The Marine Propulsion Engine Market (hence referred to as market studied) was valued at USD 33. 82 billion in 2020 and is anticipated to reach USD 39. 99 billion in 2026 by registering a CAGR of 2. 63% during the forecast period (2021-2026).
New York, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Propulsion Engine Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)" - https://www.reportlinker.com/p06192774/?utm_source=GNW
The Outbreak of COVID-19 has hindered the growth of the marine propulsion engine market with continuous lockdowns and the subsequent economic slowdown across the world. The most significant near-term impact on marine engines will be felt through supply chains. However, post-pandemic as restrictions eased market expected to gain momentum during the forecast period.
The Marine propulsion engine market is driven by the need for faster, cleaner, and fuel-efficient engines. The International Maritime Organization (IMO) has drafted a new rule where the sulfur content in marine fuel will be reduced to 0.5% from 3.5%. This new regulation is expected to cut off emissions from ships by 77%. This has caused the ship operators to low sulfur content fuels, such as marine gas oil, and it has also driven the demand for electrification of marine vessels.
Asia-Pacific region is anticipated to observe rapid growth over the tenure of assessment due to augmented international trade and export from the region. Both India and China have come up as major hubs of business in the region, with an increased pace of activities in the marine manufacturing sector.
Key Market Trends
Diesel Engine Expected to Dominate the Market During the Forecast Period
Currently, some 100,000 seagoing merchant ships sail our seas and oceans, with an installed power ranging from roughly 1 to 100 megawatts (MW) per ship. With very few exceptions, all these ships are propelled by diesel engines, most of these with a direct drive system, some with diesel-electric propulsion or hybrid system. The major players in the market are planning and launching the latest products to attract more customers and gain market share. For instance,
In August 2021, Yanmar Marine International commenced installations of its new high horsepower 6LF diesel engines, with outstanding results reported from the first project completed in Europe. In the milestone installation, certified Yanmar dealer Motonáutica Balear in Mallorca repowered Magnum 40 motorboat Adriana with two Yanmar 6LF530 models and upgraded the electronics and controls.
In June 2019, Marine technology company Winterthur Gas & Diesel (WinGD) introduced three new low-speed, two-stroke engines capable of operating on low emission fuels. The three new engines, X40DF, X82D, and X82DF, will provide a wider variety of compliant choices to ship owners.
In January 2019, Rolls-Royce has signed a contract to deliver ship design and an extensive range of equipment to a 70-metre-long stern trawler to be built for Engenes fiskeriselskap AS, based in Troms county, northern Norway. The equipment to be delivered from Rolls-Royce includes a hybrid propulsion system consisting of the successful and efficient B33:45 diesel engine, Promas integrated propeller system and HSG drive system to ensure optimum propulsion efficiency in all operational conditions.
But the power output and efficiency of diesel engines are far to be matched with any other fuel type currently. Still, the entrance of marine engines and development and improvement in other engines may hinder the growth of diesel engines in the future.
Asia-Pacific Region Anticipated to Grow at Significant Level During the Forecast Period
Asia-Pacific accounts for a major portion of the marine propulsion engine market, and it is anticipated to maintain its dominance throughout the forecast period. This is primarily because of the key nations, China, India, Japan, and South Korea, that have become manufacturing powerhouses as they are heavily dependent on external trade.
Previously, most diesel engines in the marine segment were manufactured locally by domestic chinese brands. However, in recent years, the Chinese authorities have tightened emission requirements, which is even stricter than the International Maritime Organization (IMO) regulations. The China GB15097 regulation, which is commonly known as C1 and C2, includes limits for particulate matter (PM).
In September 2020, MAN Energy Solutions announced that its Chinese license partner CMP was awarded a series of new small-bore, four-stroke orders in the Chinese inland-and-coastal segment. The orders consist of MAN 21/31, 27/38, and 23/30H types. Also, the company has won another order to provide engines and generators for a 15,000-dwt shuttle tanker, which includes a 6S35ME-B9.5 IMO Tier II main engine.
The major share of the Asia-Pacific marine propulsion engine market is with the Indian, Chinese and Japanese players, but in the past few years, local companies have been launching new products to gain some share of the local market. For instance,
In May 2021, Hindustan Aeronautics Limited (HAL) and Rolls-Royce signed an MoU, which will provide support in installation, packaging, marketing, and services support for Rolls-Royce MT30 marine engines in India. Under the umbrella of this MoU, for the first time, both Rolls Royce and HAL will be working together in the area of marine applications.
Owing to such developments in the region, market expected to witness optimistic growth over the forecasted period.
The Marine propulsion engine market is moderately consolidated owing to the presence of key players like MAN Diesel & Turbo, Wartsila, Hyundai Heavy Industries Co. Ltd, Daihatsu Diesel Mfg. Co. Ltd, and Caterpillar. These companies continuously focusing on innovating products to provide environmentally sustainable, flexible, economically sound, and efficient solutions to customers. The companies are trying to expand their brand values in the market by acquisitions and mergers. For instance,
In August 2020, Caterpillar Marine launched the Cat® C32B high-performance 2000 HP marine engine, and this 2025 MHP engine has a rated speed of 2300 rpm with improved power density, updated electronics, and an enhanced unit injector fuel system.
In September 2021, Cummins Inc. is expanding its offering to the oil and gas market with the addition of dual fuel capabilities to its QSK50 Tier 4 product. This EPA Tier 4 offering demonstrates a reduction in diesel exhaust emissions and overall greenhouse gas (GHG) emissions over its EPA Tier 2 predecessor.
In October 2021, MAN signed a Memorandum of Understanding (MoU) with Mitsui E&S Machinery Co. Ltd (MES-M) and Mitsui O.S.K. Lines (MOL) regarding the low-speed, ammonia-fueled main engine that MAN Energy Solutions is currently developing. The MoU provides for purchasing contract for an ammonia-burning engine during 2023.
Some of the Key players in the market include Hyundai Heavy Industries Co. Ltd (KSOE), Caterpillar (MAK), MAN SE (Man Diesel & Turbo), Wartsila, Yanmar Co. Ltd, and Others.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06192774/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001