Marine Propulsion Engines Market Size is Predicted to Hit US$ 43.1 Billion by 2030
Marine Propulsion Engines Market Size 2021-2030, Market Share Analysis, Growth, Trends, and Covid 19 Outbreak Impact Research Report Added by Precedence Research.
The global marine propulsion engines market size is projected to hit USD 43.1 billion by 2030 and is anticipated to grow with a healthy CAGR of 3.6% over the forecast period 2021-2030.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.
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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.
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.
- 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
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.
The marine propulsion engines market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation, and so on.
Some of the key players in the global marine propulsion engines market include:
- BP Shipping
- Hydraulic Marine Systems
- Exxon Mobil Corp. (XOM)
- Hydrosta BV
- MAN Diesel & Turbo
- Masson Marine
- Mercury Marine
- Rolls Royce
- Volvo Penta
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
- North America
- Asia Pacific
- Rest of the World
Key Points of Marine Propulsion Engines Market 2021-2030
Chapter 1. Introduction
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Market Variables and Scope
Chapter 5. Market Dynamics Analysis and Trends
Chapter 6. Competitive Landscape
Chapter 7. Global Marine Propulsion Engines Market, By Product
Chapter 8. Global Marine Propulsion Engines Market, Regional Estimates and Trend Forecast
Chapter 9. Company Profiles
Chapter 10. Research Methodology
Chapter 11. Appendix
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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