Global Marine Propulsion Engine Market is Anticipated to Grow at a CAGR of 4.6% over 2016-2024

Global Marine Propulsion Engine Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $15 billion by 2024 from $10 billion in 2016; growing at a CAGR of 4.6% from 2016 to 2024. The marine propulsion engine market is majorly driven by the following driving factors such as increasing emphasis on renewable energy sources, rising innovations, growing trade opportunities and increasing demand for crude oil. However, high investment cost and stringent regulations over emission & marine contamination might hinder the growth of the market. Furthermore, development of renewable resources and high spending on defence would provide growth opportunities for the market.
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Power source, ship type and geography are the key segments of the global marine propulsion engine market. Power source segment has been segmented into natural gas, gas turbine, diesel, steam turbine and others. Diesel was the leading sub segment with highest market share in 2016 and natural gas is expected to dominate the power source segment over the forecast period 2016-2024. Additionally, ship type segment includes bulk carrier, passenger ships, offshore vessels, cargo ships, tanker and others. Cargo ships and tanker dominated the ship type segment, with market share of 32.8% and 19.2% respectively in 2016.
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The global marine propulsion engine market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. Asia-Pacific held the highest market share of 42.1% in 2016, driven by growing export and import trade opportunities. In terms of growth rate, Asia-Pacific region is also anticipated to grow at the fastest CAGR of 4.8% over the forecast period 2016-2024.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the marine propulsion engine market include Hyundai Heavy Industries Co. Ltd., Caterpillar, Rolls-Royce plc., Yanmar Co. Ltd., MAN Diesel & Turbo, Cummins, Inc., Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries, Ltd., Wartsila, Scania, and Daihatsu Diesel Mfg. Co. Ltd., among others.

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