Marine Propulsion Engine Market by Type and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR44856
Technavio

Purchase this report now and if we publish a new version within 90 days, we will send you a free copy.

Safe and Secure SSL Encrypted
  • 2500.00
  • USD

The marine propulsion engine market share is expected to increase by USD 1.34 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 3.87%.

This marine propulsion engine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers marine propulsion engine market segmentation by type (diesel and gas) and geography (APAC, Europe, North America, MEA, and South America). The marine propulsion engine market report also offers information on several market vendors, including AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Wartsila Corp., and Yanmar Holdings Co. Ltd. among others.

What will the Marine Propulsion Engine Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Marine Propulsion Engine Market Size for the Forecast Period and Other Important Statistics

 

Marine Propulsion Engine Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increase in maritime trade and fleet size is notably driving the marine propulsion engine market growth, although factors such as MARPOL regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine propulsion engine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Marine Propulsion Engine Market Driver

International seaborne trade is witnessing health growth year over a yearly basis. Emerging countries in Asia exhibit the highest demand for seaborne trading. The demand for goods and raw materials is also rising from emerging economies owing to the increasing population in these countries. This is increasing the need for building cargo ships or containers or bulkers, which are large in size. The larger size of the shipping vessels is critical in achieving better trade efficiency. The large size of vessels has a direct impact on the growth of the volume of goods that are ferried in one trip. Such growth in seaborne trade and an increase in the number of marine vessels are leading to an increase in carbon emissions. The increasing focus on reducing marine emissions and stringency in emission regulations is leading to an increase in the adoption of marine vessels with low carbon emissions, such as gas turbine propulsion. Such factors are expected to positively impact the global marine propulsion engine market during the forecast period.

Key Marine Propulsion Engine Market Trend

With the advent of automation technology and digital analytics, marine propulsion engine manufacturers are focusing on the development of intelligent propulsion systems. Future engines will be an integral part of the integrated and intelligent propulsion system that efficiently meets IMO Tier-III/EPA Tier 4 requirements for a marine engine. OEMs expect that there will be a significant increase in the integration of automation and digital analytics in the future to produce engines that will be compliant with various standards, providing proper compliance documentation. Engines as well as propellers, which are integral parts of an intelligent propulsion system, are expected to undergo design enhancements based on computational fluid dynamics, power management, engine optimization units, and marine asset intelligence. 

Key Marine Propulsion Engine Market Challenge

The most significant international regulation that governs and addresses issues related to marine pollution is the International Convention on the Prevention of Pollution from Ships or MARPOL. Annex VI of the MARPOL convention deals with air pollution caused by marine vessels, which has regulated limits on nitrous oxide emissions. Sea-going vessels must strictly adhere to these limits and, thus, must use fuel with lower sulfur content (maximum of 1%) to protect the environment. Such requirements are also defined in the North American Emission Control Area (ECA), which applies to ships operating in the US waters and within 200 nautical miles along the North American coastline, including Canada. Meeting all these regulations can be quite challenging for manufacturers of marine propulsion engines, as it would involve reworking their design and technology to ensure compliance. Some types of regulations would result in an increase in capital costs. Hence, these regulations tend to affect the overall market adversely.

This marine propulsion engine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

The growth in the global industrial machinery market will be driven by factors such as growing industrial output leading to capacity additions in process and discrete industries, rising seaborne trade activities, and implementation of new technologies. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the marine propulsion engine market during the forecast period.

Who are the Major Marine Propulsion Engine Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AB Volvo
  • BAE Systems Plc
  • Beta Marine Ltd.
  • Caterpillar Inc.
  • Cummins Inc.
  • General Electric Co.
  • Mitsubishi Heavy Industries Ltd.
  • Rolls-Royce Plc
  • Wartsila Corp.
  • Yanmar Holdings Co. Ltd.

 

This statistical study of the marine propulsion engine market encompasses successful business strategies deployed by the key vendors. The marine propulsion engine market is fragmented and the vendors are introducing products with new features and innovative technologies to compete in the market.

