Growing demand for operationally consistent and fuel efficient ships is expected to increase global marine propulsion engine market size over the coming years. Increasing use of renewable sources of energy such as wind energy, solar energy etc., for enhancing efficiency and reducing carbon emissions is projected to promote industry growth in near future. According to Global Market Insights, Inc., “Marine Propulsion Engine market size worth USD 9 billion in 2015, is anticipated to reach USD 13.3 billion by 2024, registering a CAGR of 4.3% over 2016-2024.” High emphasis on improving diesel engine capacity of the ships with large cargo carrying capability is predicted to boost the industry trends over the next few years. Today, shipping industry is largely focusing on developing new type of electric motors which will improve fuel efficiency and reduce environmental pollution.
Major marine propulsion engine products include natural gas, diesel, fuel cell, steam turbine, wind & solar, and gas turbine engines. Wind & solar marine propulsion engine market, which contributed over 3.5 % of the overall revenue in 2015, is expected to grow at a rate of 5.9% over 2016-2024. The growth can be credited to favorable government policies supporting the product applications in shipping industry due to its eco-friendly nature. Diesel propulsion engine market price worth USD 6 billion in 2015, is expected to register a CAGR of 4.2% over the coming eight years.
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The growth can be attributed to rapid advancements in various technologies such as fuel injection technology, firing pressures, brake mean effective pressure, and turbo charging efficiency. Gas turbine propulsion market share worth USD 900 million in 2015, is anticipated to witness a high surge over 2016-2024 due to accelerated sprint operation mode provided by these turbines. They also find extensive applications in naval and defense sectors. Fuel cell propulsion market is predicted to witness a substantial growth over the coming years as the product offers high growth potential for ship impulsion and can boost the performance of low-powered auxiliary impulsion machinery. Furthermore, high demand for electric transmission is predicted to increase the use of fuel cells over the next few years.
Asia Pacific marine propulsion market size worth USD 4.5 billion in 2015, is predicted to record substantial gains of 4.8% over 2016-2024 owing to heavy investments by private players as well as the government. South Korea and China are predicted to make significant contributions to the regional share over the coming years.
North America market is expected to witness a significant growth over the coming eight years owing to the large use of LNG as a marine or ship fuel. U.S. is predicted to be a key revenue contributor of the region.
Rapid innovation in the market is expected to lead to the development of more strong and energy efficient products. Leading market players are constantly spending on R& D activities to increase their product portfolio and enhance ship capacity & handling needs. They will try to enhance their reputation and brand visibility by developing eco-friendly, sustainable, cost-effective, efficient, and viable solutions. Key industry participants include Yamaha Motor Company, Rolls-Royce, Exxon Mobil Corporation, Wärtsilä, Cummins Corporation, Shell Global, Idemitsu Kosan Company, MAN Diesel & Turbo, Mitsubishi Motors, Volvo Penta Company, Hydraulic Marine Systems Inc, Caterpillar Inc., Sinopec Company, and Hydrosta BV Company.