DUBLIN--(BUSINESS WIRE)--The "Marine Propulsion Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global marine propulsion engine market reached a value of US$ 36.7 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 42.9 Billion by 2027, exhibiting a CAGR of 2.64% during 2021-2027.
Companies Mentioned
- AB Volvo
- Caterpillar Inc.
- Cummins Inc.
- Fairbanks Morse
- Hyundai Heavy Industries Group
- Man SE (Volkswagen Group)
- Masson Marine
- Mitsubishi Heavy Industries Ltd.
- Rolls-Royce Plc
- Wartsila Oyj Abp
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A marine propulsion engine burns fuel and enables ships to move across the water. It comprises a piston, valves, towers, casings, bearings, bedplates, crankcases, crankshafts, flywheels, generators, transformers, gearboxes, control panels, rotor blades, electrical controls, and cylinder blocks and liners. It has generators that supply electric power to motors and can operate on heavy fuel or diesel oil. Nowadays, it is widely utilized in modern merchant ships and offshore support vessels as prime movers across the globe.
The rising international trade on account of the increasing globalization and industrialization is escalating the demand for container ships to transport a variety of products, such as oil, natural gas, mineral ores and consumer products. This represents one of the major factors bolstering the global marine propulsion engine market growth.
Moreover, the increasing focus on reducing fossil fuel consumption and improving energy efficiency is escalating the adoption of marine electric propulsion engines worldwide. Apart from this, the advent of nuclear propulsion and the growing preference for liquefied natural gas (LNG) are further contributing to the market growth.
Besides this, advancements in technology and the rising environmental awareness are resulting in the utilization of alternate fuels, such as bio-methane and algal oils, to run marine propulsion engines with minimal exhaust gas emissions.
Moreover, the market players are focusing on enhancing the efficiency of marine propulsion engines to increase the cargo holding capacity of new-generation tankers, which is anticipated to fuel the market growth.
Key Questions Answered in This Report:
- How has the global marine propulsion engine market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global marine propulsion engine market?
- What are the key regional markets?
- What is the breakup of the market based on the engine type?
- What is the breakup of the market based on the power source?
- What is the breakup of the market based on the power range?
- What is the breakup of the market based on the vessel type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global marine propulsion engine market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Marine Propulsion Engine Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Engine Type
7 Market Breakup by Power Source
8 Market Breakup by Power Range
9 Market Breakup by Vessel Type
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/mw1fbs
