How Will Inclination Towards Unconventional Energy Sources Drive Marine Propulsion Engine Market Trends?
To fulfil the current demand from marine industry, manufacturers are rapidly innovating new energy efficient and high-performance marine engines. Industry participants such as Wärtsilä and Rolls-Royce have continuously innovated and extended their product lines.
Significant technological improvements in turbo-charging efficiency, fuel injection technology, brake mean effective pressure and firing pressures may further support business scenario. Marine propulsion engine market size is forecast to cross USD 13 billion mark by 2024.
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How will shifting trends toward unconventional energy sources support marine propulsion engine industry growth?
The demand for the powerful engines in the shipping industry has been fulfilled by the introduction of supertankers. The currently used nuclear propulsion technology delivers more cargo space without refueling due to decreased demand for fuel bunkers, which further aids in transporting large volumes of shipment in a go. This trend towards utilization of unconventional energy sources is likely to supplement marine propulsion market share over the analysis period.
The adoption of solar power as auxiliary power source with the help of photovoltaic cells to generate electricity defines the future of propulsion systems. Power derived from wind is free from exhaust pollutants and favorable government investments and incentives offered to develop renewable energy sources-powered products may support industry growth. In 2015, solar & wind segment accounted for more than 3% of the industry revenue share and is forecast to register a CAGR of 6% over 2016-2024.
How will growing efforts toward enhancing engine capacities along with inclination towards cleaner fuels impact global marine propulsion engine market?
The shipping industry manufacturers are focusing on reducing fossil fuel consumption by developing electric motor-driven ships. The replacement of traditional motors with electric motors is not only resulting in faster operations but is also increasing energy efficiency. With the adoption of electric transmission, usage of fuel cells will increase massively on account of its high-performance characteristics in low-power machinery and auxiliary propulsion.
With growing demand for larger cargo holding capacity containers and surging requirement for enhancedrf engine capacities, rapid innovation and development initiatives are being undertaken by the industry players. Depletion of shale and conventional gas reserves has diverted the focus towards LNG (Liquefied Natural Gas) as marine fuel. The demand for LNG is growing for use in reciprocating engines due to its effective combustion capabilities. Adoption of LNG also falls in line with regulatory norms for pollution control. The rising environmental concerns andgeneration of green hydrogen using renewable energymay also trigger adoption of the technology.
What are the factors driving APAC marine propulsion engine market?
Asia Pacific held a considerable share in the marine propulsion engine market in 2015 and had a valuation of USD 4.5 billion. Rising investments in R&D, technological developments, and government initiatives towards adoption of clean energy are some of the factors anticipated to fuel APAC market demand. As per the report, APAC marine propulsion market size is estimated to register a CAGR of 4.8% over 2016-2024. China and South Korea are projected to be the major growth avenues.
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Which factors are contributing towards the growing deployment of diesel propulsion engines?
In 2015, diesel propulsion engines generated a revenue of over USD 6 billion and is forecast to register appreciable growth rate of around 4.2% over the analysis period. This significant growth rate can be attributed to major improvements in various technologies including turbo-charging efficiency, fuel injection technology, brake mean effective pressure, firing pressures, etc.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Marine propulsion engine industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Product trends
Chapter 3. Marine Propulsion Engine Industry Insights
3.1. Industry segmentation
3.2. Industry Size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.4. Technological landscape
3.5. Industry Impact forces
3.5.1 Growth drivers
18.104.22.168 Rising demand for operationally-dependable and efficient ships
22.214.171.124 Introdution of nuclear propulsion engines
126.96.36.199 Rising LNG prominence
188.8.131.52 Growing prefrence for non-conventional energy sources
3.5.2 Industry pitfalls & challenges
184.108.40.206 Strict emission standards
220.127.116.11 Renewable energy sources limitations for primary propulsion
3.6. Growth potential analysis
3.7. Porter’s analysis
3.8. Key competitor landscape
3.9. PESTEL analysis
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