Product Insights and News

  • AB Volvo - The company offers marine propulsion engine products under the brand name Penta IPS.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The marine propulsion engine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Marine Propulsion Engine Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the marine propulsion engine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the industrial machinery market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Aftermarket and service
  • Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Marine Propulsion Engine Market?

For more insights on the market share of various regions Request for a FREE sample now!

69% of the market’s growth will originate from APAC during the forecast period. China, South Korea (Republic of Korea), and Japan are the key markets for marine propulsion engines in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

The increasing investments in the shipbuilding sector will facilitate the marine propulsion engine market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The market in the region witnessed certain challenges due to the COVID-19 pandemic in 2020. Moreover, the prevailing trade tensions between the US and China reduced the number of maritime exports from China to the US. Such factors led to a reduction in maritime investments, thereby negatively impacting the regional market in focus last year. However, operations in various industries restarted gradually by the end of 2020 with a limited capacity while maintaining social distancing norms. This is expected to stabilize the growth of the regional market during the forecast period.

What are the Revenue-generating Type Segments in the Marine Propulsion Engine Market?

To gain further insights on the market contribution of various segments Request for a FREE sample

The marine propulsion engine market share growth by the diesel segment will be significant during the forecast period. Diesel is the most widely used fuel type by the marine sector for propulsion engines onboard. It costs lesser than any other form of fuel, and hence, has widespread popularity and acceptance.

This report provides an accurate prediction of the contribution of all the segments to the growth of the marine propulsion engine market size and actionable market insights on post COVID-19 impact on each segment.

 

Marine Propulsion Engine Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 3.87%

Market growth 2021-2025

$ 1.34 billion

Market structure

Fragmented

YoY growth (%)

2.85

Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 69%

Key consumer countries

China, South Korea (Republic of Korea), Japan, Germany, and US

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Wartsila Corp., and Yanmar Holdings Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request for a FREE sample

What are the Key Data Covered in this Marine Propulsion Engine Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive marine propulsion engine market growth during the next five years
  • Precise estimation of the marine propulsion engine market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the marine propulsion engine industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of marine propulsion engine market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Read More Read Less

Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Diesel - Market size and forecast 2020-2025
    • Gas - Market size and forecast 2020-2025
    • Market opportunity by Type

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • AB Volvo
      • BAE Systems Plc
      • Beta Marine Ltd.
      • Caterpillar Inc.
      • Cummins Inc.
      • General Electric Co.
      • Mitsubishi Heavy Industries Ltd.
      • Rolls-Royce Plc
      • Wartsila Corp.
      • Yanmar Holdings Co. Ltd.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The marine propulsion engine market growth will increase by $472.47 million during 2019-2024.
      The marine propulsion engine market is expected to grow at a CAGR of 1.34% during 2019-2024.
      Technavio has segmented the marine propulsion engine market by type (Diesel and Gas) and geographic (APAC, Europe, North America, MEA, and South America).
      AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Wartsila Corp., Yanmar Holdings Co. Ltd. are a few of the key vendors in the marine propulsion engine market.
      APAC will register the highest growth rate of 77.12% among the other regions. Therefore, the marine propulsion engine market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      • China
      • South Korea (Republic of Korea)
      • Japan
      • Germany
      • US
      The key factors driving the marine propulsion engine market growth are:
      • Increase in maritime trade and fleet size
      The marine propulsion engine market vendors should focus on grabbing business opportunities from the diesel segment as it accounted for the largest market share in the base year.
      Safe and Secure SSL Encrypted
      Technavio

      Single User:

      2500 USD

      Technavio Get the report (PDF) sent to your email within minutes.

      Subscribe & Save

      Get lifetime access to our
      Technavio Insights

      Want to customize this report?

      This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.

      We offer $1000 worth of FREE customization at the time of purchase
      Technavio
      Enquire Before Buying
      1. Home
      2. Industrials
      3. Published Report
      17,000 reports available | Plans starting from just 5,000 USD | Get FREE trial>>