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Global Marine Propulsion Engine Market growing at a CAGR of 5.1% from 2023 to 2030

Category : Automotive Services | Published Date : May 2023

Key Market Overview

The global marine propulsion engine market is expected to grow from USD 15,983.71 Million in 2022 to USD 23,255.16 Million by 2030 growing at a CAGR of 5.1%.

The report highlights the increasing demand for high-performance engines and increasing investments in marine propulsion systems. Consegic Business Intelligence provides an inclusive research report on the medium voltage switchgear market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.

Marine propulsion engine market By Overview

Marine Propulsion Engine Market

The report analyses significant segments such as type, fuel type, power range, application, and region, to identify emerging trends and potential opportunities. The type segment is expected to grow due to the increasing demand for efficient engine systems that possess reduced emission property. The hybrid engines combine both combustion engines with battery power to optimize the efficiency and reduce emission. Moreover, optimized propulsion system is expected to grow during the forecast period due to its high optimization features.

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Market Dynamics

Driver:

 

  • The increasing demand of high-performance engines and increasing investments in marine propulsion system is driving the growth of the market.
  • The growing improvements in propulsion system for marine transportation are propelling the growth of marine propulsion engines market.
  • The rising adoption of marine propulsion systems for crude oil transportation is accelerating the growth of the market.

 

Restraints:

  • The high setup cost and maintenance costs of the marine propulsion engine market is limiting the growth of the market.
  • Strict government regulations for marine environment are hindering the growth of marine propulsion engines market.

Market Segmentation:

Report Attributes Report Details
By Type Optimized Propulsion Systems, Hybrid Marine Propulsion Systems, and Others
By Fuel Type Dual Fuel and Diesel
By Power Ranger Below 1,000 kW, 1,000 to 10,000 kW, 10,000 to 20,000 kW, and Above 20,000 kW
By Application Product & Chemical Tanker, LNG Carrier & Bunkering, Crude Oil Tanker, Passenger, Tug, and Others
By Geography North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Competitive Landscape :

According to a recent report by Consegic Business Intelligence, the marine propulsion engine market is expected to witness significant growth in coming years due to the growing adoption of marine routes for trade purposes. The market is dominated by certain major companies such ABB, Caterpillar, Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., Fiarbanks Morse Engine, Hercules Electric Marine, and Hyundai Heavy Industries Co. Ltd. have a strong market position in current market circumstances. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in marine propulsion engine are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.

  • ABB
  • Caterpillar
  • Cummins Inc.
  • Daihatsu Diesel Mfg. Co. Ltd.
  • Fiarbanks Morse Engine
  • Hercules Electric Marine
  • Hyundai Heavy Industries Co. Ltd
  • Man Se (Man Diesel & Turbo)
  • Masoon Marine
  • Mitsubishi Heavy Industries Ltd.
  • Nigata Power Systems Co. Ltd.
  • Rolls-Royce Plc
  • Scania
  • Yanmar Co. Ltd.