Pune, Maharashtra -- (SBWire) -- 10/27/2023 --According to HTF Market Intelligence, the Global Marine Propulsion Engines market to witness a CAGR of 2.63% during the forecast period (2023-2029). The Latest Released Marine Propulsion Engines Market Research assesses the future growth potential of the Marine Propulsion Engines market and provides information and useful statistics on market structure and size.
This report aims to provide market intelligence and strategic insights to help decision-makers make sound investment decisions and identify potential gaps and growth opportunities. Additionally, the report identifies and analyses the changing dynamics and emerging trends along with the key drivers, challenges, opportunities and constraints in the Marine Propulsion Engines market. The Marine Propulsion Engines market size is estimated to increase by USD 45.53 billion at a CAGR of 2.63% from 2023 to 2029. The report includes historic market data from 2023 to 2029. The market value is pegged at USD 36.04 billion.
The Major Players Covered in this Report: MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (Japan), Caterpillar (United States), GE Power (United States), Hyundai Heavy Industries (South Korea), Cummins (United States), Yanmar (Japan), Rolls-Royce (United Kingdom), MTU Aero Engines (Germany), DEUTZ (Germany), WinGD (Switzerland), Siemens Energy (Germany), Fairbanks Morse (United States), Wabtec (GE Transportation) (United States), Isotta Fraschini Motori (Italy), CNPC Jichai Power Company Limited (China), Bergen Engines (Norway), Doosan Infracore (South Korea), Mahindra Powerol (India), Others
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Definition:
Marine propulsion engines are specialized engines designed for the primary purpose of powering and propelling watercraft, such as ships, boats, and submarines. These engines are responsible for generating the necessary thrust or propulsion force required to move the vessel through water. Marine propulsion engines come in various types and configurations, including diesel engines, gas turbines, electric motors, and more. The choice of propulsion system depends on the specific needs and requirements of the vessel, considering factors such as size, speed, efficiency, and environmental considerations.
Market Trends:
Liquid Natural Gas (LNG) has gained popularity as a more environmentally friendly alternative to traditional marine fuels.
LNG-powered engines emit fewer greenhouse gases and pollutants, making them an attractive choice for shipowners looking to meet stricter emission standards.
Market Drivers:
Fuel costs are a major expense for shipping companies. As a result, there is a strong economic incentive to develop and adopt more fuel-efficient propulsion systems that can reduce operational costs and increase the competitiveness of vessels.
Market Opportunities:
The automation of marine vessels is a growing opportunity.
This involves not only autonomous navigation systems but also the development of propulsion systems optimized for unmanned or remotely controlled operations.
Market Leaders & Development Strategies: On 30 July 2023, Korea Shipbuilding & Offshore Engineering Co., Ltd. agreed to acquire a 22.85% stake in STX Heavy Industries Co., Ltd. from Pt 2 Limited for KRW 39.1 billion.Three major regulatory issues are having a significant impact on the marine propulsion engine market. First, to reduce pollution from ships, strict environmental rules are driving the development of cleaner, more fuel-efficient engines, as shown by the IMO's MARPOL Annex VI. Second, to improve ship safety, strict safety requirements like the IMO's SOLAS are encouraging the development of more reliable and secure propulsion engines. Finally, to satisfy these evolving demands, more fuel-efficient marine propulsion engines are being developed in response to increasing fuel efficiency standards, particularly in the European Union.
