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The global marine propulsion engine market exhibited moderate growth during 2015-2020. A marine propulsion engine burns fuel and enables ships to move across the water. It comprises a piston, valves, towers, casings, bearings, bedplates, crankcases, crankshafts, flywheels, generators, transformers, gearboxes, control panels, rotor blades, electrical controls, and cylinder blocks and liners. It has generators that supply electric power to motors and can operate on heavy fuel or diesel oil. Nowadays, it is widely utilized in modern merchant ships and offshore support vessels as prime movers across the globe.
The rising international trade on account of the increasing globalization and industrialization is escalating the demand for container ships to transport a variety of products, such as oil, natural gas, mineral ores and consumer products. This represents one of the major factors bolstering the global marine propulsion engine market growth. Moreover, the increasing focus on reducing fossil fuel consumption and improving energy efficiency is escalating the adoption of marine electric propulsion engines worldwide. Apart from this, the advent of nuclear propulsion and the growing preference for liquefied natural gas (LNG) are further contributing to the market growth. Besides this, advancements in technology and the rising environmental awareness are resulting in the utilization of alternate fuels, such as bio-methane and algal oils, to run marine propulsion engines with minimal exhaust gas emissions. Moreover, the market players are focusing on enhancing the efficiency of marine propulsion engines to increase the cargo holding capacity of new-generation tankers, which is anticipated to fuel the market growth. Looking forward, IMARC Group expects the global marine propulsion engine market to grow at a CAGR of 3.5% during 2021-2026.
IMARC Group provides an analysis of the key trends in each sub-segment of the global marine propulsion engine market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, engine type, power source, power range and vessel type.
Breakup by Engine Type:
Breakup by Power Source:
Breakup by Power Range:
Breakup by Vessel Type:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being AB Volvo, Caterpillar Inc., Cummins Inc., Fairbanks Morse, Hyundai Heavy Industries Group, Man SE (Volkswagen Group), Masson Marine, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc and Wärtsilä Oyj Abp.
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