Marine Propulsion Engine Market Expected to Reach $12 Billion, Globally, By Top Key Players: Caterpillar, Cummins Inc., Rolls-Royce Plc, Wrtsil, MAN Diesel & Turbo, Hyundai Heavy Industries Co., Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Scania, YANMAR CO.,

The marine propulsion engine market was valued at $9 billion in 2015 and is projected to reach $12 billion by 2022, growing at a CAGR of 4.1% from 2016 to 2022, according to a new report published by Allied Market Research. Diesel propulsion system segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 51% in 2015, and is anticipated to maintain this trend.

Marine propulsion engine creates thrust to move ship across the water by converting chemical energy to mechanical energy. Increase in production & sales of ships globally and rise in international seaborne trade drives the market growth. In addition, increase in demand for resources such as crude oil, coal, steel, and iron from developing countries is another driver for the growth of the market. However, stringent environmental rules & regulations and large capital investment required to set up new manufacturing facilities hamper the market growth. Moreover, rise in usage of inland waterways and advancement in technology, such as new alternative fuel propulsion engine, are expected to provide lucrative opportunities for new products and boost the market growth.

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Power source segment is divided into diesel, gas turbine, natural gas, and others (steam turbine, renewable energy, hybrid, and fuel cell). In 2015, diesel propulsion engine accounted for the largest revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to high efficiency and low cost of engine as compared to others. However, natural gas-powered engine segment is expected to witness the highest growth rate of 7.1%, owing to stringent emission rules and regulations.

By ship type, the market is categorized into cargo or container ship, tanker, bulk carrier, offshore vessel, passenger ship, and others (tugs & service ships). In 2015, cargo or container ship accounted for the largest market share due to rise in international seaborne trade of non-bulk cargo such as vehicles, food products, and electronics items. Bulk carrier segment is anticipated to show highest growth rate among ships type, owing to rise in demand of resources such as ore, coal, grains and other similar products in loose form.

Asia-Pacific accounted for majority of revenue in 2015, and is expected to maintain its dominance, followed by Europe and North America. This is attributed to the rise in shipbuilding industry of South Korea and China.

Key players in the marine propulsion engine market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy. The major players profiled in this report include Caterpillar, Cummins Inc., Rolls-Royce Plc, Wrtsil, MAN Diesel & Turbo, Hyundai Heavy Industries Co., Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Scania, YANMAR CO., LTD., DAIHATSU DIESEL MFG.CO., LTD., Nigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine, and General Electric Company.

Analyst Review:

Marine propulsion engine is machine that burns fuel to create thrust, which helps ships to move across water. As of now, ship propulsion is not just about successful & smooth movement of the ship across the water. It also involves using the best mode of propulsion system to ensure a better safety standard for the marine ecosystem along with cost efficiency.

Rise in number of ships; increase in international seaborne trade; and increase in demand for resources such as crude oil, steel, iron, and coal drive the growth of the marine propulsion engine market. Furthermore, rise in usage of inland waterways and technological advancements such as fuel cell, hybrid & nuclear reactor engine boost the demand for marine propulsion engine.

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As of now, there are latest RT-flex and ME engines which are camshaft less electronically controlled engines. These are used as intelligent engines by electronic control and feedback. Intelligent engine will monitor its own condition according to the feedback & pre- set setting and it will adjust the engine parameters itself.

The diesel propulsion engine segment constituted the largest market share owing to its benefits such as highly reliable engine, economical nature, low maintenance cost, and easy availability of diesel globally. The adoption rate of natural gas-powered marine propulsion engine is high as compared to others, owing to stringent marine engine emission rules and regulations. Moreover, the bulk carrier segment is expected to witness a robust growth due to increase in demand of resources such as ore, coal, grains and other similar products in loose form.

Asia-Pacific is projected to hold the largest market share, followed by Europe and North America. This is attributed to increase in shipbuilding industry of China and South Korea. Leading players such as Caterpillar, Cummins Inc., Rolls-Royce Plc, and Wärtsilä are expected to explore newer techniques and applications to cater to the growing demands of customers. Collaborations and acquisitions are projected to enable them to enhance their product portfolios and increase their geographical presence.

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