Marine Propulsion Engine Market 2020 Industry Analysis, Size, Share, Growth, Trends, and Forecast (2020 - 2025) | Caterpillar, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Hyundai Heavy Industries Co., Ltd

The Marine Propulsion Engine Market is expected to register a CAGR of 4.8%, during the forecast period, 2019-2024.

Marine propulsion engine market is gaining significant traction on the grounds of powering the worlds most massive ships that transport cargo worldwide. Over time, there has been tremendous growth in international trade through marine transportation due to its cost-effectiveness. Accordingly, there is a high demand for fuel-efficient ships, which is expected to propel the marine propulsion engine market. Marine propulsion refers to the mechanism which generates 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 up gradation for energy efficiency and high performance.

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Market Segmentation-

The Global Marine Propulsion Engine market report chiefly includes following manufacturers-

Caterpillar, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Hyundai Heavy Industries Co., Ltd, MAN SE (Man Diesel & Turbo), Mitsubishi Heavy Industries, Ltd., Rolls-Royce Plc, Scania, Wartsila, Yanmar Co., Ltd.

Global Marine Propulsion Engine Market Research Methodology:

Increasing Demand for Passenger Ships

Ocean cruise passenger traveling rate has been increasing considerably yearly. In 2018, nearly 27 million global ocean cruise passengers sailed to various destinations across the world, a 10% increase over 2016. Driven by nine new ocean-going vessels with 32,000 lower berths and an investment of USD 7.4 billion launched in 2018, the record passengers had the world as their gangway with nearly 1,000 ports.

The demand for cruising increased by 20.5% in the last five years. Nearly USD 125 billion in total economic impact and 1 million jobs paying USD 41 billion in wages and salaries were generated by the global cruise industry in 2016.

In 2018, Rolls Royce Holdings began offering its own battery-powered ship engines in a move to meet the upcoming demand from all-electric vessels. While the maritime demand for lithium-ion batteries is focused on providing top-up power for traditional diesel and gas-turbine ships, the technology can propel fully electric craft over a limited range.

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Competitive Landscape:

Some of the major players in the market include Caterpillar, MAN Diesel & Turbo, Rolls-Royce, Mitsubishi Heavy Industries, Cummins, Wrtsil, and Hyundai Heavy Industries.

- June 2018: Scania has signed an agreement to provide a range of marine engines to French supplier, Nanni to help extend its engine manufacturing in the marine industry.
- June 2018: Wartsila will provide the engines, propellers, and control system for a new hopper dredger being built by Damen. Wartsila will prepare the engines ready for use with IMO Tier III compliant selective catalytic reduction technology to reduce emissions.

Table of Contents:

Executive Summary: The report begins with a summary of the entire research study, along with CAGR and value or volume forecasts.

Top Segments: As the name suggests, this section gives details about leading and also other segments, their growth potential, share, and other important factors.

Leading Regions: Here, readers are provided with an in-depth study on key regions and countries and their overall growth during the forecast period.

Company Profiling: This section includes a detailed comparison of top Marine Propulsion Engine players, accurate analysis of the competitive landscape, and other studies.

Dynamics: Buyers of the report have access to an intelligent research study on crucial drivers, restraints, trends, and opportunities in the Marine Propulsion Engine business.

Conclusion: Here, the analysts authoring the report have provided their overall take on the Marine Propulsion Engine business and the industry. This section also includes important findings from the research study.

How we have factored the effect of Covid-19 in our report:

All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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