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AUTOMOTIVE & TRANSPORTATION

Marine Propulsion Engine Market : Global Demand Analysis & Opportunity Outlook 2024

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Marine Propulsion Engine Overview

Marine propulsion is a mechanism used to generate power to move ship or boat across water. While sails and paddles are still used on smaller boats but modern ships are driven by mechanical system. Ships are integrated with one or more propulsion engines, depending on their size. Moreover, in the early stage of marine propulsion, steam turbines were used and due to advancement in technology, diesel or alternative fuel engine and gas turbine are used.

Market size and forecast

Marine propulsion engine market is expected to expand at a CAGR of 4% over the forecast period i.e. 2017-2024. Moreover, the marine propulsion engine market is anticipated to reach USD 12 Billion over the forecast period. By power source, diesel propulsion system is expected to sustain its dominance during the forecast period. The market is expected to witness significant growth during the forecast period owing to various ongoing government investments in shipbuilding industry and inland waterways. Increase in demand for resources such as crude oil, coal, steel, and iron from developing countries likely to uplift the market growth in the next few years.

Geographically, Asia-Pacific is accounted to dominate the global marine propulsion engine market, mainly due to significant demand in Korea, Japan and China. Growing trade activities between Asia and Europe has led to the growth of shipbuilding industry and created massive market for marine propulsion engine in both the regions.

marine propulsion engine

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Europe is the second largest market for marine propulsion engine followed by North America. Stringent norms taken by government following environmental concerns is expected to restrain the market growth in the next few years.

Market Segmentation

Our in-depth analysis segmented the marine propulsion engine market in the following segments:

By Power Source

  • Diesel
  • Gas Turbine
  • Natural Gas 
  • Steam Turbine
  • Renewable Energy
  • Hybrid
  • Fuel Cell

By Application

  • Cargo Ships
  • Tanker
  • Bulk Carrier
  • Offshore vessel
  • Passenger Ship
  • Tugs ships
  • Service ships

By Region

Global marine propulsion engine market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Increase in international trade activities through water transportation as it is cost-effective, rise in the number of marine travelers, vast development of the global seaborne transport industry, arrival of technologically advanced and highly reliable engines, economic stability, and rising disposable incomes are the major factors that have driven the global marine propulsion engines market in the last few years.

Moreover, increasing need for efficient as well as operationally dependable ships will spur the demand for marine propulsion engine in the next few years. Growing importance on increasing diesel engine capacity to drive new generation tankers with large cargo holding ability will expand the global marine propulsion engine market growth. Rising focus on renewable energy sources owing to the depletion of conventional reserves and ever-increasing demand for crude oil will further support the growth of the market.
However, the market is expected to be hindered by the regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which applies mainly to the protection of the marine environment and prevention of adulteration by oil, chemical spills, sewage, marine species, and air pollution, by engine exhaust gases.

Key Players

The key players of marine propulsion engine market are as follows:

  • Caterpillar
  • Cummins
  • MAN Diesel & Turbo
  • Rolls-Royce
  • Wärtsilä
  • Hyundai Heavy Industries 
  • Mitsubishi Heavy Industries
  • Fairbanks Morse Engine
  • Masson Marine
  • Nigata power system

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global marine propulsion engine market is segmented as follows:

  • By Power Source Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment


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