Global Marine Propulsion Engine Market Is Boosted By Growing Focus On Renewable Energy Resources

SAN FRANCISCO, Nov. 07, 2017Global Marine Propulsion Engine Market Report, published by Variant Market Research, forecast that the global market was valued at $10 billion in 2016 and expected to reach $15 billion by 2024; growing at a CAGR of 4.6% from 2016 to 2024. In geographical segments, Asia-Pacific and North America are expected to grow at a CAGR of 4.8% and 4.5%, respectively, over the forecast period 2016 – 2024.

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Driving factors of the global marine propulsion engine market are growing demand for crude oil, increasing funds & fast technical innovations, increasing international trade among various countries, and growing focus on renewable energy resources due to reduction of conventional reserves. Though, strict rules & policies over the growing greenhouse gases & marine contamination may hinder the growth of the market. Moreover, increasing funds for defense sector to support their coastline security and importance of the utilization of renewable energy resources, biofuel & synthetic fuels would provide growth opportunities during the forecast period.

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The global marine propulsion engine market has been segmented into power source, ship type and geography. Power source segment contains natural gas, gas turbine, diesel, steam turbine, and others. In power source segment, diesel held the largest market share in 2016, while, natural gas is projected to grow at a fastest CAGR over the forecast period 2016-2024. Moreover, the ship type segment includes cargo ship, bulk carrier, passenger ships, offshore vessels, tanker, and others. In the ship type segment, Cargo ship and tanker dominated with market share of 32.8% and 19.2% respectively in 2016.

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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific held the largest market share in 2016 and it is expected to be predominant in the market during the forecast period 2016-2024, due to rise in the number of import and export trades among countries. Due to increasing defense budgets and increasing demand for ships and yachts, Europe held the second largest market share of 26.1%.

Market players have used different strategies to increase their market share and global presence. For instance, in November 2016, Rolls-Royce has signed contract with Afai Southern Shipyard Ltd., for the supply of power and propulsion for a third Blue Sea Jet, fast ferry for the Zhuhai High-Speed Passenger Ferry Co., Ltd. Furthermore, major key players operating in the global marine propulsion engine market are Cummins, Inc., Caterpillar, Rolls-Royce plc., Wartsila, Hyundai Heavy Industries Co. Ltd., MAN Diesel & Turbo, Mitsubishi Heavy Industries, Ltd., Scania, Yanmar Co. Ltd., and Daihatsu Diesel Mfg. Co. Ltd., among others.

Scope of Marine Propulsion Engine Market

Power Source Segments
• Gas Turbine
• Steam Turbine
• Diesel
• Natural Gas
• Others

Ship Type Segments
• Passenger Ships
• Cargo Ship
• Bulk Carrier
• Tanker
• Offshore Vessels
• Others

Geography Segments
• North America
o US
o Canada
o Mexico

• Europe
o Germany
o UK
o Italy
o Norway
o Others

• Asia-Pacific
o China
o Japan
o South Korea
o Others

• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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