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Marine Propulsion Market Recent Trends, Future Growth, Insights, Share and Forecasts

Marine Propulsion Market – Snapshot

Marine propulsion is a mechanism or system used to generate thrust to move a ship or boat across water. The setup of a propulsion system depends on the vessel size, transport system, and type of operation. Diesel electric propulsion system is employed in specialized vessels such as offshore support vessels and some cruise vessels. Coastal waterways constitutes major share of the marine propulsion market.

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Offshore support vessels primarily use diesel oil during diving, crane, or other critical operations. Engines of offshore support vessels can operate on either heavy fuel oil or diesel oil. Diesel propulsion system is a commonly used marine propulsion system that converts mechanical energy from thermal forces. Diesel propulsion system is employed in almost all types of transports such as inland waterways and coastal waterways. These engines can operate on either heavy fuel oil or diesel oil.

Rise in investments in marine propulsion systems owing to increase in global seaborne trade

Marine ecosystems have become a viable route due to the year-on-year increase in cross-border trading activities. Demand for marine propulsion systems in inland as well as coastal/cross-border waterways has risen significantly. Growth in trade via the marine route and increase in demand for fuel-efficient systems are expected to propel the demand for marine propulsion systems in the next few years. Investment influx in the development of existing shipping facilities across the world is also driving the market for marine propulsion Rise in cross-border trade activities through marine sub-waters is likely to boost the demand for marine propulsion systems in the near future.

Volatility in prices of crude oil coupled with stringent regulations related to marine fuel emissions would cause diesel-based marine propulsion to lose share

Diesel is the preferred fuel for marine transport. Its price is directly proportional to the price of crude oil. Volatility in prices of crude oil has resulted in a switch from diesel to other propulsion systems. The relatively low price of natural gas and LNG compared to diesel in North America and Europe has attracted investments in LNG infrastructure in these regions.

Thus, diesel-based marine propulsion system is projected to lose share during the forecast period owing to the shift toward cleaner fuel and efficient marine propulsion systems. Hybrid and renewable power based new/converted marine fleet is likely to expand at a higher growth rate during the forecast period.

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Developments & innovations in terms of product and technology in marine propulsion market

In January 2018, Fairbanks Morse Engine, an EnPro Industries company, was awarded a contract by the U.S. Navy Department for the manufacture and delivery of main propulsion diesel engines (MPDEs). It aims to power LPD 29, which is the U.S. Navy’s 13th San Antonio landing platform dock (LPD) class ship. In August 2017, AB Volvo Penta launched the Volvo Penta D13 1000 marine leisure engine.

The newly manufactured leisure engine is highly powered and can also be installed in larger yachts with length of up to 120 feet. In July 2017, AB Volvo Penta acquired Seven Marine LLC, a Germany-based manufacturer of outboard motors. The move is anticipated to help AB Volvo Penta expand its business in the marine sector.

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Asia Pacific to grow at a fast pace in terms of demand for marine propulsion systems

Currently, Europe and North America are the key markets for marine propulsion systems. However, Asia Pacific is estimated to emerge as one of the prominent markets for this technology. Highly environment-conscious Europe and North America are projected to lead the global marine propulsion market in the near future. On the other hand, the market for marine hybrid propulsion systems in Asia Pacific is still not as developed as that in North America and Europe.

Towage and vessel operators providing services in these regions region are gradually shifting from conventional diesel to hybrid propulsion systems. Numerous attractive technologically advanced models are expected to be introduced in the near future. The marine propulsion market is projected to witness a large number of collaborations between vessel operators and technology developers during the next few years.

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Highly competitive market with dominance of top players

The global marine propulsion market is a highly competitive. Leading players dominate the market. Key players operating in the marine propulsion market are Cummins Inc., Caterpillar Inc., AB Volvo Penta, BAE Systems, Wärtsilä Corporation, Rolls Royce Plc., Niigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine S.A.S., GE, STEYR MOTORS GmbH, MAN Diesel & Turbo SE, and Torqeedo GmbH.

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