Marine Propulsion Systems Market By Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs & Ships, Anchor Handling Vessels, Offshore Support Vessels, Floating Production Units, Platform Supply Vessels], Cruise & Ferry [Cruise Vessels, Passenger Ferries, Passenger Cargo Vessels], Navy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
With several ongoing government investments towards shipbuilding industry and technological advancements, the marine propulsion systems market size is likely to witness a lucrative rate of growth over the forthcoming time period. A marine propulsion systems is responsible for guiding the ship through the water in a cost-effective and reliable manner.
The set-up of the propulsion system usually is dependent on the size of the vessel, and the type or trade of operation. In addition, a propulsion system comprises of mainly three parts which are an energy source which is collected from outside like the solar or wind power, then an engine transforming into a mechanical form, and the thruster or propulsor which shoves the surrounding water backwards.
The marine propulsion systems market is bifurcated in terms of product, power, technology, propulsion, application, and regional landscape.
In terms of product, the overall marine propulsion systems market is categorized into natural gas, steam turbine, fuel cell, gas turbine, wind & solar, diesel, and others. Wind & Solar segment will account over 5% of the market share by the end of the analysis period.
Wind propulsion emerged as an option to those systems which emit enormous quantities of CO2 gases in the atmosphere. Solar propulsion for ships has several benefits including a high impact towards curbing toxic carbon dioxide emissions. These can further generate a capacitance of around 40 kW. The above-mentioned factors are thus likely to drive the segment growth.
Based on power, the marine propulsion systems market is classified into above 20000 HP, 10,001-20,000 HP, 5,001-10,000 HP, 1,001-5,000 HP, and below 1,000 HP. Among these, the 10,001-20,000 HP segment accounted for over 18% of the market in 2019.
With respect to technology, the marine propulsion systems market is categorized into high speed, medium speed, and low speed. The high speed segment is set to reach a valuation of over $1 billion by end of the analysis period.
Based on propulsion, the marine propulsion systems market is divided into 4 stroke and 2 stroke. Among these, the 4 stroke is set to grow by 2.1% by the end of the analysis timeline.
In terms of application, the overall marine propulsion systems market is divided into navy, recreational, offshore, commercial, and others. The offshore application segment was valued over $2 billion in 2019 and will continue to show appreciative growth through the coming years.
On the geographical front, in MEA, the Middle East marine propulsion systems market is set to grow by 2.7% by the end of the analysis period.
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