Press release
Marine Propulsion Engine Market Regional Trend | Growth Projections to 2024
Marine Propulsion Engine Market
Marine Propulsion Engine Industry is gaining a substantial traction on the grounds of powering the world’s largest ships that transport cargo across the globe. Over the years, there has been a tremendous increase in the international trade through marine transportation due to its cost-effectiveness. Consequently, there is a high demand for fuel efficient ships, which will propel marine propulsion engine market. Basically, marine propulsion refers to the mechanism that produces the required thrust for driving the marine objects. The propulsion engines used in these marine vessels are a fascinating piece of machinery which are undergoing rapid development and product upgradation for energy efficiency and high performance. In this regard, some of the world’s finest marine propulsion engine industry players such as Rolls-Royce and Wärtsilä are emphasizing on diversifying their product portfolios to explore sustainable transportation solutions.
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Rising proximity of wind and solar energy as auxiliary power sources will lead this segment to register a CAGR of 5.9% over the period of 2016-2024, having had a contribution of 3.5% of overall marine propulsion engines market stake in 2015. Apart from this, diesel, steam turbine, gas turbine, fuel cell, and natural gas are the noticeable product segments of marine propulsion engine market. The gas turbines product segment is witnessing lucrative gains, owing to its the high-speed sprint operation mode. Such turbines are in great demand in the military & naval sector, thus, boosting the growth prospects of marine propulsion engine industry.
The deployment of new-age technologies such as fuel injection, firing pressure, and turbo-charging in diesel propulsion engines will positively affect the market valuation of diesel marine propulsion engine industry. Diesel engines are majorly used due to their high efficiency and high power generation capacity. In addition, a significant rise in the adoption of electric transmission systems will stimulate the fuel cells product deployment in the coming years. Fuel cells marine propulsion engine market has gained considerable traction, owing to its high performance in auxiliary impulsion and low-power machinery.
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With the depletion of conventional and shale gas reserves, liquefied natural gas is emerging as an efficient source of fuel in marine propulsion engine market. Growing adoption of liquefied natural gas as a propulsion medium in the United States has significantly boosted the revenue share of marine propulsion engine industry in the region. Furthermore, steam turbines are becoming a sustainable option for the alternative fuel source and are anticipated to offer tremendous business scope due to their utilization in coal carriers.
Table of Contents:
Chapter 4. Marine Propulsion Engine Product Insights
4.1. Marine propulsion engine market share by product, 2015 & 2024
4.2. Diesel Propulsion
4.2.1 Market estimates and forecast, 2013 - 2024
4.2.2 Market estimates and forecast, by region, 2013 - 2024
4.3. Wind & Solar Propulsion
4.3.1 Market estimates and forecast, 2013 - 2024
4.3.2 Market estimates and forecast, by region, 2013 - 2024
4.4. Gas Turbine Propulsion
4.4.1 Market estimates and forecast, 2013 - 2024
4.4.2 Market estimates and forecast, by region, 2013 - 2024
4.5. Fuel Cell Propulsion
4.5.1 Market estimates and forecast, 2013 - 2024
4.5.2 Market estimates and forecast, by region, 2013 - 2024
4.6. Steam Turbine Propulsion
4.6.1 Market estimates and forecast, 2013 - 2024
4.6.2 Market estimates and forecast, by region, 2013 - 2024
4.7. Natural Gas
4.7.1 Market estimates and forecast, 2013 - 2024
4.7.2 Market estimates and forecast, by region, 2013 - 2024
4.8. Others
4.8.1 Market estimates and forecast, 2013 - 2024
4.8.2 Market estimates and forecast, by region, 2013 – 2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/marine-propulsion-engine-market
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