Global Marine Power Systems Market 2017-2021
About Marine Power Systems
The marine auxiliary engine is used to generate electricity onboard marine vessels, which is termed as an auxiliary unit. Initially, steam turbine propulsion was used, which was later replaced by diesel, LNG, nuclear, and other fuels. Nuclear propulsion is used for naval purposes for its fast movement, and the other type of fuel ships are used for the commercial purposes. The auxiliary unit is designed to support the main engine and to ensure the proper functioning of the ship. It is widely used in tankers, containers, and cargo carriers. The auxiliary unit includes the pumps, compressor, and blowers for the circulation of fuels and fresh and sea water in the cooling system. In addition, it has a separator to remove dirt from the fuel oil, which is referred as the heart of the ship. The marine auxiliary engine works on heavy fuel oil (HFO) or diesel.
Technavio’s analysts forecast the global marine power systems market to grow at a CAGR of 4.32% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine power systems market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of marine power systems.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Power Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global marine power systems market: Caterpillar, Cummins, Hyundai Heavy Industries, MAN Diesel and Turbo, Mitsubishi Heavy Industries, Rolls-Royce, and Wärtsilä
Other Prominent Vendors in the market are: Daihatsu, Doosan, Dresser-Rand, Fairbanks Morse Engine, Hydraulic Marine Systems, Hydrosta, Ingeteam, Masson Marine, MEGATECH, Mercury Marine, Niigata Power Systems, Samsung Heavy Industries, Siemens, Volvo Penta, and Yamaha
Commenting on the report, an analyst from Technavio’s team said: “One of the most exciting trends in the global marine power systems market is the adoption of hybrid propulsion systems. The increasing use of hybrid marine propulsion engines can be attributed to the high pollution caused by diesel propulsion engines. Many major ports worldwide and maritime authorities are implementing standards for vessels that operate in designated areas, compelling shipping operators to comply with the emission guidelines in those areas.”
According to the report, the growth of global commercial shipping is a direct effect of globalization. Since economies worldwide are interlinked, global trade volumes are also affected by the condition of the global economy. International trade also rises along with economic expansion in which seaborne trade plays a crucial role. Therefore, economic development and growth have resulted in enormous opportunities for the marine industry, especially due to the global demand and supply of commodities and manufactured goods.
Further, the report states that the oil and gas industry has been exhibiting a volatile business environment. In 2014, the industry faced various price shocks as the crude oil price shot up to $90-$100 per barrel, and then dipped to a modest $60 per barrel by the end of 2014. A further decline in crude oil prices was seen in the following year, with figures dipping to $40-$50 per barrel during the mid-summer period. Prices came down to $40 per barrel by the end of 2015. As a result, oil and gas companies faced a drop of almost 50% in their revenue in the span of one year. Crude oil price further declined to a record $30 per barrel in January 2016. This resulted in exploration and production (E&P) companies resorting to austerity budgets and cutting down on expenditures severely.
Caterpillar, Cummins, Hyundai Heavy Industries, MAN Diesel and Turbo, Mitsubishi Heavy Industries, Rolls-Royce, Wärtsilä, Daihatsu, Doosan, Dresser-Rand, Fairbanks Morse Engine, Hydraulic Marine Systems, Hydrosta, Ingeteam, Masson Marine, MEGATECH, Mercury Marine, Niigata Power Systems, Samsung Heavy Industries, Siemens, Volvo Penta, and Yamaha
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