Asia Pacific marine propulsion engine industry accounted for more than 50% of the overall share in 2015, with a revenue generation of more than USD 4.5 billion.
Sellbyville, DE -- (SBWIRE) -- 01/23/2019 -- Marine Propulsion Engine Market is anticipated to grow at 4.3% CAGR to hit USD 13.31 billion by 2024. Major marine propulsion engine products include natural gas, diesel, fuel cell, steam turbine, wind & solar, and gas turbine engines. Wind & solar marine propulsion engine market, which contributed over 3.5 % of the overall revenue in 2015, is expected to grow at a rate of 5.9% over 2016-2024. The growth can be credited to favorable government policies supporting the product applications in shipping industry due to its eco-friendly nature. Diesel propulsion engine market price worth USD 6 billion in 2015, is expected to register a CAGR of 4.2% over the coming eight years.
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Asia Pacific marine propulsion engine industry accounted for more than 50% of the overall share in 2015, with a revenue generation of more than USD 4.5 billion. China and South Korea are the prominent revenue contributors. These countries have been investing heavily in regional marine propulsion engine market, thereby augmenting APAC market share. Moreover, favorable government initiatives for the development of solar & wind energy powered products in the region will also drive the market demand.
Industry Growth drivers:
1 Rising demand for operationally-dependable and efficient ships
2 Introduction of nuclear propulsion engines
3 Rising LNG prominence
4 Growing prefrence for non-conventional energy sources
North America market is expected to witness a significant growth over the coming eight years owing to the large use of LNG as a marine or ship fuel. U.S. is predicted to be a key revenue contributor of the region.
Growing demand for operationally consistent and fuel efficient ships is expected to increase global marine propulsion engine market size over the coming years. Increasing use of renewable sources of energy such as wind energy, solar energy etc., for enhancing efficiency and reducing carbon emissions is projected to promote industry growth in near future.
The growth can be attributed to rapid advancements in various technologies such as fuel injection technology, firing pressures, brake mean effective pressure, and turbo charging efficiency. Gas turbine propulsion market share worth USD 900 million in 2015, is anticipated to witness a high surge over 2016-2024 due to accelerated sprint operation mode provided by these turbines. They also find extensive applications in naval and defense sectors. Fuel cell propulsion market is predicted to witness a substantial growth over the coming years as the product offers high growth potential for ship impulsion and can boost the performance of low-powered auxiliary impulsion machinery. Furthermore, high demand for electric transmission is predicted to increase the use of fuel cells over the next few years.
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Key marine propulsion engine industry participants are likely to focus on research and development activities to come up with environmentally sustainable and economical technologies. Notable market players include Mitsubishi, MAN Diesel & Turbo, Wärtsilä, Volvo Penta, Hydraulic Marine Systems, Caterpillar, Exxon Mobil Corp, Yamaha, Sinopec, Hydrosta BV, and Cummins.
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