Marine Propulsion Engines Market Growth & Trends
The global marine propulsion engines market size is expected to reach USD 22,218.5 million by 2030 registering a CAGR of 4.4%, according to a new study by Grand View Research, Inc. The increasing trends toward globalization and industrialization owing to the growth of international commerce are likely to increase the adoption of commercial ships to transport various items such as oil, natural gas, mineral ores, and consumer goods to meet global demand. The introduction of nuclear propulsion and the growing popularity of liquefied natural gas is contributing to the market development. Nuclear propulsion offers the advantage of very long intervals of operation before refueling, compared to oil- or coal-fueled ships.
In 2022, Asia Pacific accounted for the largest share of the global marine propulsion engines market. Asia Pacific's output of diesel propulsion has increased over the preceding five years, which is likely to continue to increase over the forecast period. Being dependable, efficient, and affordable primary propulsion and auxiliary power production technique, diesel-powered machinery has developed into the dominant mode of marine propulsion engines. Stringent environmental regulations and limitations of renewable energy sources have led North America to account for a limited market share in the global marine propulsion engines market.
Ongoing government investment in shipbuilding and inland waterways supports strong development in the marine propulsion engines sector. However, the strict environmental regulations and large capital investment needed to set up new industrial facilities are likely to challenge the growth of the market.
COVID-19 has severely affected the world economy and transportation industry by disrupting supply chains and adversely affecting demand. The pandemic caused a significant drop in marine traffic and related activity. It disrupted worldwide trade on an unprecedented scale, causing inefficiencies, delays, and supply chain disruptions. Marine engine production witnessed a slowdown during corona pandemic owing to a decline in shipbuilding activities and the shipyard's declarations of force majeure. The new shipbuilding activities were suspended, and the majority of orders were planned to be fulfilled post COVID-19 restrictions were removed. Additionally, limited access to entering the waterways owing to lockdown regulations imposed during COVID-19 led the ships to remain port stranded and the shipping companies had to bear additional costs to keep their ships in international waters. These factors affected the growth of the market in 2020.
Enquire for customization in Report @https://www.grandviewresearch.com/checkout/select-license/marine-propulsion-engines-market
Marine Propulsion Engines Market Segmentation
Grand View Research has segmented the global marine propulsion engines market based on fuel type, application, power range, and region:
Marine Propulsion Engines Fuel Type Outlook (Revenue, USD Million, 2018 – 2030)
- Heavy Fuel Oil
- Natural Gas
- Other Fuels
Marine Propulsion Engines Application Outlook (Revenue, USD Million, 2018 – 2030)
o General Cargo Ships
o Container Ships
o Bulk Carriers
List of Key Players in Marine Propulsion Engines Market
- Hyundai Heavy Industries Co. Ltd.
- Volvo Penta
- Daihatsu Diesel MFG Co. Ltd.
- General Electric Company
- Yanmar Holdings Co. Ltd
- IHI Power Systems Co. Ltd
- Rolls Royce Plc
- Volkswagen Group (MAN Energy Solution SE)
- Mitsubishi Heavy Industries Ltd
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
Grand View Research
Office No. 705, A Wing, 7th Floor,
Amar Business Zone,
Veerbhadra Nagar, Baner,
Pune, MH, 411045 India
Phone: +91-895-638-0888 (Sales)
Phone: +91-895-638-0891 (HR)