[150+ Pages Report] The marine propulsion engines market size in terms of value is projected to reach $ 43.1 billion by 2030, at a CAGR of 3.6% between 2021 and 2030, according to a 2021 study by Precedence Research, the Canada based market insight company.
The study 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 global marine propulsion engines market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the marine propulsion engines industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
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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.
Top Players Contending in the Market:
The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global marine propulsion engines market are as follows:
- BP Shipping
- Hydraulic Marine Systems
- Exxon Mobil Corp. (XOM)
- Hydrosta BV
- MAN Diesel & Turbo
- Masson Marine
- Mercury Marine
- Rolls Royce
- Volvo Penta
By Product Outlook
- Diesel Propulsion Engine
- Gas Turbine Propulsion
- Wind & Solar Propulsion
- Steam Turbine Propulsion
- Fuel Cell Propulsion
- Natural Gas Propulsion
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Some of the key highlights of the report are:
- Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
- Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Competitive Landscape Analysis – Some of the leading companies operating in the marine propulsion engines market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
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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