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Marine Propulsion Engine Market Report 2024| Aegean, BP, Caterpillar, Chevron, Cummins, Hydraulic Marine Systems, Hydrosta BV, Idemitsu, Ingeteam, Lukoil, MAN Diesel & Turbo, Masson Marine

03-19-2020 04:57 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Marine Propulsion Engine Market

Marine Propulsion Engine Market

Major marine propulsion engine products include natural gas, diesel, fuel cell, steam turbine, wind & solar, and gas turbine engines. Wind & solar marine propulsion engine market, which contributed over 3.5 % of the overall revenue in 2015, is expected to grow at a rate of 5.9% over 2016-2024. The growth can be credited to favorable government policies supporting the product applications in shipping industry due to its eco-friendly nature. Diesel propulsion engine market price worth USD 6 billion in 2015, is expected to register a CAGR of 4.2% over the coming eight years.

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 engine 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 industry. 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.

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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 market 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.

Asia Pacific marine propulsion engine industry accounted for more than 50% of the overall share in 2015, with a revenue generation of more than USD 4.5 billion. China and South Korea are the prominent revenue contributors. These countries have been investing heavily in regional marine propulsion engine market, thereby augmenting APAC market share. Moreover, favorable government initiatives for the development of solar & wind energy powered products in the region will also drive the market demand.

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Key marine propulsion engine market participants are likely to focus on research and development activities to come up with environmentally sustainable and economical technologies. Notable market players include Mitsubishi, MAN Diesel & Turbo, Wärtsilä, Volvo Penta, Hydraulic Marine Systems, Caterpillar, Exxon Mobil Corp, Yamaha, Sinopec, Hydrosta BV, and Cummins.

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