Marine Propulsion Engine Market : Charting Course Toward Efficiency and Sustainability in Maritime Power Forecast, 2014-2022

The marine propulsion engine market was valued at $9 billion in 2015 and is projected to reach $12 billion by 2022, growing at a CAGR of 4.1% from 2016 to 2022, according to a new report published by Allied Market Research. Diesel propulsion system segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 51% in 2015, and is anticipated to maintain this trend.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/1872

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐌𝐚𝐫𝐢𝐧𝐞 𝐏𝐫𝐨𝐩𝐮𝐥𝐬𝐢𝐨𝐧 𝐄𝐧𝐠𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

In 2015, diesel propulsion engine led the overall marine propulsion engine market, and is projected to grow at a CAGR of 2.8% during the forecast period.

Natural gas propulsion engine segment is expected to grow at a remarkable CAGR of 7.1%.

Cargo or container ship segment led the overall market in 2015, and is estimated to grow at a CAGR of 2.8%.

Bulk carrier segment is expected to grow at a remarkable CAGR of 5.4%.

Asia-Pacific accounted for the largest market share in 2015, and is anticipated to grow at a CAGR of 4.5%.

China and South Korea are the major shareholders, accounting for about half share of the Asia-Pacific marine propulsion engine market.

Marine propulsion engine creates thrust to move ship across the water by converting chemical energy to mechanical energy. Increase in production & sales of ships globally and rise in international seaborne trade drives the market growth. In addition, increase in demand for resources such as crude oil, coal, steel, and iron from developing countries is another driver for the growth of the market. However, stringent environmental rules & regulations and large capital investment required to set up new manufacturing facilities hamper the market growth. Moreover, rise in usage of inland waterways and advancement in technology, such as new alternative fuel propulsion engine, are expected to provide lucrative opportunities for new products and boost the market growth.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/marine-propulsion-engine-market/purchase-options

Power source segment is divided into diesel, gas turbine, natural gas, and others (steam turbine, renewable energy, hybrid, and fuel cell). In 2015, diesel propulsion engine accounted for the largest revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to high efficiency and low cost of engine as compared to others. However, natural gas-powered engine segment is expected to witness the highest growth rate of 7.1%, owing to stringent emission rules and regulations.

By ship type, the market is categorized into cargo or container ship, tanker, bulk carrier, offshore vessel, passenger ship, and others (tugs & service ships). In 2015, cargo or container ship accounted for the largest market share due to rise in international seaborne trade of non-bulk cargo such as vehicles, food products, and electronics items. Bulk carrier segment is anticipated to show highest growth rate among ships type, owing to rise in demand of resources such as ore, coal, grains and other similar products in loose form.

Asia-Pacific accounted for majority of revenue in 2015, and is expected to maintain its dominance, followed by Europe and North America. This is attributed to the rise in shipbuilding industry of South Korea and China.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/1872

Key players in the marine propulsion engine market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy. The major players profiled in this report include Caterpillar, Cummins Inc., Rolls-Royce Plc, Wrtsil, MAN Diesel & Turbo, Hyundai Heavy Industries Co., Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Scania, YANMAR CO., LTD., DAIHATSU DIESEL MFG.CO., LTD., Nigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine, and General Electric Company.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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