Global Marine Propulsion Engine Market size, published by Variant Market Research, forecast that the global market was valued at $10 billion in 2016 and expected to reach $15 billion by 2024; growing at a CAGR of 4.6% from 2016 to 2024. In geographical segments, Asia-Pacific and North America are expected to grow at a CAGR of 4.8% and 4.5%, respectively, over the forecast period 2016 – 2024.
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Rising International Trade among Various Countries Will Drive The Global Marine Propulsion Engine Market
Global marine propulsion engine market trends are increasing funds & fast technical innovations, growing demand for crude oil, rising international trade among various countries, and growing focus on renewable energy resources due to reduction of conventional reserves. Though, strict rules & policies over the growing greenhouse gases & marine contamination may hinder the growth of the marine propulsion engine industry. Moreover, increasing funds for defense sector to support their coastline security and importance of the utilization of renewable energy resources, biofuel & synthetic fuels would provide growth opportunities during the forecast period.
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The global marine propulsion engine market has been segmented into power source, ship type and geography. Power source segment includes gas turbine, natural gas, diesel, steam turbine, and others. Furthermore, the ship type segment comprises cargo ship, bulk carrier, passenger ships, offshore vessels, tanker, and other ship types.
Diesel power source dominated the market with highest market share
In power source segment, diesel held the largest market share in 2016, while, natural gas is projected to grow at a fastest CAGR over the forecast period 2016-2024.
Asia-Pacific is expected to dominated the market with largest market share from 2016 to 2024
North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. Asia-Pacific held the largest market share in 2016 and it is expected to be predominant in the market during the forecast period 2016-2024, owing to increase in the number of import and export trades among countries.
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The key players operating in the global marine propulsion engine market are Caterpillar, Rolls-Royce plc., Wartsila, Hyundai Heavy Industries Co. Ltd., Cummins, Inc., MAN Diesel & Turbo, Mitsubishi Heavy Industries, Ltd., Scania, Yanmar Co. Ltd., and Daihatsu Diesel Mfg. Co. Ltd., among others.
Scope of Marine Propulsion Engine Market
Power Source Segments
• Gas Turbine
• Steam Turbine
• Natural Gas
Ship Type Segments
• Passenger Ships
• Cargo Ship
• Bulk Carrier
• Offshore Vessels
• North America
o South Korea
o South America
o Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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