Global Marine Propulsion Engine Market | Future Growth, Competitive Analysis and Forecast 2027
Marine Propulsion Engine Market Overview:
The Marine Propulsion Engine market analysis provides a comprehensive picture of the competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Marine Propulsion Engine Market, as well as the causes for variances in the industry’s growth in various places.
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Marine Propulsion Engine Market size is expected to reach nearly US$ 40.66 Mn. by 2027 with a CAGR of 2.79% during the forecast period.
Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Drivers:
Due to the growing demand for ships that are both operationally reliable and economically efficient, the marine propulsion engines market is likely to be significantly modernised. By developing electric motors that also improve energy efficiency, the shipping industry has started to place a greater emphasis on reducing the consumption of fossil fuels. The demand for dependable and fuel-efficient ships is anticipated to be the primary growth factor for the marine propulsion engine market.
The demand for marine propulsion engines is expected to increase as more auxiliary power requirements are met by renewable energy sources like solar and wind energy. The global marine industry’s need for larger diesel engines to power next-generation tankers with large cargo holding capacities will grow.
Segmentation:
Based on the mode of propulsion, the population of marine propulsion engines is divided into diesel propulsion, wind and solar propulsion, gas turbine propulsion, fuel cell propulsion, steam turbine propulsion, natural gas, and others.
In the maritime industry over the previous ten years, diesel propulsion technology has dominated the propulsion landscape. The creation of propulsion systems that use alternative fuels and produce little pollution has become increasingly important as technology develops and environmental conservation is becoming more widely understood. Significant improvements in braking mean effective pressure, firing pressures, fuel injection technology, and turbo-charging efficiency have significantly reduced fuel oil consumption in medium-speed four-stroke marine propulsion engines.
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Key Players:
The entire procedure comprises a review of the financial records of the important market participants. Following an evaluation of the total market size, the market was divided into many divisions and sub-segments, which were confirmed by key industry professionals such as CEOs, VPs, directors, and marketing executives. The biggest players in the Marine Propulsion Engine market are as follows:
• Hyundai Heavy Industries
• Caterpillar
• MAN SE
• Mitsubishi Heavy Industries
• Volvo Penta
• Rolls-Royce
• Cummins
• Wartsila
• GE Transportation
• Deutz AG
• AB Volvo
• BAE Systems Plc
• Beta Marine Ltd.
• General Electric Co.
• Yanmar Holdings Co. Ltd.
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Regional Analysis:
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Marine Propulsion Engine market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Marine Propulsion Engine Market:
Due to a break in operations, end-user sectors where Marine Propulsion Engine are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Marine Propulsion Engine manufacturers, affecting the development of the Marine Propulsion Engine market in 2020. End-user business demand for Marine Propulsion Engine has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Marine Propulsion Engine Market Report are:
- Which segment had the largest share in the Marine Propulsion Engine market in 2020?
- What is the competitive landscape of the Marine Propulsion Engine market?
- Which are the key drivers aiding the Marine Propulsion Engine market growth?
- Which region has the maximum share in the Marine Propulsion Engine market?
- What will be the CAGR of the Marine Propulsion Engine market during the forecast period (2021-2027)?
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