Marine Propulsion Engine Market Global Analysis and Forecasts by Key Players: Rolls Royce, Mitsubishi, Volvo Penta, Sinopec, Wärtsilä, Yamaha, Caterpillar, MAN Diesel & Turbo, Hydraulic Marine Systems, and Cummins
Global 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.
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Top Key Players:-
The key players of global Marine Propulsion Engine Market are Volvo Penta, Rolls Royce, Sinopec, Mitsubishi, Wärtsilä, Yamaha, Caterpillar, MAN Diesel & Turbo, Hydraulic Marine Systems, and Cummins.
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.
Major Points of Table Of Content:-
3. Marine Propulsion Engine Industry Insights
3.1. Industry segmentation
3.2. Industry Size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.4. Technological landscape
3.5. Industry Impact forces
3.5.1 Growth drivers
184.108.40.206 Rising demand for operationally-dependable and efficient ships
220.127.116.11 Introdution of nuclear propulsion engines
18.104.22.168 Rising LNG prominence
22.214.171.124 Growing prefrence for non-conventional energy sources
3.5.2 Industry pitfalls & challenges
126.96.36.199 Strict emission standards
188.8.131.52 Renewable energy sources limitations for primary propulsion
3.6. Growth potential analysis
3.7. Porter’s analysis
3.8. Key competitor landscape
3.9. PESTEL analysis
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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.
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