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The titled segments and sub-sections of the market are illuminated below:
In-depth analysis of Marine Propulsion Engines market segments by Types: Diesel, Heavy Fuel Oil, Natural Gas, Other
Detailed analysis of Marine Propulsion Engines market segments by Applications: Commercial, General Cargo Ships, Container Ships, Bulk Carriers, Tankers, Others, Defense, Destroyers, Frigates, Submarines, Corvettes, Aircraft Carriers, Offshore Patrol Vessels, Other, Passenger
Major Key Players of the Market: MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (Japan), Caterpillar (United States), GE Power (United States), Hyundai Heavy Industries (South Korea), Cummins (United States), Yanmar (Japan), Rolls-Royce (United Kingdom), MTU Aero Engines (Germany), DEUTZ (Germany), WinGD (Switzerland), Siemens Energy (Germany), Fairbanks Morse (United States), Wabtec (GE Transportation) (United States), Isotta Fraschini Motori (Italy), CNPC Jichai Power Company Limited (China), Bergen Engines (Norway), Doosan Infracore (South Korea), Mahindra Powerol (India), Others
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
- The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
- North America (United States, Mexico & Canada)
- South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
- Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
- Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
Objectives of the Report:
- -To carefully analyse and forecast the size of the Marine Propulsion Engines market by value and volume.
- -To estimate the market shares of major segments of the Marine Propulsion Engines market.
- -To showcase the development of the Marine Propulsion Engines market in different parts of the world.
- -To analyse and study micro-markets in terms of their contributions to the Marine Propulsion Engines market, their prospects, and individual growth trends.
- -To offer precise and useful details about factors affecting the growth of the Marine Propulsion Engines market.
- -To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Marine Propulsion Engines market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
The market is segmented by Global Marine Propulsion Engines Market Breakdown by Application (Commercial, General Cargo Ships, Container Ships, Bulk Carriers, Tankers, Others, Defense, Destroyers, Frigates, Submarines, Corvettes, Aircraft Carriers, Offshore Patrol Vessels, Other, Passenger) by Fuel Type (Diesel, Heavy Fuel Oil, Natural Gas, Other) by Power Range (0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, Above 20,000 HP) and by Geography (North America, South America, Europe, Asia Pacific, MEA).
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Key takeaways from the Marine Propulsion Engines market report:
– Detailed consideration of Marine Propulsion Engines market-particular drivers, Trends, constraints, Restraints, Opportunities, and major micro markets.
– Comprehensive valuation of all prospects and threats in the
– In-depth study of industry strategies for growth of the Marine Propulsion Engines market-leading players.
– Marine Propulsion Engines market latest innovations and major procedures.
– Favourable dip inside Vigorous high-tech and market latest trends remarkable the Market.
– Conclusive study about the growth conspiracy of Marine Propulsion Engines market for forthcoming years.
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Major highlights from Table of Contents:
Marine Propulsion Engines Market Study Coverage:
- It includes major manufacturers, emerging player's growth story, and major business segments of Marine Propulsion Engines market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
- Marine Propulsion Engines Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
- Marine Propulsion Engines Market Production by Region Marine Propulsion Engines Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Key Points Covered in Marine Propulsion Engines Market Report:
- Marine Propulsion Engines Overview, Definition and Classification Market drivers and barriers
- Marine Propulsion Engines Market Competition by Manufacturers
- Marine Propulsion Engines Capacity, Production, Revenue (Value) by Region (2023-2029)
- Marine Propulsion Engines Supply (Production), Consumption, Export, Import by Region (2023-2029)
- Marine Propulsion Engines Production, Revenue (Value), Price Trend by Type {Diesel, Heavy Fuel Oil, Natural Gas, Other}
- Marine Propulsion Engines Market Analysis by Application {Commercial, General Cargo Ships, Container Ships, Bulk Carriers, Tankers, Others, Defense, Destroyers, Frigates, Submarines, Corvettes, Aircraft Carriers, Offshore Patrol Vessels, Other, Passenger}
- Marine Propulsion Engines Manufacturers Profiles/Analysis Marine Propulsion Engines Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
- Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
Major questions answered:
- What are influencing factors driving the demand for Marine Propulsion Engines near future?
- What is the impact analysis of various factors in the Global Marine Propulsion Engines market growth?
- What are the recent trends in the regional market and how successful they are?
- How feasible is Marine Propulsion Engines market for long-term investment?
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