Global Marine Propulsion Engine Market Size, Demand, Growth & Revenue Opportunity (2017-2024)

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Extensive insights into the Growth of Marine Propulsion Engine Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights

Marine Propulsion Engine Market 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.CLICK TO DOWNLOAD FREE SAMPLE REPORT

marine propulsion engine

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: