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Marine Propulsion Engine Market - Growth, Trends, and Forecast (2019 - 2024)

  • ID: 4622383
  • Report
  • 60 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Caterpillar
  • Cummins Inc.
  • Rolls-Royce Plc
  • Scania
  • Wartsila
  • Yanmar Co., Ltd.
  • MORE
Market Overview

The Marine Propulsion Engine Market is expected to register a CAGR of 4.8%, during the forecast period, 2019-2024.

Marine propulsion engine market is gaining significant traction on the grounds of powering the world’s most massive ships that transport cargo worldwide. Over time, there has been tremendous growth in international trade through marine transportation due to its cost-effectiveness. Accordingly, there is a high demand for fuel-efficient ships, which is expected to propel the marine propulsion engine market. Marine propulsion refers to the mechanism which generates the required thrust for driving the marine objects. The propulsion engines used in these marine vessels are a fascinating piece of machinery which are undergoing rapid development and product up gradation for energy efficiency and high performance.

The growing international trade through marine transportation due to its cost-effectiveness is fueling the demand for commercial ships, which in turn, is propelling the marine propulsion engine market. Along with that, the increasing focus of the defense sector in many countries to strengthen their maritime security and sea-based defense is fueling the growth of the marine industry.

Scope of the Report

The global marine propulsion engine market has been segmented by engine type, ship type, and geography.

Key Market Trends

Increasing Demand for Passenger Ships

Ocean cruise passenger traveling rate has been increasing considerably yearly. In 2018, nearly 27 million global ocean cruise passengers sailed to various destinations across the world, a 10% increase over 2016. Driven by nine new ocean-going vessels with 32,000 lower berths and an investment of USD 7.4 billion launched in 2018, the record passengers had the world as their gangway with nearly 1,000 ports.

The demand for cruising increased by 20.5% in the last five years. Nearly USD 125 billion in total economic impact and 1 million jobs paying USD 41 billion in wages and salaries were generated by the global cruise industry in 2016.

In 2018, Rolls Royce Holdings began offering its own battery-powered ship engines in a move to meet the upcoming demand from all-electric vessels. While the maritime demand for lithium-ion batteries is focused on providing top-up power for traditional diesel and gas-turbine ships, the technology can propel fully electric craft over a limited range.

Asia-Pacific - Leading the Market

The Asia-Pacific region holds the largest market share in the marine propulsion engine market, and it is anticipated to maintain its dominance throughout the forecast period. This is mainly because of key countries, like China, Japan, and South Korea, which have become manufacturing powerhouses that are heavily dependent on external trade. China is already the world’s largest exporter and would naturally require a greater number of commercial ships, thus having a positive impact on the demand for marine propulsion engines. The increase in the demand for boats, ships, yacht for trade, entertainment, fishing, warfare, and public safety is expected to fuel the market studied in the coming years.

China is rigorously grooming an autonomous fleet and started building a huge test field for autonomous ships of the South China Sea, the coast of Guangdong province, in the first quarter of 2018. A logistics firm under the Hainan province-based conglomerate HNA Group has set up an unmanned cargo ship development alliance to advance autonomous shipping.

In order to compete within the autonomous technology space in China, European developers are working on similar technology and are planning to commercialize it by 2030. A maritime engineering firm, MacGregor, and engine maker, Rolls-Royce, signed an MoU in 2017 to explore the ways that autonomous technology can help ship navigation and cargo systems on container ships.

On the contrary, China is simultaneously working on commercializing all-electric ships. In 2018, it was unveiled that all electric cargo ships were able to carry 2,200 metric ton of cargo with every haul. The distance covered was 50 miles, traveling at a top speed of 8 miles per hour on a single charge.

Competitive Landscape

Some of the major players in the market include Caterpillar, MAN Diesel & Turbo, Rolls-Royce, Mitsubishi Heavy Industries, Cummins, Wärtsilä, and Hyundai Heavy Industries.
  • June 2018: Scania has signed an agreement to provide a range of marine engines to French supplier, Nanni to help extend its engine manufacturing in the marine industry.
  • June 2018: Wartsila will provide the engines, propellers, and control system for a new hopper dredger being built by Damen. Wartsila will prepare the engines ready for use with IMO Tier III compliant selective catalytic reduction technology to reduce emissions.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Caterpillar
  • Cummins Inc.
  • Rolls-Royce Plc
  • Scania
  • Wartsila
  • Yanmar Co., Ltd.
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Current Market Scenario
4.2 Technology Trends
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.5 Market Restraints

5 MARKET SEGMENTATION
5.1 By Engine Type
5.1.1 Diesel Engine
5.1.2 Gas Turbine
5.1.3 Natural Engine
5.1.4 Others
5.2 By Ship Type
5.2.1 Cargo
5.2.2 Tanker
5.2.3 Bulk Carrier
5.2.4 Offshore Vessel
5.2.5 Passenger Ship
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United States
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 Brazil
5.3.4.2 Other Countries

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Caterpillar
6.2.2 Cummins Inc.
6.2.3 Daihatsu Diesel Mfg. Co., Ltd.
6.2.4 Hyundai Heavy Industries Co., Ltd
6.2.5 MAN SE (Man Diesel & Turbo)
6.2.6 Mitsubishi Heavy Industries, Ltd.
6.2.7 Rolls-Royce Plc
6.2.8 Scania
6.2.9 Wartsila
6.2.10 Yanmar Co., Ltd.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown
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  • Caterpillar
  • Cummins Inc.
  • Daihatsu Diesel Mfg. Co., Ltd.
  • Hyundai Heavy Industries Co., Ltd
  • MAN SE (Man Diesel & Turbo)
  • Mitsubishi Heavy Industries, Ltd.
  • Rolls-Royce Plc
  • Scania
  • Wartsila
  • Yanmar Co., Ltd.
Note: Product cover images may vary from those shown
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