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.
Browse full research report on Marine Propulsion Engines
Market: http://www.grandviewresearch.com/industry-analysis/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.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
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
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-marine-propulsion-engines-market
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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