion Engine Market has been included in the report.
Profile of the key players in the Marine Propulsion Engine Market will be provided, which include key financials, product & services, new developments, and business strategies
Scope of Marine Propulsion Engine Market
Power Source Segments
Gas Turbine
Steam Turbine
Diesel
Natural Gas
Others
Ship Type Segments
Passenger Ships
Cargo Ship
Bulk Carrier
Tanker
Offshore Vessels
Others
Geography Segments
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
Norway
Others
Asia-Pacific
China
Japan
South Korea
Others
RoW
South America
Middle East
Africa
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