Global Marine Propulsion Engine Market size is projected to be valued $15 Billion by 2024; with a CAGR of 4.5% from 2017 to 2025. Marine propulsion engines are a machine that burn fuel to create thrust, which helps ships to move across water. The International Convention for the Prevention of Population from Ships (MARPOL) aims to regulate by preventing both accidental as well as pollution from routine operations such as contamination by chemical spill, oils, garbage and sewage, among others. The marine propulsion engine market is expected to witness healthy growth in the future years owing to increased government expenditure in shipbuilding industry.
Increasing investments & rapid innovations along with rising international trade between various countries fuel the growth of the global marine propulsion engine market. Moreover, rising focus on renewable energy sources owing to the depletion of conventional reserves and ever-increasing demand for crude oil also support the growth of the market. However, stringent rules & regulations over the alarmingly rising greenhouse gas & marine contamination, and high investment cost are expected to pose challenge for the market. Furthermore, rising emphasis on the use of renewable energy resources, biofuel & synthetic fuel and increasing spending on defense sector to strengthen their coastline security would provide growth opportunities is the coming years.
The global marine propulsion engine market is categorized on the basis of power source, ship type and geography. By power source, the market is segmented into steam turbine, gas turbines, natural gas, diesel, and others. Furthermore, by ship type, it is segmented into cargo ship, tanker, bulk carrier, offshore vessels, passenger ships and others.
By geography, the marine propulsion engine market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers Germany, UK, Italy, Norway and others. Asia-Pacific covers China, Japan, South Korea and others. RoW covers South America, Middle East and Africa.
The key players in the market include Mitsubishi Heavy Industries, Ltd., Scania, Yanmar Co. Ltd., Caterpillar, Cummins, Inc., Rolls-Royce plc., Wartsila, MAN Diesel & Turbo, Hyundai Heavy Industries Co. Ltd., and Daihatsu Diesel Mfg. Co. Ltd., among others.
The report covers
Scope of the Global Marine Propulsion Engine Market
Power Source Segments
Ship Type Segments