Marine Propulsion Engine Market Revenue, Overview & Regional Trend 2018-2024 Top Key Players – Wärtsilä, Volvo Penta, Repsol Sinopec Brasil, Shell, PETRONAS, Mercury Marine, MAN Diesel & Turbo, Lukoil, Cummins, Caterpillar, Chevron

Marine Propulsion Engine Market for 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. 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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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

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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Aegean
2. BP
3. Caterpillar
4. Chevron
5. Cummins
6. Exxon Mobil Corp. (XOM)
7. Hydraulic Marine Systems
8. Hydrosta BV
9. Idemitsu
10. Ingeteam
11. Lukoil
12. MAN Diesel & Turbo
13. Masson Marine
14. Mercury Marine
15. PETRONAS
16. Shell
17. Sinopec
18. Total
19. Rolls Royce
20. SCANA
21. Siemens
22. Volvo Penta
23. Wärtsilä
24. Yamaha

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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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.

With decreasing demand for fuel bunkers, nuclear propulsion delivers more cargo space without refueling. Growing trend towards the development of the powerful engines in the shipping industry has been supplemented by the introduction of supertankers. Shift towards unconventional energy sources will fuel the marine propulsion market size over the forecast timeframe. Power derived from wind is free from exhaust pollutants. Solar power is also utilized as an auxiliary power source with the help of photovoltaic cells to generate electricity, thus driving the future of propulsion systems.

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.

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Significant investments by China and South Korea will drive Asia Pacific market share. The regional industry was valued at more than USD 4.5 billion in 2015 and will grow at 4.8% CAGR.

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.

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