Acumen research and consulting estimates that the global marine propulsion systems market is anticipated to reach market size of around US$ 12,000 Mn by 2027 and is anticipated to grow at a CAGR of around 3% in terms of revenue during the forecast period 2020 – 2027.
The demand of marine propulsion engines is gaining major momentum by driving the world's most large container ships. Over time, foreign trade has expanded enormously due to the cost-effectiveness of maritime transport. A fast, cleaner and fuel efficient engines are needed in the market for marine propulsion engines. The International Maritime Organization (IMO) has drawn up a new law that the sulfur level in marine fuel has fallen to 0.5%, compared with 3.5%. It is expected that this latest law will slash ship emissions by 77%. This has culminated in low-sulphur fuels like Marine Gas Oil by ship-owners and has motivated the need to electrify sea ships.
Market Insights
Global markets are increasing substantially and the foreign exchange is rising. Seaborne ships perform an significant part in foreign commerce by aiding in the shipment of bulk goods. The use of ships to carry commercial goods has several benefits, the most prominent being fuel consumption. In addition, this leads to a reduction in CO2 levels, CO2 emissions, arsenic oxides and nitrogen oxides. Furthermore, ships would be deemed a better option, since there are limited risks of serious crashes relative to lorries and trains. The growth, along with the rise of developed countries in ships construction and related operations, of commercial shipping demand and value for seaborne trading would therefore boost demand for marine propulsion motors during the forecast period.
IMO 2020 compliant fuels, alternate fuels and electrifications
IMO 2020 intends for ship oils to reduce sulphur from 3.5% to 0.5%. Ships must move to low-sulfur alternatives, including Marine gas oil (0.1% to 1% of sulfur), Marine diesel oil (0.1% to 1.5% of sulfur), Low-sulphur fuel oils (0.55% of very-low sulphur fuel oil (VLSFO) and 0.10% of Ultra-low sulphur fuel oil (ULSFO)), among others. For ships with double generators, methanol can be used as substitute gasoline. While methanol represents nearly 0 percent of SOx emissions, high greenhouse gases can be generated. Methanol, because of its low energy content, is a corrosive fuel that requires more room to transport. In the rail, passenger and ferries market, methanol provides a strong potential prospect.
Growing Requirement for Water Transport to Push Marine Propulsion Systems Market Forward
One of the key factors contributing to the growth of the marine propulsion systems market is anticipated to be the growing use of heavy duty ships for logistic transportation, especially following a rapid growth in the e-commerce industry. High development is also anticipated in post-market services like repair and servicing due to the ongoing maintenance needs of heavy duty engines. The demand of marine propulsion systems is also projected to dramatically improve the increasing maritime security requirements of countries around the world. The fact that shipping by sea is not always possible for international shipping is becoming important for trade as a transport option. However, higher shipping costs of air freight are projected to lead in the short term to the development of marine shipping and the demand for marine propulsion systems.
Europe, the USA, and Asia-Pacific, owing to its good infrastructure and proximity to high levels of technological competence within these countries, are projected to be the main suppliers of the marine propulsion systems. The North American demand for maritime propulsion systems is projected to grow at a slightly higher pace as the number of millionaires and billionaires is dramatically expanded by over 100 percent over the next five years. The rising demographic of incredibly rich people is expected to buy luxury yachts and vessels, thereby improving the North American maritime propulsion systems. One of the key reasons contributing significantly to the markets of marine propulsion systems across Asia Pacific and North America are the steady increase in modernization and foreign trade due to comparatively decreased marine transport costs in comparison to air transport systems.
Key Players
Major players included in this report are Volvo Penta, Wärtsilä, Man Energy Solutions, Rolls Royce, Caterpillar, GE Transportation, Cummins, Dresser-Rand Group, John Deere, Brunswick Corporation, and others. In order to satisfy the globally negotiated requirements, continuing R&D, product growth, inventions and partnerships foster industry developments. Manufacturers participate in M&As and partnerships to create opportunities with regional and global vendors. In addition, key players in the sector emphasize retroactively applied technology , which enables quality standards to be preserved and the business landscape to achieve a competitive benefit.
