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Global Marine Propulsion Engine Market to Witness 3.5% CAGR until 2026

According to the latest report by IMARC Group, titled, “Marine Propulsion Engine Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global marine propulsion engine market grew at a CAGR of around 6% during 2015-2020. Looking forward, the market expects to grow at a CAGR of 3.5% during 2021-2026.

Report Metric

Historical: 2015-2020

Base Year: 2020

Forecast Year: 2021-2026

A marine propulsion engine refers to a machine that burns fuel and enables ships to move across the water. It comprises of a piston, towers, valves, casings, bedplates, crankcases, bearings, crankshafts, flywheels, generators, transformers, rotor blades gearboxes, control panels, electrical controls, and cylinder blocks and liners. Marine propulsion engine has generators that supply electric power to motors and can function on heavy fuel. At present, marine propulsion engines are widely utilized in modern merchant ships and offshore support vessels.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Marine Propulsion Engine Market Trends

The growing number of international trade activities is augmenting the demand for container ships to transport numerous products, such as oil, natural gas, mineral ores, and other consumer products. This is primarily bolstering the global marine propulsion engine market. Furthermore, the increasing focus on reducing fossil fuel consumption is propelling the adoption of marine electric propulsion engines worldwide. Additionally, the growing inclination towards liquefied natural gas (LNG)-based propulsion engines is further catalyzing the market growth.

Besides this, the rising environmental consciousness is resulting in the utilization of cleaner and safer fuels, such as algal oils and bio-methane, to run marine propulsion engines with nominal exhaust gas emissions. Moreover, several market players are heavily investing in extensive R&D activities for enhancing the efficiency of marine propulsion engines to increase the cargo holding capacity of new-generation tankers, which is expected to strengthen the market growth over the forecasted years.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

AB Volvo (publ) (VLVLY), Caterpillar, Inc. (CAT), Cummins Inc.’s (NYSE:CMI), Fairbanks Morse, Hyundai Heavy Industries Holdings Co., Ltd. (267250.KS), MAN SE ST O.N. (MAN.DE), Masson Marine, Mitsubishi Heavy IndustriesLtd. (MHVYF), Rolls-Royce Plc and Wartsila Oyj Abp.

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The report has segmented the market on the basis of Engine Type, Power Source, Power Range, Vessel Type and Region.

Market Breakup by Engine Type:

2-Stroke Engine
4- Stroke Engine

Market Breakup by Power Source:

Gas Turbine
Natural Gas
Steam Turbine
Fuel Cell

Market Breakup by Power Range:

80-750 HP
751-5000 HP
5001-10,000 HP
10,001-20,000 HP
Above 20,000 HP

Market Breakup by Vessel Type:

Bulk Carriers
Container Ships
Passenger Ships
Support Vessels
Gas Carriers
Military Vessels

Market Breakup by Region:

North America
Latin America
Middle East and Africa

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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