Press release
Global Marine Propulsion Engine Market Report: Trends, Forecast and Competitive Analysis 2017-2024
Renewable resources such as biodiesel, wind, and solar, are used for power generation in driving the ships. Solar and wind accounted for more than 3% of global share is anticipated to grow at around 6% CAGR.
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Marine Propulsion Engine Market is set to be over USD 13 billion by 2024 with a CAGR of more than 4%. Increasing the efficiency of ships by using renewable resources is forecast to enable modernization and reduce the impact on diesel engines. Next generation tankers capability to carry large loads will augment marine propulsion engine market.
Increase in R&D by the OEMs will boost capacity handling requirements and ship power which in turn will positively impact the product offerings. Rapid innovations will result in energy efficient and powerful products for the shipping industry. Decrease in consumption of fossil fuel and development of electric motors may support environmental emission reduction and energy efficient products to boost the marine propulsion engine market.
Depletion of reserves of shale gas and conventional sources may lead to increasing use of LNG as maritime fuel. A prerequisite to LNG adoption is large, safe and insulated storage arrangements. However, various alternative storage tanks are built to satisfy the requirements which will enhance LNG usage. Increase in LNG adoption will drive marine propulsion engine market during the forecast timeline.
Importance of advanced technologies and increasing awareness for environmental conservation has led government to take severe actions in emissions. Instances such as oil spills, exhaust gases, chemical spills, air pollution and sewage waste leads to water contamination. Marine Pollution Convention (MARPOL) guidelines supports in environment protection from locomotive exhaust gases. Stringent emission standards and non-compliance to rules will lead to huge penalties for various organizations. Environmental regulations posed by government for reducing CO2 emissions will certainly have impact on marine propulsion engine market.
In 2015, gas turbines segment was valued at more than USD 900 million owing to advanced technical features. Military and navy sector hugely contributes to this industry growth. Lowering the impact on the environment through the use of wind and solar energy will spur the industry thereby having governmental support.
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Asia Pacific contributed to over half of the total revenue generated in 2015 due to China and Korea marine propulsion engine market growth. U.S. may witness high adoption rate of LNG during the forecast period.
Volvo Penta, Rolls Royce, Sinopec, Mitsubishi, Wärtsilä, Yamaha, Caterpillar, MAN Diesel & Turbo, Hydraulic Marine Systems, and Cummins are the players in the marine propulsion engine market. Strategy adopted by the leading players is the continuous innovations to produce cost effective and fuel efficient machines. Moreover, mergers and strategic alliances remain in leading participants to gain competitive advantage. New entrants in the industry are coming with innovative technology to sustain in the competition.
Chapter 4. Marine Propulsion Engine Product Insights
4.1. Marine propulsion engine market share by product, 2015 & 2024
4.2. Diesel Propulsion
4.2.1 Market estimates and forecast, 2013 - 2024
4.2.2 Market estimates and forecast, by region, 2013 - 2024
4.3. Wind & Solar Propulsion
4.3.1 Market estimates and forecast, 2013 - 2024
4.3.2 Market estimates and forecast, by region, 2013 - 2024
4.4. Gas Turbine Propulsion
4.4.1 Market estimates and forecast, 2013 - 2024
4.4.2 Market estimates and forecast, by region, 2013 - 2024
4.5. Fuel Cell Propulsion
4.5.1 Market estimates and forecast, 2013 - 2024
4.5.2 Market estimates and forecast, by region, 2013 - 2024
4.6. Steam Turbine Propulsion
4.6.1 Market estimates and forecast, 2013 - 2024
4.6.2 Market estimates and forecast, by region, 2013 - 2024
4.7. Natural Gas
4.7.1 Market estimates and forecast, 2013 - 2024
4.7.2 Market estimates and forecast, by region, 2013 - 2024
4.8. Others
4.8.1 Market estimates and forecast, 2013 - 2024
4.8.2 Market estimates and forecast, by region, 2013 - 2024
Chapter 5. Marine Propulsion Engine Regional Insights
5.1. Marine propulsion engine market share by region, 2015 & 2024
5.2. North America
5.2.1 North America market by product, 2013 – 2024
5.2.2 U.S.
5.2.2.1 U.S. market by product, 2013 – 2024
5.3. Europe
5.3.1 Europe market by product, 2013 – 2024
5.3.2 Germany
5.3.2.1 Germany market by product, 2013 – 2024
5.3.3 UK
5.3.3.1 UK market by product, 2013 – 2024
5.4. Asia Pacific
5.4.1 Asia Pacific market by product, 2013 – 2024
5.4.2 China
5.4.2.1 China market by product, 2013 – 2024
5.4.3 Japan
5.4.3.1 Japan market by product, 2013 – 2024
5.5. Latin America
5.5.1 Latin America market by product, 2013 – 2024
5.5.2 Brazil
5.5.2.1 Brazil market by product, 2013 – 2024
5.6. MEA
5.6.1 MEA market by product, 2013 – 2024
Browse Full TOC @ https://www.gminsights.com/toc/detail/marine-propulsion-engine-market
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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