About Marine Propulsion Engines
The first kind of mechanical marine propulsion engines was the steam engines that came into inception during the 19th century. With time, steam engines have been increasingly replaced by two-stroke and four-stroke diesel engines and gas turbine engines from the 20th century onward. The use of LNG (liquefied natural gas) as a fuel in the marine propulsion engine is gaining popularity because of the low-emission advantages it offers over diesel.
Technavio’s analysts forecast the global marine propulsion engine market to grow at a CAGR of 4.2% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine propulsion engine market for 2016-2020. To calculate the market size, revenue calculated is based on the demand from the shipbuilding industry for the key product segments, namely diesel propulsion engines, gas turbine propulsion engines, and other types of propulsion engines, such as the nuclear-powered propulsion engines.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Propulsion Engine Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Marine Propulsion Engine Market: Caterpillar, Cummins, Hyundai Heavy Industries, MAN Diesel & Turbo, Mitsubishi Heavy Industries, Rolls-Royce, and Wärtsilä.
Other Prominent Vendors in the market are: BP, Dresser-Rand, Doosan, Fairbanks Morse, Hydraulic Marine Systems, Hydrosta, Ingeteam, Masson-Marine, Mercury Marine, Nigata Power Systems, Samsung Heavy Industries, Siemens, Volvo Penta, and Yamaha.
Commenting on the report, an analyst from Technavio’s team said: “An important trend influencing growth is the growing use of marine hybrid propulsion systems. The rising 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 establishing standards for vessels that operate in designated areas, compelling shipping operators to comply with the emission guidelines in those areas.”
According to the report, one factor driving market growth is the surge in commercial shipping. The growth in global commercial shipping is a direct effect of globalization. Since economies worldwide are all interlinked, world trade volume is also affected by the health of the global economy. Therefore, economic development and growth have created enormous opportunities for the marine industry, especially the global demand for and supply of commodities and manufactured goods
Further, the report states that the collapse of the Greek shipbuilding industry will have a significant impact on market growth.
Caterpillar, Cummins, Hyundai Heavy Industries, MAN Diesel & Turbo, Mitsubishi Heavy Industries, Rolls-Royce, Wärtsilä, BP, Dresser-Rand, Doosan, Fairbanks Morse, Hydraulic Marine Systems, Hydrosta, Ingeteam, Masson-Marine, Mercury Marine, Nigata Power Systems, Samsung Heavy Industries, Siemens, Volvo Penta, Yamaha.