Marine Propulsion Engines Market Size to Surpass US$ 43.1 Bn by 2030
26 Aug 2021
Acquisition
Ottawa, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Ottawa, Aug 26, 2021 (GLOBE NEWSWIRE) – The global marine propulsion engines market size was valued at USD 32.80 billion in 2020. Marine propulsion refers to a mechanism or system that is used to generate thrust that propels large ships as well as small boats to sail across the waterways. Modern ships are generally consisting of mechanical systems that are equipped with electric motors or pump-jets as well as they use reciprocating engines as main source of power.
Growth Factors
Marine transport is the backbone of international trade. As per the data revealed by the International Chamber of Shipping based in United Kingdom, nearly 90% of the total volume of merchandise trade occurs via sea route owing to its low cost compared to other mode of transports such as rail and road.
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Other factors that include prominently rising global population, rapid industrialization particularly in the Asia Pacific region, and liberalization of economies have significantly spurred the rate of trade activities between countries across the globe. The aforementioned factors are likely to further propel the international trade at a rapid rate during the forthcoming years. Hence, the demand for cargo ships and containers that are required for international as well as regional transportation of raw materials and goods are likely to rise during the forecast timeframe. Further, rising need for fuel-efficient and dependent ships are anticipated to prosper the market growth for marine propulsion engines in the upcoming years.
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Regional Snapshots
Based on geography, the global marine propulsion engines market is studied for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted to held the largest revenue share in the year 2020 and anticipated to maintain its dominance during the analysis timeframe. This is primarily attributed to the key nations that include Japan, China, and South Korea that have emerged as a manufacturing powerhouse within past few years as their economy is largely dependent on the external trade.
Moreover, China is the world’s largest exporting nation and thus requires large number of commercial ships that in turn positively impact the market for marine propulsion engines in the country. Apart from surge in trade activities, countries across the globe are beefing up their naval security by increasing the number of ocean border visits to combat the ocean piracy. As the Asian navies are focusing towards strengthening their defense capabilities, the market for marine propulsion engines expected to gain prominent boost.
On the contrary, North America exhibits slow growth in the global marine propulsion engines market during the forecast time period because of increasing adoption of renewable energy. The government of USA has imposed stringent laws on emission in order to curb the rate of rising pollution. Hence, the usage of renewable energy is being promoted in the region by offering attractive incentives and benefits; however, renewable energy powered propulsion engines are only used as auxiliary engines and not as primary engines. Thus, the marine propulsion engines market in North America anticipated to be hindered by the shifting trend towards renewable energies.
Key Players & Strategies
The global marine propulsion engines market is a consolidated market mainly because of the presence of only international players along with increasing merger & acquisition between market players. These market players are also focused towards expanding their brand value by continuously innovating for providing environmentally sustainable, economically sound, flexible, and efficient solutions to their customers. For instance, in March 2018, Wartsila Oyj Abp announced to acquire Transas, a global shipping company with headquartered situated in the U.K. The acquisition helps Wartsila to speed up its path towards Smart Marine Ecosystem vision.
Apart from merger & acquisition, market players are also focused towards signing long-term contracts with government or large shipping companies to gain prominent market share. Further, in June 2020, ABB and VIGOR FAB signed a contract with the Washington States Ferries in order to provide hybrid-electric propulsion system for the Olympic Class Naval Vessels.
Some of the key players in the global marine propulsion engines market are BP Shipping, Yamaha, Aegean, Caterpillar, Cummins, Chevron, Hydraulic Marine Systems, Exxon Mobil Corp. (XOM), Hydrosta BV, Ingeteam, Idemitsu, MAN Diesel & Turbo, Lukoil, Masson Marine, Petronas, Mercury Marine, Shell, Total, Sinopec, SCANA, Rolls Royce, Volvo Penta, Siemens, and Wartsila among others.
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