Marine Propulsion Engine Market - Global Industry Analysis 2016 - 2024

Marine propulsion is the mechanism or system designed to generate a thrust to move marine objects such as ships or boats across the water. Many small boats operate through paddles and sails. However modern ships are propelled by carefully designed propulsion systems consisting of electric motors or engines driving the propeller. Most modern ships use reciprocating engines as their primary source of power owing to their simplicity in operation, robustness, and fuel efficiency as compared to their counterparts. Although reciprocating engines are widely used globally due to low cost and operation simplicity, the emissions remain a primary concern while using them.

Furthermore, many vendors are focusing on the design and development of propulsion engines that run on alternate fuels and are compliant with the standard emission norms. The worldwide rise in international trade through water transportation, owing to its cost-effectiveness, has led to an increase in demand for commercial ships, which subsequently propel the demand for marine propulsion engines. In addition, due to the new trend in defense sector, many nations are focusing on sea based defense and maritime security. With the growth of global naval shipbuilding industry, the market for marine propulsion engines is estimated to expand rapidly.

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The marine propulsion engine market can be segmented into various categories such as propulsion systems, power range, fuel type, application, and region. The propulsion system can be further segmented into two stroke engines, four stroke engines, diesel engines, and other engines. The power requirement of the ship depends on the operational usage, e.g. the passenger ship will require less power as compared to trade or naval ships. Furthermore, the marine propulsion engine can be categorized in terms of type of fuel used by the engine to produce power. Marine propulsion engines find application in commercial vessels, offshore support vessels, inland waterways vessels, and submarines, etc. The constant increase in demand for marine propulsion engines in such applications is projected to drive the global marine propulsion engine market over the next eight years.

Asia Pacific is anticipated to be the fastest growing market for marine propulsion engines in the next few years. This can be primarily ascribed to the increase in trade rate and rapid rise in export rate in the region, particularly in China, which has become a global hub for manufacturing operations. Thus, increasing export is driving the demand for more number of available ships for trade, thus causing a rise in the demand for more efficient marine propulsion systems. Furthermore, many developed as well as developing countries are focused on intensifying their sea defense by increasing firepower capacity.

As more number of warships are being built by every nation in the world, the demand for marine propulsion engines is predicted to increase rapidly during the forecast period. Countries in regions such as South America, Africa, and the Middle East have been showing speedy economic growth since the last few years. In addition, developed economies such as the U.S. and European countries are showing steady economic growth after the economic crisis. These factors are ultimately generating a positive outlook for the overall trade dynamics. Rise in demand for marine propulsion engines in ships, boats, yacht, for transport of goods, fishing, entertainment, public safety, and warfare is expected to drive the global marine propulsion engine market over the next eight years.

Major players operating in the global marine propulsion engine market include Caterpillar, MAN Diesel & Turbo, Cummins, Rolls-Royce, Wärtsilä, Mitsubishi Heavy Industries, and Hyundai Heavy Industries.

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