Increase in production & sales of ships globally, rise in international seaborne trade, and increase in demand for resources such as crude oil, coal, steel, and iron from developing countries drive the growth of the global marine propulsion engine market. Based on region, Asia-Pacific accounted for majority of revenue in 2015, and is expected to maintain its dominance.
According to the report published by Allied Market Research, the global marine propulsion engine market generated $9.0 billion in 2015, and is projected to reach $12.0 billion by 2022, growing at a CAGR of 4.1% from 2016 to 2022. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Eshan Hira, a Research Analyst, Automotive & Transportation at Allied Market Research, stated, “Marine propulsion engine is a machine, which provides power to ships to move across the water. Adoption rate of alternative fuel propulsion system is high as compared to conventional diesel propulsion system, owing to their advantages such as low CO2 emission, flexibility, and significant NVH performance. Moreover, increase in carbon footprint has fueled the demand for natural gas and fuel cell marine propulsion engine. Asia-Pacific holds the significant share in market due to growth in shipbuilding industry in China & South Korea.”
The report offers detailed segmentation of the global AI in Fintech market based on power source, ship type, and region.
Based on power source, the market is divided into diesel, gas turbine, natural gas, and others (steam turbine, renewable energy, hybrid, and fuel cell). In 2015, diesel propulsion engine accounted for the largest revenue, and is anticipated to maintain its dominance throughout the forecast period.
Based on ship type, the market is categorized into cargo or container ship, tanker, bulk carrier, offshore vessel, passenger ship, and others (tugs & service ships). In 2015, cargo or container ship accounted for the largest market share.
Based on region, Asia-Pacific accounted for majority of revenue in 2015, and is expected to maintain its dominance, followed by Europe and North America.
Key players in the marine propulsion engine market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy. The major players profiled in this report include Caterpillar, Cummins Inc., Rolls-Royce Plc, Wrtsil, MAN Diesel & Turbo, Hyundai Heavy Industries Co., Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Scania, YANMAR CO., LTD., DAIHATSU DIESEL MFG.CO., LTD., Nigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine, and General Electric Company.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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