New York, May 11, 2023 (GLOBE NEWSWIRE) -- Consegic Business Intelligence has published a new research report title Global Marine Propulsion Engine Market Size, Share & Trends Analysis, By Type (Optimized Propulsion Systems, Hybrid Marine Propulsion Systems, and Others), Fuel Type (Dual Fuel and Diesel), Power Range (Below 1,000 kW, 1,000 to 10,000 kW, 10,000 to 20,000 kW, and Above 20,000 kW), Application (Product & Chemical Tanker, LNG Carrier & Bunkering, Crude Oil Tanker, Passenger, Tug, and Others), and By Region, Forecast Period 2023 – 2030.
The global Marine Propulsion Engine market was valued at USD 15,983.71 Million in 2022, and it is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.1%, reaching USD 23,255.16 Million by the year 2030. This estimation is based on a comprehensive analysis of the market's historical and current trends, industry dynamics, and macro-economic factors that are expected to impact the market's growth during the forecast period.
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The marine propulsion system is used to generate the force for the movement of marine crats through the water. The system comprises of various components including marine propulsion engines, propellers, vessels, and others. Marine propulsion system is operated by diesel type engines or dual fuel type engines. Additionally, marine propulsion systems are classified into several types including hybrid marine propulsion system, optimized marine propulsion system, gas turbine propulsion system, nuclear propulsion system, and others.
Moreover, marine propulsion system operates by applying the force on surrounding water to move the marine craft. Marine propulsion system has wide application in transportation of natural resources and other materials over shorter as well as longer distances. Also, marine propulsion engines have wide applications in crude oil tankers, chemical tankers, carriers, passenger, military industry, and others.
Furthermore, rising demand of high power and high-performance engines for heavy load capacity vessels is driving the growth of marine propulsion engine market. The technological developments in marine propulsion system are promoting the growth of marine propulsion engine market. For instance, MAN L+V51/60DF (DE) propulsion engine offered by Man Se (Man Diesel & Turbo), comprises of in-house core technologies to create the dual fuel marine propulsion engine.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 23,255.16 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.1% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Hyundai Heavy Industries Co. Ltd, Yanmar Co. Ltd., Caterpillar, Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., Man Se (Man Diesel & Turbo), Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Scania, ABB, Hercules Electric Marine, Fiarbanks Morse Engine, Nigata Power Systems Co. Ltd., Masoon Marine, DNV Maritime |
| By Type |
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| By Fuel Type |
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| By Power Range |
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| By Application |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
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Key Market Highlights
- The Global Marine Propulsion Engine Market size is estimated to exceed USD 23,255.16 Million by 2030 and grow at a CAGR of 5.1% during the forecast period (2023-2030).
- Globally, Marine Propulsion Engine are divided based on the type into Optimized Propulsion Systems, Hybrid Marine Propulsion Systems, and Others.
- In the context of Fuel Type, the market is separated Dual Fuel and Diesel.
- On the basis of Power Range, the market is categorized into Below 1,000 kW, 1,000 to 10,000 kW, 10,000 to 20,000 kW, and Above 20,000 kW.
- On the basis of application, the market is classified into Product & Chemical Tanker, LNG Carrier & Bunkering, Crude Oil Tanker, Passenger, Tug, and others.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of rising developments in import and export facilities in Marine Propulsion Engine.
Global Marine Propulsion Engine Market Growth Drivers:
The rising demand of high-performance engines for heavy load transportation is driving the growth of marine propulsion engine market
The increasing demand of propulsion system due to reduced emission rate is driving the growth of marine propulsion engine market. Additionally, the rising demand for high performance engines for heavy load transportation for shorter as well as longer distance is propelling the growth of marine propulsion engine market. Moreover, increasing adoption of advanced technologies including implementation of electric equipment is promoting the growth of marine propulsion engine market.
Restraints:
High initial implementation cost is hampering the growth of marine propulsion engine market
The high initial installation cost and increased energy conversion loss for propulsion systems are hindering the growth of marine propulsion engine market. Additionally, strict environmental regulations are limiting the growth of the marine propulsion engine market.
Opportunity:
Implementation of advanced technologies will create growth opportunities for marine propulsion engine market
The implementation of advanced technologies including utilization of nanoparticles to reduce NOx formation will strengthen the growth opportunities for marine propulsion engine market. Additionally, reduction of fuel injection time will improve the engine performance results to strengthen the growth opportunities for marine propulsion engine market.
