Marine Alternate Propulsion Market: Introduction

  • The marine alternate propulsion system is a type of marine vessel engine that is propelled by energy sources other than gasoline and diesel. Conventional energy sources such as gasoline, diesel, and coal, are finite and are expected to deplete in the near future. On the other hand, nonconventional energy sources such as solar, wind, and tidal energy are available abundantly and can be utilized repeatedly. All conventional energy sources are chemical compositions of various hydrocarbons and produce pollutant particulate such as COX, and NOX, on combustion, which is harmful for the environment. Therefore, efforts are being taken globally to reduce air pollution and improve air quality, which in turn drives the demand for systems or engines that utilize nonconventional energy sources, or engine technology that helps reduce emissions. Consequently, this is driving the need for research and development of marine alternate propulsion systems.

Key Drivers and Opportunities of the Global Marine Alternate Propulsion Market

  • Diesel marine propulsion systems are extensively used as compared to other types of marine propulsion systems. This system is primarily adopted in marine vessels such as small boats, motor boats, and defense marine vessels. Diesel marine propulsion systems generate high levels of carbon emission. Various government rules and regulations restrict the usage of these type of systems. 
  • Nuclear marine propulsion systems are mostly adopted in defense marine vessels. These systems not only propel the ship but also generate electricity for it. Furthermore, hydrogen fuel cell marine propulsion system is a highly efficient marine propulsion system in terms of carbon emission. The fuel cell in this system converts chemical energy stored in the cell into electricity through a reaction with atmospheric oxygen. This type of cell does not require charging and can work continuously as long as it is supplied with compatible fuel such as LNG, methanol, or biogas. Therefore, it is expected to drive the marine alternate propulsion market during the forecast period.
  • Diesel powered engines generate higher torque and consequently propel the ship at a rapid pace. They also enable ships to carry large cargos over longer distances. New technologies are being developed that would enable diesel marine propulsion systems to reduce carbon emissions. Furthermore, solar powered marine vessels use clean energy sources that do not emit any carbon emission, while solar energy is available abundantly. This is also attracting investors to invest in further research and development of solar propulsion systems. This, in turn, is expected to drive the market of marine alternate propulsion during the forecast period.
  • Marine propulsion by nonconventional energy sources causes less carbon emissions; however, the cost of these technologies is considerably high. Furthermore, extensive research and development requires large capital investment. The heavy machinery required for ship building, and transportation cost of material required for shipbuilding are also high. The larger the size of the ship, the more time required to build it. All these factors are hampering the marine alternate propulsion market.

Asia Pacific to Hold Major Share of the Global Marine Alternate Propulsion Market

  • In terms of region, the marine alternate propulsion market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
  • Asia Pacific dominates the global market for marine alternate propulsion owing to expansion of shipbuilding industries and increase in foreign direct investments that propel research and development in this region.

Key Players Operating in the Global Marine Alternate Propulsion Market

  • Caterpillar Inc.
  • Cummins Inc.
  • Daihatsu Diesel Mfg. Co., Ltd.
  • Fairbanks, Morse and Company
  • Hyundai Heavy Industries Co., Ltd.
  • MAN Energy Solutions SE
  • Mitsubishi Heavy Industries, Ltd.
  • Rolls-Royce Holdings Plc
  • Scania AB
  • Yanmar Co., Ltd.

Global Marine Alternate Propulsion Market: Research Scope

Global Marine Alternate Propulsion Market, by Marine Vessel

  • Commercial
  • Private
  • Navy

Global Marine Alternate Propulsion Market, by Technology

  • Diesel Propulsion
  • Gas Turbine Propulsion
  • Wind Propulsion
  • Electric Propulsion
  • Nuclear Propulsion
  • Fuel Cell Propulsion
  • Biodiesel Fuel Propulsion
  • Solar Propulsion
  • Water Jet Propulsion
  • Hybrid Propulsion

Global Marine Alternate Propulsion Market, by End-use Industry

  • Defense
  • Shipping and Transport
  • Others (Marine Tourism, etc.)

Global Marine Alternate Propulsion Market, by Manufacturers

  • OEMs
  • Aftermarket

Global Marine Alternate Propulsion Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Chile
    • Rest of South America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Marine Alternate Propulsion Market