The global marine propulsion systems market is segmented as below:
Market Segmentation
Marine Propulsion Systems Market By Product
Diesel
Wind & Solar
Gas Turbine
Fuel Cell
Steam Turbine
Natural Gas
Others
Marine Propulsion Systems Market By Power
Below 1,000 HP
1,001-5,000 HP
5,001-10,000 HP
10,001-20,000 HP
Above 20,000 HP
Marine Propulsion Systems Market By Technology
Low Speed
Medium Speed
High Speed
Marine Propulsion Systems Market By Propulsion
2 Stroke
4 Stroke
Marine Propulsion Systems Market By Application
Passenger
Commercial
Defense
Marine Propulsion Systems Market By Geography
North America
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Marine Propulsion Engines
1.1. Definition and Scope
1.1.1. Definition of Marine Propulsion Engines
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Marine Propulsion Engines Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Marine Propulsion Engines Market By Power Source
1.2.3. Marine Propulsion Engines Market By Application
1.2.4. Marine Propulsion Engines Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Marine Propulsion Engines Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Marine Propulsion Engines Market
3.7. Value Chain Analysis
3.8. Cost Structure Analysis
3.8.1. Proportion of Manufacturing Cost Structure
3.8.1.1. Raw Material
3.8.1.2. Labor Cost
3.8.1.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2019
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2019
4.2. R&D Status and Application Source of Marine Propulsion Engines Major Manufacturers in 2019
CHAPTER 5. Marine Propulsion Engines Market By Power Source
5.1. Introduction
5.2. Marine Propulsion Engines Revenue By Power Source
5.2.1. Marine Propulsion Engines Revenue (US$ Mn) and Forecast, By Power Source, 2016-2027
5.2.2. Diesel Propulsion
5.2.2.1. Diesel Propulsion Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3. Gas Turbine Propulsion
5.2.3.1. Gas Turbine Propulsion Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.4. Steam Turbine Propulsion
5.2.4.1. Steam Turbine Propulsion Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.5. Wind & Solar Propulsion
5.2.5.1. Wind & Solar Propulsion Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.6. Fuel Cell Propulsion
5.2.6.1. Fuel Cell Propulsion Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.7. Natural Gas
5.2.7.1. Natural Gas Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.8. Others
5.2.8.1. Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6. Marine Propulsion Engines Market Revenue By Application
6.1. Introduction
6.2. Marine Propulsion Engines Revenue (US$ Mn) By Application
6.2.1. Marine Propulsion Engines Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
6.2.2. Cargo or Container Ship
6.2.2.1. Cargo or Container Ship Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3. Tanker
6.2.3.1. Tanker Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.4. Bulk Carrier
6.2.4.1. Bulk Carrier Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.5. Offshore Vessel
6.2.5.1. Offshore Vessel Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.6. Passenger Ship
6.2.6.1. Passenger Ship Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.7. Others
6.2.7.1. Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7. North America Marine Propulsion Engines Market By Country
7.1. North America Marine Propulsion Engines Overview
7.2. U.S.
7.2.1. U.S. Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016-2027
7.2.2. U.S. Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
7.3. Canada
7.3.1. Canada Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016-2027
7.3.2. Canada Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
7.4. North America PEST Analysis
CHAPTER 8. Europe Marine Propulsion Engines Market By Country
8.1. Europe Marine Propulsion Engines Market Overview
8.2. U.K.
8.2.1. U.K. Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016-2027
8.2.2. U.K. Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.3. Germany
8.3.1. Germany Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016-2027
8.3.2. Germany Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.4. France
8.4.1. France Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016-2027
8.4.2. France Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.5. Spain
8.5.1. Spain Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016-2027
8.5.2. Spain Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.6. Rest of Europe
8.6.1. Rest of Europe Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016-2027
8.6.2. Rest of Europe Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.7. Europe PEST Analysis
CHAPTER 9. Asia Pacific Marine Propulsion Engines Market By Country
9.1. Asia Pacific Marine Propulsion Engines Market Overview
9.2. China
9.2.1. China Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
9.2.2. China Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.3. Japan
9.3.1. Japan Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
9.3.2. Japan Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.4. India
9.4.1. India Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
9.4.2. India Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.5. Australia
9.5.1. Australia Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
9.5.2. Australia Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.6. South Korea
9.6.1. South Korea Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
9.6.2. South Korea Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.7. Rest of Asia-Pacific
9.7.1. Rest of Asia-Pacific Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
9.7.2. Rest of Asia-Pacific Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
9.8. Asia Pacific PEST Analysis
CHAPTER 10. Latin America Marine Propulsion Engines Market By Country
10.1. Latin America Marine Propulsion Engines Market Overview
10.2. Brazil
10.2.1. Brazil Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
10.2.2. Brazil Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.3. Mexico
10.3.1. Mexico Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
10.3.2. Mexico Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.4. Rest of Latin America
10.4.1. Rest of Latin America Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
CHAPTER 11. Middle East & Africa Marine Propulsion Engines Market By Country
11.1. Middle East & Africa Marine Propulsion Engines Market Overview
11.2. Saudi Arabia
11.2.1. Saudi Arabia Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
11.2.2. Saudi Arabia Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.3. UAE
11.3.1. UAE Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
11.3.2. UAE Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.4. Rest of Middle East & Africa
11.4.1. Rest of Middle East & Africa Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Power Source, 2016 - 2027
11.4.2. Rest of Middle East & Africa Marine Propulsion Engines Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
CHAPTER 12. PLAYER ANALYSIS OF STROKE MANAGEMENT
12.1. Marine Propulsion Engines Market Company Share Analysis
12.2. Mergers And Acquisition In Global Marine Propulsion Engines Market
CHAPTER 13. COMPANY PROFILE
13.1. Caterpillar
13.1.1. Company Snapshot
13.1.2. Business Overview
13.1.3. Financial Overview
13.1.3.1. Revenue (US$ Mn), 2019
13.1.3.2. Caterpillar 2019 Marine Propulsion Engines Business Regional Distribution
13.1.4. Product/ Service and Specification
13.1.5. Manufacturing Plant Footprint Analysis
13.2. Cummins Inc.
13.3. Daihatsu Diesel Mfg. Co. Ltd.
13.4. Fairbanks Morse Engine
13.5. General Electric Company
13.6. Hyundai Heavy Industries Co., Ltd.
13.7. MAN Diesel & Turbo
13.8. Masson-Marine
13.9. Mitsubishi Heavy Industries, Ltd.
13.10. Others