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Global Marine Propulsion Engine Market Segmentation Details:
Based on Type, the Hybrid Marine Propulsion Systems segment contributed the largest shares to the market growth in 2022. The increasing adoption of hybrid marine propulsion engines due to reduced emission properties and flexible operation profiles, is driving the growth of hybrid marine propulsion systems segment in marine propulsion engine market. Additionally, marine vessels for high load capacities are adopting hybrid marine propulsion system resulting to propel the growth of hybrid marine propulsion system segment in marine propulsion engine market.
Based on Fuel Type, Diesel segment holds major market share for the year 2022 in marine propulsion engine market. The benefits including cost effectiveness and easy availability associated with diesel are driving the growth of diesel segment in marine propulsion engine market. Additionally, diesel engines are easy to operate with low maintenance cost. Therefore, increasing demand for diesel due to availability and cost effectiveness is driving the growth of diesel type fuel segment in marine propulsion engine market.
Based on Power Range, above 20,000 kW power range segment accounted for the major market share in the year 2022 due to rising demand of high-power solution for high load capacity vessels. Additionally, increasing demand of high-performance engines for the transportation of materials over longer distance is propelling the growth of above 20,000 kW power range segment in marine propulsion engine market.
Based on Application, crude oil tanker segment accounted for largest market share in marine propulsion engine market for the year 2022. The rising adoption of marine propulsion system for the crude oil transportation is driving the growth of crude oil tanker segment in marine propulsion engine market.
Based on region, Asia Pacific accounted for the largest market in the year 2022 valued at USD 6,238.44 million with CAGR of 5.4% for marine propulsion engines market. The developments in import and export facilities are driving the growth of marine propulsion engines market in Asia Pacific region. Additionally, rising maritime trade activities are promoting the growth of marine propulsion engines market in Asia Pacific region.
Recent Development:
- In September 2022, DNV Maritime and Daewoo Shipbuilding & Marine Engineering (DSME) collaborated to introduce energy efficient wind assisted propulsion technology.
List of Major Global Marine Propulsion Engine Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
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- Hyundai Heavy Industries Co. Ltd
- Yanmar Co. Ltd.
- Caterpillar
- Cummins Inc.
- Daihatsu Diesel Mfg. Co. Ltd.
- Man Se (Man Diesel & Turbo)
- Mitsubishi Heavy Industries Ltd.
- Rolls-Royce Plc
- Scania
- ABB
- Hercules Electric Marine
- Fiarbanks Morse Engine
- Nigata Power Systems Co. Ltd.
- Masoon Marine
- DNV Maritime
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Global Marine Propulsion Engine Market Segmentation:
- By Type
- Optimized Propulsion Systems
- Hybrid Marine Propulsion Systems
- Others
- By Fuel Type
- Dual Fuel
- Diesel
- By Power Range
- Below 1,000 kW
- 1,000 to 10,000 kW
- 10,000 to 20,000 kW
- Above 20,000 kW
- By Application
- Product & Chemical Tanker
- LNG Carrier & Bunkering
- Crude Oil Tanker
- Passenger
- Tug
- Others
Key Questions Covered in the Marine Propulsion Engine Market Report
- What are Marine propulsion Engines?
- Marine Propulsion System is referred as technology used to generate thrust to propel marine crafts on water. The propulsion devices, including engines, propellers, and others, apply force on the surrounding water to develop reaction force on the craft to push the craft ships in desired direction. The marine propulsion system is used to transport goods including natural resources, consumer supplies, and others from one port to another.
- Competitive analysis on key market players gaining market shares?
- The competitive analysis of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. The competitive analysis is based on Business Overview, Business Financials (USD Million), Product Category, Type, and Specification, Main Business/Business Overview, Geographical Analysis, Recent Development, and Swot Analysis of the key market players.
- SWOT analysis of key market players operating in the region?
- The SWOT analysis of the key market players has been analyzed on the basis of parameters including Strengths, Weaknesses, Opportunities, and Threats of the major market players.
- PESTLE analysis of Marine Propulsion Engines market report.
- The PESTLE analysis of Marine Propulsion Engine Market comprises of Political Factors, Economic Factor, Social Factors, Technological Factor, Environmental Factors, and Legal Factor. For instance, environmental factors including strict environmental regulations associated with the marine environment.
- What specific segmentation details are covered in Marine Propulsion Engine market report, and how do each dominating segment is influencing the demand globally?
- As aforementioned, each dominating segment is influencing the demand globally due to growing demand of propulsion system. Moreover, increasing adoption of propulsion system for maritime is accounted for driving the marine propulsion engines market.
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