Published on : May 31, 2016
ALBANY, New York, May 31, 2016: The report analyzes the market by stating its current value, size, market performance and statistics. According to the report, the global marine propulsion engine market will expand at a 4.2% CAGR from 2016 to 2020.
A marine propulsion engine generates thrust to move a ship or boat across water. Most of the modern ships are propelled by mechanical systems Marine steam engines were the first mechanical engines used for marine propulsion. With time, steam engines were replaced by two-stroke, four-stroke, and other gas turbine engines. The use of LNG as a fuel in marine propulsion engines is gaining preference due to its low emissions of harmful gases and cost effectiveness as compared to diesel engines.
Consistent modernization in marine propulsion engines is a straight consequence of the high demand for financially efficient and operationally effective ships that are also dependable. As the focus within the marine engine industry rises on reducing fossil fuel usage, more engines and electric motors are being developed to offer increased energy efficiency. The emphasis is more on developing propulsion systems that can run on alternative fuels. With advancements in technology, engines with minimal emissions are being created, keeping the environment in mind.
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The global marine propulsion engine market is expected to be fueled by the rising international trade activities through water transportation. This is leading to a high demand for commercial ships, ultimately boosting the marine propulsion engines market. The emerging trend of defense globalization that is driving nations to focus on sea-based defense and their maritime security is causing the naval shipbuilding industry to expand. This, in turn, is fueling the demand for marine propulsion engines. However, the market is expected to be hindered by the various regulations regarding the protection of the marine environment and prevention of contamination due to oil and chemical spills, sewage, and air pollution caused by the exhaust gases from marine engines.
The global marine propulsion engine market is segmented on the basis of product into diesel propulsion, gas turbine propulsion, and others. Out of these, the diesel propulsion engine segment dominated the market in 2015 and is expected to expand at a 4.0% CAGR between 2016 and 2020. The high efficiency of diesel propulsion engines is expected to be the reason behind the growth of the segment. However, with strict environmental norms and concerns regarding diesel engines, the shipbuilding industry will soon shift to alternatives such as gas engines.
Some of the key vendors operating in the global marine propulsion engine market that have been studied in the report are: Rolls-Royce, Mitsubishi Heavy Industries, Hyundai Heavy Industries, Caterpillar, Cummins, MAN Diesel & Turbo, and Wrtsil.
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