MARINE PROPULSION MARKET TO GROW AT A CAGR OF 4% BY 2018 – 2026 ESTIMATED TO REACH US$ 18 BN BY 2026 | Competitive Major Vendors - Cummins Inc., Caterpillar Inc., AB Volvo Penta, BAE Systems, Wärtsilä Corporation

Press Release – 06 Feb 2019
Research and Development News --
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Latest Update "Marine Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026" with Industries Survey | Global Current Growth and Future.
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- Marine Propulsion Market – Overview

Marine propulsion is a mechanism or system used to generate thrust to move a ship or boat across water. The setup of a propulsion system depends on the vessel size, transport system, and type of operation. Diesel marine propulsion system is a common type of marine propulsion system. The segment constitutes more than 46% share of the global marine propulsion market. Diesel marine propulsion systems are used in almost all types of vessels such as mall boats, ferries, defense vessels, and recreational vessels. In full electric marine propulsion systems, the engine is directly connected to the generator. Full electric marine propulsion enhances the overall efficiency of the vessel and also reduces the carbon footprint.
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Full electric marine propulsion system consists of a series of motors and generators. Electric power is transmitted from the engine to the propeller shaft through the motor controller and electric motor.

Implementation of stringent regulations related to minimization of harmful carbon emissions has propelled the demand for advanced propulsion systems. Increase in seaborne trade has resulted in spillage of marine fuel in the marine ecosystem. Therefore, governments of several countries are funding and supporting development and adoption of the latest technology in marine propulsion systems.

Several firms are actively developing fuel-efficient marine propulsion systems. Rise in demand for small- and mid-size vessels with fuel-efficient propulsion systems used in inland waterways is expected to drive the global marine propulsion market during the forecast period. Developed as well as developing countries are investing significantly in the defense sector. Demand for marine propulsion systems in Asia Pacific is gaining momentum due to the rise in seaborne trade and increase in the manufacture of new vessels as well as upgrade of existing vessels.

This report analyzes and forecasts the marine propulsion market at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global marine propulsion market. It also covers impact of these drivers and restraints on demand for marine propulsion during the forecast period. The report also highlights opportunities in the marine propulsion market at the global and regional level.

The report includes detailed value chain analysis, which provides a comprehensive view of the global marine propulsion market. Porter’s Five Forces model for the marine propulsion market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein products and application are benchmarked based on their market size, growth rate, and general attractiveness.
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The study provides a decisive view of the global marine propulsion market by segmenting it in terms of propulsion type, transport, power rating, RPM, and region. In terms of propulsion type, the marine propulsion market has been classified into full electric, diesel, renewable, nuclear, gas turbine, fuel cell, hybrid, and others. Based on transport, the marine propulsion market has been divided into inland waterways (passenger ships, goods transport ships, fishing boats, pleasure boats/water sports, and others) and coastal/cross-border waterways (offshore vessels {offshore support vessels, i.e. OSV, offshore construction vessels, i.e. OCV, oil exploration & drilling vessels, i.e. OEDV, and offshore production vessels}, fishing vessels, ferries, tugboats, cruise, cargo ships, defense vessels, and others). In terms of power rating, the global marine propulsion market has been segregated into 0-300 KW, 301-500 KW, 501-800 KW, and above 801 KW. Based on RPM, the market has been split into 0-1000 RPM, 1001-2500 RPM, and above 2500 RPM.

These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for marine propulsion in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The report provides the actual size of the marine propulsion market for 2017 and estimated size for 2018 with forecast for the next nine years. The global marine propulsion market has been provided in terms of revenue. Market numbers have been estimated based on propulsion type, transport, power rating, and RPM of the marine propulsion market. Market revenue and size have been provided in terms of global, regional, and country level markets.

The report comprises profiles of major companies operating in the global marine propulsion market. Key players operating in the marine propulsion market include Cummins Inc., Caterpillar Inc., AB Volvo Penta, BAE Systems, Wärtsilä Corporation, Rolls Royce Plc., Niigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine S.A.S., GE, STEYR MOTORS GmbH, MAN Diesel & Turbo SE, and Torqeedo GmbH. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.

The global marine propulsion market has been segmented as follows:

- Marine Propulsion Market, by Propulsion Type

Full Electric
Diesel
Renewable
Nuclear
Gas turbine
Fuel Cell
Hybrid
Others

- Marine Propulsion Market, by Transport

-- Inland Waterways
Passenger Ships
Goods Transport Ships
Fishing Boats
Pleasure Boats/Water Sports
Others

- - Coastal/Cross-border Waterways
Offshore Vessels
Offshore Support Vessels
Offshore Construction Vessels
Oil Exploration and Drilling Vessels
Offshore Production Vessels
Fishing Vessels
Ferries
Tugboats
Cruise
Cargo Ships
Defense Vessels
Others

- Marine Propulsion Market, by Power Rating

0-300 kW
301-500 kW
501-800 kW
Above 801 kW

- Marine Propulsion Market, by RPM

0-1000 rpm
1001-2500 rpm
Above 2500 rpm

- Marine Propulsion Market: By Region

- North America
U.S.
Canada

- Europe
Germany
U.K.
France
Norway
Netherlands
Russia & CIS
Rest of Europe

- Asia Pacific
China
India
Japan
ASEAN
Rest of Asia Pacific

- Latin America
Brazil
Mexico
Rest of Latin America

- Middle East & Africa (MEA)
GCC
South Africa
Rest of Middle East & Africa

- Key Takeaways

In terms of RPM, the 1,001-2,500 RPM segment constitutes the major share of the marine propulsion market

Diesel-based marine propulsion systems are widely used vis-à-vis other propulsion systems. Diesel-based marine propulsion systems account for approximately 50% share of the market.

Market share of diesel-based marine propulsion systems is estimated to decline in the next few years due to the strong focus on highly efficient and hybrid technologies

Asia Pacific holds significant share of the market. This trend is projected to continue during the forecast period.

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