Global marine propulsion engine market is estimated to reach $15 billion by 2024 from $10 billion in 2016; growing at a CAGR of 4.6% from 2016 to 2024. There are the several driving factors of the market such as growing investments, increasing international trade opportunities and rising demand for renewable energy sources. However, high investment cost and strict rules over gas emission would restrain the growth of the market. Furthermore, rising investments by defence sector and introduction of biofuel & synthetic fuel are the major opportunities of the market.
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Key segments of the global marine propulsion engine market are ship type, power source and geography. Bulk carrier, offshore vessels, passenger ships, tanker, cargo ship and others are the key sub segments of the ship type segment. In 2016, cargo ships sub segment has highest market share of 32.8%, followed by tanker with 19.2%. Moreover, power source segment has been further sub-segmented into diesel, steam turbine, natural gas, gas turbine and others.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global marine propulsion engine market. In 2016, Asia-Pacific region accounted for the highest market share of 42.1%, and is expected to dominate the market with fastest CAGR during the forecast period 2016-2024. Additionally, Europe had accounted for the second largest market with 26.1% in 2016.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the marine propulsion engine market are Mitsubishi Heavy Industries, Ltd., Caterpillar, Wartsila, Daihatsu Diesel Mfg. Co. Ltd., Cummins, Inc., Hyundai Heavy Industries Co. Ltd., MAN Diesel & Turbo, Scania, Yanmar Co. Ltd., and Rolls-Royce plc., among others.
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