PUBLISHER: The Business Research Company | PRODUCT CODE: 1274575
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274575
“Marine Propulsion Engines Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on marine propulsion engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for marine propulsion engines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The marine propulsion engines market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the marine propulsion engines market are Caterpillar, Daihatsu Diesel Mfg. Co. Ltd., Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc., Wartsila, Yanmar Holdings Co. Ltd., Scania, MAN Energy Solutions, Cummins Inc., AB Volvo Penta, General Electric, Masson Marine, Kawasaki Heavy Industries Ltd. and Fairbanks Morse Defense
The global marine propulsion engines market is expected to grow from $24.30 billion in 2022 to $25.40 billion in 2023 at a compound annual growth rate (CAGR) of 4.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity pricesand supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The marine propulsion engines market is expected to reach $31.18 billion in 2027 at a CAGR of 4.1%.
The marine propulsion engines market consists of sales of wind propulsion systems, nuclear propulsion systemsand gas turbine propulsion systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributorsand retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Marine propulsion engines refer to a system that propels ships across the water while maintaining a higher level of safety for the marine environment. These enable fuel and operational flexibility, high efficiency, low emissionsand operational cost advantages.
Asia-Pacific was the largest region in the marine propulsion engines market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of marine propulsion engines are 2-stroke engines, 4- stroke engines. A two-stroke engine refers to a type of internal combustion engine that uses two piston strokes to complete a power cycle in just one crankshaft rotation. The various types of ships include cargo or container ships, tankers, bulk carriers, offshore vessels, passenger shipsand other ship types. The various power ranges include 0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, above 20,000 HP and various fuel types include diesel, heavy fuel oil, natural gasand other fuel types. These are used in various applications such as commercial, defenseand passenger.
The rise in international seaborne trade is expected to propel the growth of the marine propulsion engine market going forward. Seaborne trade refers to the kind of trade that uses ships to convey commodities across the sea. Ships are propelled across the water by means of marine propulsion systems, which also provide a higher level of safety for the marine ecosystem, are economicaland minimize emissions for the maritime industry, as a result, the rise in international seaborne trade increases the demand for marine propulsion engine market. For instance, in 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, marine trade increased by 1.4% and is expected to increase by 2.1% during 2023 to 2027. Further, containerized trade, increased by 1.2% in 2022 and is expected to increase by 1.9% in 2023. Therefore, the rise in international seaborne trade is driving the marine propulsion engine market.
Product innovations are the key trend gaining popularity in the marine propulsion engine market. Major companies operating in the marine propulsion engine market are focusing on developing innovative products to strengthen their position in the market. For instance, in September 2022, AB Volvo Penta, a US-based manufacturer of engines and complete power systems for boats, vesselsand industrial applications, launched variable-speed marine generator sets for marine electric propulsion. The unique feature of the generator set is its smaller battery banks and the ability to charge them while in motion, which makes the transition to hybrid-electric marine propulsion more affordable and practical. Volvo Penta is offering the range with models starting from the D8, 190 kWand ranging up to 545 KWe for the D16.
In June 2021, AB Volvo Penta, a US-based manufacturer of engines and complete power systems for boats, vesselsand industrial applications, acquired ZEM AS for an undisclosed amount. Through the acquisition of ZEM AS, Volvo Penta anticipates accelerating development projects and assisting ZEM's expansion through its existing network. It is anticipated that the two businesses would work together to increase and broaden Volvo Penta's capabilities in marine electromobility. ZEM AS is a Norway-based company operating in marine propulsion systems.
The countries covered in the marine propulsion engines market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The marine propulsion engines market research report is one of a series of new reports from The Business Research Company that provides marine propulsion engines market statistics, including marine propulsion engines industry global market size, regional shares, competitors with a marine propulsion engines market share, detailed marine propulsion engines market segments, market trends and opportunitiesand any further data you may need to thrive in the marine propulsion engines industry. This marine propulsion engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.