Marine Propulsion Market to Exceed USD 10.4 billion in 2031 | Expanding at a CAGR of 5.3% says, Transparency Market Research Inc
Transparency Market Research
Updated 6 min read
Transparency Market Research
As a consequence, there is a higher demand for fuel-efficient marine propulsion systems. The increase in the number of marine ships involved in diverse operations, both locally and globally, further adds to the expansion of the marine propulsion industry.
Wilmington, Delaware, United States, June 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industry was estimated to be worth US$ 10.4 billion. It is expected to increase at a 5.3% CAGR from 2023 to 2031, reaching US$ 16.6 billion by 2031.
The global marine propulsion market is expanding at a steady rate. The increase in inter-state, intra-state, and cross-border trade is driving up the need for marine ships. Ferries play an important part in public transportation systems. They provide direct transportation between sites at a lesser cost than other types of transportation. This increases the demand for efficient maritime propulsion solutions.
The increased use of ferries for transportation in coastal waterways is expected to provide attractive prospects for vendors in the worldwide marine propulsion business. A total of 78,000 fleets are employed globally for a variety of operational operations ranging from the delivery of consumer products and crude oil to the transportation of lifesaving pharmaceuticals.
Fuel Type, Engine Type, Power Rating, Market Type, Vessel Type
Regions Covered
North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Companies Covered
Cummins Inc., Caterpillar Inc., General Electric, BAE Systems, Siemens, Wärtsilä, MAN Energy Solutions, AB Volvo, Rolls-Royce Plc, Yanmar Co., Ltd., HHI Engine & Machinery, Mitsubishi Electric Corporation
Competitive Landscape of Marine Propulsion Market
Transparency Market Research has profiled the following players in its global Marine Propulsion market report: Cummins Inc., Caterpillar Inc., General Electric, BAE Systems, Siemens, Wärtsilä, MAN Energy Solutions, AB Volvo, Rolls-Royce Plc, Yanmar Co., Ltd., HHI Engine & Machinery, and Mitsubishi Electric Corporation.
GE Marine signed a license deal with TUSAS Engine Industries, Inc. (TEI), situated in Eskisehir, Turkey, in April 2023. The deal names TEI as the in-country service provider for GE's LM2500 maritime gas turbines' service, repairs, and overhaul. This involves the capacity to maintain GE gas turbines now utilized by Turkish Naval Forces, Turkish exporting ships, and a number of global navies using the LM2500.
Thoma-Sea Marine Constructors granted Siemens Energy a contract in November 2021 to provide power, propulsion, management systems, and battery storage solutions for two study vessels.
OEMs are concentrating on building more suitable engines with renewable fuels including green ammonia, hydrogen, and LNG. The increased emphasis on fuel efficiency and the growing demand for sustainable propulsion systems are significant drivers driving market expansion.
The maritime sector faces a significant challenge in reducing fuel usage and carbon emissions. Several research and development activities have been undertaken in order to create the perfect green ship. From renewable/alternative energy sources to architectural changes, the industry has constantly updated its technology for a more sustainable kind of shipping.
Sulfur content in marine fuels employed by ocean-going boats in international seas is now limited to 0.5% by weight under new International Maritime Organization (IMO) regulations. This represents a drop from the previous global limit of 3.5% set in 2012. The shift is anticipated to have far-reaching consequences for the shipping industry and refineries in the United States and around the world.
The market is gaining traction and is expected to grow at a CAGR of 4.5% in Asia Pacific over the forecast period.
The 20,000 KW power segment is gaining traction and is expected to grow at a CAGR of roughly 5.1% throughout the projected period.
In 2022, the Marine Diesel Oil segment is estimated to account for more than 75% of the worldwide market.
In 2022, Europe held a 20% share of the global market.
Marine Propulsion Market: Prominent Drivers and Trends
The Liquefied Natural Gas (LNG) fuel type category is expected to dominate the marine propulsion market over the coming years, based on the most current market developments. When compared to traditional maritime fuels, LNG has enormous ecological advantages. Because they are powered by electricity, hybrid, and all-electric vessels can help reduce pollution. Thus, strict government restrictions to reduce emissions are expected to drive the industry's trajectory throughout the projection period.
The IMO's goals for reducing emissions can be accomplished by innovative design employing ammonia as a substitute fuel. Ammonia fuel would be widely commercialized in 2037, and it would be the primary fuel source for new ships by 2042.
Marine Propulsion Market: Regional Analysis
According to the most recent marine propulsion industry prediction, Asia Pacific will account for the majority of the market from 2023 to 2031. In the area, China and India are important markets for marine propulsion.
The increase in industry export activity is propelling Asia Pacific market dynamics. Furthermore, countries with strategically beneficial sea-locked locations, such as Indonesia, Singapore, and Panama, account for a sizable portion of the global fleet. These areas benefit from advantageous geographic locations that facilitate important trade activity and shipping routes that pass through their waterways.
The European market is likely to expand rapidly in the foreseeable future. The presence of multiple fleets in Germany, the United Kingdom, Denmark, and Sweden is improving regional market figures.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
