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Marine Propulsion Engine Market Current Trend and Growth 2018 Analysis & Companies – Wärtsilä, Volvo Penta, Siemens, MAN Diesel & Turbo, Shell
Press release from: Global Market Insights Inc.
PR Agency: Shipping Industry
Marine Propulsion Engine Market size is set to reach USD 13.31 billion by 2024; according to a new research report by Global Market Insights, Inc. High demand for operationally dependable and fuel efficient ships will drive the marine propulsion engine market share over the forecast timeline. Rapid innovation has led to the development of new energy efficient and high performance products. Industry participants such as Rolls-Royce and Wärtsilä have continuously innovated and extended their product offerings to cater to growing demand for capacity handling.
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Diesel propulsion engine market size was upwards of USD 6 billion in 2015, it will grow at 4.2% CAGR estimation over the next eight years. This can be attributed to significant improvements in various technologies such as firing pressures, fuel injection technology, turbo-charging efficiency and brake mean effective pressure.
Industry Growth drivers:
1 Rising demand for operationally-dependable and efficient ships
2 Introdution of nuclear propulsion engines
3 Rising LNG prominence
4 Growing prefrence for non-conventional energy sources
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
6. Exxon Mobil Corp. (XOM)
7. Hydraulic Marine Systems
8. Hydrosta BV
12. MAN Diesel & Turbo
13. Masson Marine
14. Mercury Marine
18. Rolls Royce
21. Volvo Penta
Marine Propulsion Engine Market By Product
• Diesel propulsion
• Wind & solar propulsion
• Gas turbine propulsion
• Fuel cell propulsion
• Steam turbine propulsion
• Natural gas
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Fuel cells will witness substantial growth opportunities due to high performance characteristics in auxiliary propulsion and low-power machinery. The shipping industry has diverted its focus on reducing consumption of fossil fuel by developing electric motors, thereby contributing to energy efficiency.
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.
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.
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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Solar and wind segment accounted for more than 3% of the 2015 industry revenue with 6% CAGR forecast. Favorable government initiatives and investments in the development of renewable energy sources-powered products will drive demand.
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.
Marine propulsion engine market share is dominated by companies such as MAN Diesel, Rolls Royce, Mitsubishi, and Wärtsilä. The industry is characterized by long term contracts and frequent mergers & acquisitions to achieve competitive advantage.
About Global Market Insights:
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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This release was published on openPR.
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