Marine Propulsion Market Driven by Increase in International Seaborne Trading

Published Date : Jun 19, 2018

ALBANY, New York, June 19, 2018 – The prestigious repository of research reports at announces the addition and availability of a freshly compiled business intelligence study on the global marine propulsion market. As per the estimations of the report, the global market for marine propulsion was worth US$12.0 billion as of 2017, and has projected the demand to expand at a CAGR of 4.0% during the forecast period of 2018 to 2026. The analyst of the report has highlighted that the shipping industry heavily depends on marine vessels for both cross border and inland trade activities. As of now, more than half of the operational marine fleet are using diesel-based propulsion engines, although the shift towards green energy and hybrid solutions is expected to hinder the market.

Growing demand for commercial vessels owing to increase in seaborne trading and growing demand for pleasure vessels are some of the key factors driving the demand in the marine propulsion market. On the other hand, strict emission norms for diesel-engine, slow progress of the oil industry, and remanufacturing or emergence of low cost engines are some of the challenges curtailing the progress of this market. That being said, rising demand for hybrid fuel engines is expected to pave way to new opportunities in this market.

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The report, titled “Marine Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026,” has been developed by experts of the field. The study is a summation of figurative evaluations and estimations on the profitability of the marine propulsion market over the course of the next eight years. Compiled using proven market research methodologies and under the guidance of experts of the industry, the report aspires to aid in critical business decision making of its targeted audiences such as marine engine manufacturers, ship-building companies, marine engines ancillary parts suppliers, government and industry associations, and investment and consulting firms. The report includes a number of insightful chapters: executive summary to briefly highlight market’s key aspects, segments it on the basis of propulsion type, transport, power rating, and RPM, and examines potential of demand that can be expected out of various important countries and regions.

Based on propulsion type, the market has been segmented into full electric, gas turbine, diesel, renewable, fuel cell, nuclear, and hybrid, whereas transportation mode bifurcation of the market has been done into inland waterways including passenger ships, goods transport ships, fishing boats, and pleasure boards or water sports, coastal and cross border waterways, fishing vessels, cruise, tugboats, and defense vessels. Geographically, while North America and Europe are currently generating the most prominent bulk of demand, Asia Pacific is expected to emerge as a highly lucrative region.

Caterpillar Inc., Cummins Inc., BAE Systems, Rolls Royce Plc., AB Volvo Penta, Wärtsilä Corporation, Niigata Power Systems Co., Ltd., Masson-Marine S.A.S., Fairbanks Morse Engine, GE, MAN Diesel & Turbo SE, STEYR MOTORS GmbH, and Torqeedo GmbH. are some of the notable players in the global marine propulsion market.

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