Ocean View, DE -- (SBWIRE) -- 06/26/2020 -- As per the report, APAC marine propulsion engine market size is estimated to register a CAGR of 4.8% over 2016-2024. China and South Korea are projected to be the major growth avenues. Asia Pacific held a considerable share in the marine propulsion engine market in 2015 and had a valuation of USD 4.5 billion. Rising investments in R&D, technological developments, and government initiatives towards adoption of clean energy are some of the factors anticipated to fuel APAC market demand.
Marine Propulsion Engine market to reach USD 13.3 billion by 2024, registering a CAGR of 4.3% over 2016-2024. High emphasis on improving diesel engine capacity of the ships with large cargo carrying capability is predicted to boost the industry trends over the next few years. Today, shipping industry is largely focusing on developing new type of electric motors which will improve fuel efficiency and reduce environmental pollution.
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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.
The demand for the powerful engines in the shipping industry has been fulfilled by the introduction of supertankers. The currently used nuclear propulsion technology delivers more cargo space without refueling due to decreased demand for fuel bunkers, which further aids in transporting large volumes of shipment in a go. Thistrend towards utilization of unconventional energy sources is likely to supplement marine propulsion market share over the analysis period.
The adoption of solar power as auxiliary power source with the help of photovoltaic cells to generate electricity defines the future of propulsion systems. Power derived from wind is free from exhaust pollutants and favorable government investments and incentives offered to develop renewable energy sources-powered products may support marine propulsion engine market growth. In 2015, solar & wind segment accounted for more than 3% of the industry revenue share and is forecast to register a CAGR of 6% over 2016-2024.
The shipping industry manufacturers are focusing on reducing fossil fuel consumption by developing electric motor-driven ships. The replacement of traditional motors with electric motors is not only resulting in faster operations but is also increasing energy efficiency. With the adoption of electric transmission, usage of fuel cells will increase massively on account of its high performance characteristics in low-power machinery and auxiliary propulsion.
With growing demand for larger cargo holding capacity containers and surging requirement for enhancedrf engine capacities, rapid innovation and development initiatives are being undertaken by the marine propulsion engine market players. Depletion of shale and conventional gas reserves has diverted the focus towards LNG (Liquefied Natural Gas) as marine fuel. The demand for LNG is growing for use in reciprocating engines due to its effective combustion capabilities. Adoption of LNG also falls in line with regulatory norms for pollution control. The rising environmental concerns andgeneration of green hydrogen using renewable energymay also trigger adoption of the technology.
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In 2015, diesel propulsion engines generated a revenue of over USD 6 billion and is forecast to register appreciable growth rate of around 4.2% over the analysis period. This significant growth rate can be attributed to major improvements in various technologies including turbo-charging efficiency, fuel injection technology, brake mean effective pressure, firing pressures, etc.
Table of Contents (ToC) of the report:
Chapter 4. Marine Propulsion Engine Product Insights
4.1. Marine propulsion engine market share by product, 2015 & 2024
4.2. Diesel Propulsion
4.2.1 Market estimates and forecast, 2013 - 2024
4.2.2 Market estimates and forecast, by region, 2013 - 2024
4.3. Wind & Solar Propulsion
4.3.1 Market estimates and forecast, 2013 - 2024
4.3.2 Market estimates and forecast, by region, 2013 - 2024
4.4. Gas Turbine Propulsion
4.4.1 Market estimates and forecast, 2013 - 2024
4.4.2 Market estimates and forecast, by region, 2013 - 2024
4.5. Fuel Cell Propulsion
4.5.1 Market estimates and forecast, 2013 - 2024
4.5.2 Market estimates and forecast, by region, 2013 - 2024
4.6. Steam Turbine Propulsion
4.6.1 Market estimates and forecast, 2013 - 2024
4.6.2 Market estimates and forecast, by region, 2013 - 2024
4.7. Natural Gas
4.7.1 Market estimates and forecast, 2013 - 2024
4.7.2 Market estimates and forecast, by region, 2013 - 2024
4.8. Others
4.8.1 Market estimates and forecast, 2013 - 2024
4.8.2 Market estimates and forecast, by region, 2013 - 2024
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