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 report 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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