The
Global Marine Propulsion Engines Market is expected to reach USD 10.95 billion
by 2020, according to a new study by Grand View Research, Inc. Significant
modernization in marine propulsion as a direct consequence of increased demand
for operationally dependable and financially efficient ships is expected to
drive the marine propulsion engines market. The shipping industry has started
to focus more on reducing fossil fuel consumption by developing electric motors
which also help increase energy efficiency.
The
market is expected to be hindered by regulations of the International
Convention for the Prevention of Pollution from Ships (MARPOL), which apply
principally to the protection of the marine environment and prevention of
contamination by oil, chemical spills, sewage, marine species, and air
pollution by engine exhaust gases. With the advancement in technology and
increasing awareness pertaining to environmental conservation, development of
propulsion systems that run on alternate fuels and with minimal emissions has
garnered special importance.
Although
wind and solar energy have gained prominence as auxiliary propulsion sources in
the marine propulsion engines market, they are inadequate to suffice the power
requirements for primary propulsion purposes.
In depth research report on Marine Propulsion
Engines Market
Further key findings from the study suggest:
·
High reliability and easy
operability have resulted in diesel engines being the most extensively used to
meet the primary as well as auxiliary ship propulsion needs in the marine
industry. Presence of well-established spare part and repair networks globally
coupled with availability of trained engineers and established training
facilities has further driven the diesel marine propulsion engines demand.
·
Depleting conventional and
shale gas reserves have led to the increase in the demand for liquefied natural
gas (LNG) as a marine fuel which involve dual fuel diesel (DFD) engines as
prime movers. Wind energy and solar energy have gained prominence as auxiliary
power generating sources as they do not emit harmful pollutants. Although steam
turbine systems were traditionally used as prime movers, they have been increasingly
substituted by diesel and dual fuel diesel (DFD) engines. Steam marine
propulsion engines are still used in niche applications such as coal carriers
and LNG carriers.
·
Asia Pacific accounted for a
substantial share of the overall marine propulsion engines market revenue in
2013, which can be attributed to significant investments by countries in the
Far East such as China and South Korea. North America is among the highest
adopters of LNG as a propulsion medium.
·
Leading marine propulsion
engines manufacturers such as Wärtsilä, Rolls-Royce, MAN Diesel, Caterpillar,
and Cummins adopt global multi-sourcing strategies to explore alternative
sources of supply. Marine propulsion engines manufacturers have dedicated
professional sales staff having expertise in the company’s entire product lines
for identifying specific and tailored solutions. The marine propulsion engines
market is characterized by frequent mergers and acquisitions in a bid to
achieve competitive advantage.
For
the purpose of this study, Grand View Research has segmented the global marine
propulsion engines market on the basis of product and region:
Marine Propulsion Engines Product Outlook (Revenue,
USD Million, 2012 - 2020)
·
Diesel Propulsion
·
Wind & Solar Propulsion
·
Gas Turbine Propulsion
·
Fuel Cell Propulsion
·
Steam Turbine Propulsion
·
Natural Gas
·
Others
Marine Propulsion Engines Regional Outlook (Revenue,
USD Million, 2012 - 2020)
·
North America
·
EMEA
·
Asia Pacific
·
RoW
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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