Marine propulsion engine market for Diesel propulsion engine sector will grow at CAGR estimation of around 4% and was around USD 6 billion in 2015 owing to technological developments such as break mean effective pressure, firing pressures, turbo-charging efficiency and fuel injection technology. Increase in electric transmission installations will boost the use of fuel cell.
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Renewable resources such as biodiesel, wind, and solar, are used for power generation in driving the ships. Solar and wind accounted for more than 3% of global share is anticipated to grow at around 6% CAGR.
In 2015, gas turbines segment in marine propulsion engine market was valued at more than USD 900 million owing to advanced technical features. Military and navy sector hugely contributes to this industry growth. Lowering the impact on the environment through the use of wind and solar energy will spur the industry thereby having governmental support.
Importance of advanced technologies and increasing awareness for environmental conservation has led government to take severe actions in emissions. Instances such as oil spills, exhaust gases, chemical spills, air pollution and sewage waste leads to water contamination. Marine Pollution Convention (MARPOL) guidelines supports in environment protection from locomotive exhaust gases. Stringent emission standards and non-compliance to rules will lead to huge penalties for various organizations. Environmental regulations posed by government for reducing CO2 emissions will certainly have impact on marine propulsion engine market.
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Asia Pacific marine propulsion engine market accounted for more than 50% of the overall share in 2015, with a revenue generation of more than USD 4.5 billion. China and South Korea are the prominent revenue contributors. These countries have been investing heavily in regional marine propulsion engine market, thereby augmenting APAC market share. Moreover, favorable government initiatives for the development of solar & wind energy powered products in the region will also drive the market demand.
Depletion of reserves of shale gas and conventional sources may lead to increasing use of LNG as maritime fuel. A prerequisite to LNG adoption is large, safe and insulated storage arrangements. However, various alternative storage tanks are built to satisfy the requirements which will enhance LNG usage. Increase in LNG adoption will drive marine propulsion engine market during the forecast timeline.
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Volvo Penta, Rolls Royce, Sinopec, Mitsubishi, Wärtsilä, Yamaha, Caterpillar, MAN Diesel & Turbo, Hydraulic Marine Systems, and Cummins are the players in the marine propulsion engine market. Strategy adopted by the leading players is the continuous innovations to produce cost effective and fuel efficient machines. Moreover, mergers and strategic alliances remain in leading participants to gain competitive advantage. New entrants in the industry are coming with innovative technology to sustain in the competition.