Our latest research report entitled Marine Propulsion Market (by source (diesel, gas turbine, natural gas), ship type (tanker, bulk carrier, cargo or container ship, offshore vessel, passenger), combustion type (2-stroke engine, 4-stroke engine), output power rating (into 80-750 hp, 1000-5000 hp, 5000-10,000 hp above 10,000 hp)) provides complete and deep insights into the market dynamics and growth of marine propulsion.
The latest information on market risks, industry chain structure marine propulsion cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential marine propulsion growth factors. According to the report the global marine propulsion market is projected to grow at a CAGR of 3.8% over the forecast period of 2018-2024.
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Marine propulsion is the mechanism or system used to generate thrust to move a ship across the water. A propulsion system consists of three parts an energy source, an engine that transforms it into a mechanical form, and the propulsion or thruster that pushes the surrounding water backward. As modern ships’ propellers are at their most efficient at the operating speed of most slow-speed diesel engines, ships with these engines do not generally need gearboxes. Usually, such propulsion systems consist of either one or two propeller shafts each with its own direct-drive engine.
Increasing government investments in the shipbuilding industry and inland waterways and increasing the need for fuel-efficient ships drives the growth of the marine propulsion market. In addition, the increase in cross border trading activities through marine sub-waters and growth in the e-commerce sector are anticipated to boost the growth of the marine propulsion market. However, Increase in seaborne trade has resulted in spillage of marine fuel in the marine ecosystem. This in turn is hampering the growth of the marine propulsion market. Shipping companies are required to comply with the International Maritime Organization (IMO) and the International Convention for the prevention of pollution from Ships emissions rules.
Furthermore, increasing the cost in the air cargo transport system is shifting its demand towards marine transportation that is providing several growth opportunities for the key layers in the marine propulsion market over the upcoming years. On the other hand development of electric motor, that reduces fossil fuel consumption will definitely have a positive impact on market growth. Hence, the depletion of shale gas and conventional reserves will increase the demand for LNG, especially for marine fuel.
Among the geographies, Asia Pacific is anticipated to be the most lucrative market for the marine propulsion market. The growth in the Asia Pacific is due to a rise in seaborne trade and an increase in the manufacture of new vessels as well as the upgrade of existing vessels. Asian navies, in particular, are rapidly building their defense capabilities and this should increase the size of the marine propulsion engine market across the Asia Pacific region. Moreover, highly environment-conscious in Europe and North America are projected to lead the global marine propulsion market in the near future.
The report on the global marine propulsion market covers segments such as power source, ship type, combustion type, and output power rating. On the basis of power source, the global marine propulsion market is categorized into diesel, gas turbine, natural gas and others (steam turbine, renewable energy, fuel cell). On the basis of ship type, the global marine propulsion market is categorized into the tanker, bulk carrier, cargo or container ship, offshore vessel, passenger ship, and others. On the basis of the combustion type, the global marine propulsion market is categorized into 2-stroke engine and a 4-stroke engine. On the basis of output power rating the global marine propulsion market is categorized into 80-750 hp (light-to-medium duty engines), 1000-5000 hp (light-to-medium duty engines), 5000-10,000 hp (heavy-duty engines) and above 10,000 hp (heavy-duty engines).
Major Key Players Mentioned in this Premium Report
The report provides profiles of the companies in the global marine propulsion market such as Caterpillar, Cummins Inc., Rolls-Royce Plc, Wärtsilä, MAN Diesel & Turbo, Hyundai Heavy Industries Co., Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Scania, YANMAR CO., LTD., and DAIHATSU DIESEL MFG.CO., LTD.
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The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global marine propulsion market. Moreover, the IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of marine propulsion market.
Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the marine propulsion market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the marine propulsion market to understand the present and future trends in this market and formulate their strategies accordingly.