Global Marine Propulsion Engine Market: Overview
A propulsion system refers to a machine that creates thrust to propel an object forward. A marine propulsion engines refers to a machine that burns fuel for the creation of a thrust. This thrust assists the ships in moving across the water.
In the recent years, there has been a rise in the utilization of renewable sources of energy such as solar and wind energy to meet the additional requirements of power, which is likely to fuel the growth of the global marine propulsion engine market in the years to come. Augmented need for operationally dependable and efficient ships is estimated to result in bolstering demand for the global marine propulsion engine market in the years to come. In addition, growing focus in the rising capacity of diesel engine is estimated to foster growth of the global marine propulsion engine market in near future.
Increased emphasis on expanding the capacity of diesel engine is expected to propel the demand for new generation tankers with improved capacity of large cargo. This is likely to foster growth of the global marine propulsion engine market in the years to come.
Application, propulsion system, power range, fuel type and region are the five key parameters based on which the global marine propulsion engine market has been divided. The objective of such segmentation is to provide a clearer, all-inclusive view of the global marine propulsion engine market.
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Global Marine Propulsion Engine Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global marine propulsion engine market is mentioned below:
- In March 2018, Helsinki based Wärtsilä Oyj Abp, a renowned technology group, acquired U.K based Transas, a leading company in ship and fleet operations solutions. This strategic move is likely to speed up the expansion of Wärtsilä along the path toward the vision of smart marine ecosystem.
Some well-known organizations in the global marine propulsion engine market include the below-mentioned:
- Mitsubishi Motors Corporation
- Mitsubishi Heavy Industries, Ltd.
- Wärtsilä Oyj Abp
- Caterpillar Inc.
- MAN Energy Solutions
- Kawasaki Heavy Industries Ltd
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Global Marine Propulsion Engine Market: Key Trends
The global marine propulsion engine market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Harmful Emission in the Environment to Drive Demand
Depletion of shale gas and conventional gas reserves will increase the demand for liquefied natural gas (LNG), particularly for use as marine fuel. Increased adoption of liquefied natural gas needs a safe area and availability of insulated tanks. This is estimated to drive the demand for larger space for storage. However, increased adoption of many alternative tank arrangements through which liquefied natural gas is put to use is estimated to influence the global marine propulsion engine market.
As nuclear propulsion systems makes foray into the market, it has become a matter of key interest for designers of vessel. Reason for such interest lies in the fact that a tiny percentage of nuclear fuel is tasked with supplying energy to the system. It has also proved to be advantageous for icebreakers whilst making way through frozen waterways in the Arctic region. With the increasing harmful emission of sulphur dioxide (SOx), volatile organic compounds, nitrogen oxide (NOx) and various particulate matter has led to increased focus on renewable source of energy such as solar, water and wind. This factor is estimated to pave way for the expansion of the global marine propulsion engine market in the years to come.
There has been an expansion of the international trade in the recent times, which has led a rise in the bulk of international trade. Sea-borne vessels play an important role in the international trade, thanks to its capability of transporting commodities in bulk over the sea. Increased preference for transportation of goods through ships or other waterborne vessels is primarily driven by the reasonable fuel consumption. This has led to diminished emission of harmful components such as nitrogen oxides, sulfur oxides, carbon monoxide, and carbon dioxide. In comparison with other modes of transport such as trains, trucks, sea-borne vessel are considered a safer option. As such, the there has been a rise in the demand for commercial shipping and its growing importance in seaborne trade is expected to drive the demand for marine propulsion engine in the forthcoming years.
Global Marine Propulsion Engine Market: Geographical Analysis
Asia Pacific is anticipated to observe a rapid growth over the tenure of assessment due to augmented international trade and export from the region. Both India and China has come up as a major hub of business in the region with increased pace of activities in the manufacturing sector. Such increased volume of international business is likely to propel the demand for seaborne vessels in the region.
North America is likely to emerge as another important region in the global marine propulsion engine market. The increasing demand for ships, boats for warfare, fishing, and entertainment is likely to propel the demand in the region.
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