Market Overview:
The global marine propulsion market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for maritime transportation and rising concerns over environmental pollution. In terms of type, the full electric segment is projected to grow at a higher CAGR during the forecast period as compared to other segments, owing to its advantages such as low emissions and noise levels, and easy installation and maintenance. By application, coastal/cross-border waterways are expected to register highest growth rate during the forecast period due high trade volume across different countries.
Product Definition:
Marine propulsion is the system or mechanism that provides thrust to a marine vessel to enable it to move through water. Marine propulsion systems are used in both surface vessels and submarines. The most common type of marine propulsion system is the combustion engine, which burns fuel such as gasoline or diesel oil to produce heat, which then creates steam that powers a steam turbine. Other types of marine propulsion systems include electric motors powered by batteries or generators, and nuclear reactors.
Full Electric:
Full electric marine propulsion systems are expected to witness significant growth over the forecast period owing to factors such as stringent emission norms, increasing fuel prices and environmental concerns. The full electric marine propulsion system is also known as battery-powered ship or hybrid ship. It consists of diesel engine(s) and a battery that provides electrical power to the machinery through a generator set up inside or outside the vessel.
Diesel:
Diesel is a fuel oil which is produced from distillation of natural gas. It consists of hydrocarbons which are primarily used as fuel for internal combustion engines. The most common diesel fuels include Diesel Oil (DO), Diesel Water (DWT), and Gas Oil (GO). There are many different types of diesel available in the market, but they all basically contain the same amount of energy content per gallon with different additives to improve performance and increase stability.
Application Insights:
Inland waterways accounted for the largest share of over 60.0% in 2017 owing to the extensive usage of marine propellers in irrigation systems, drainage systems, and hydropower generation plants. The use of marine propellers results in efficient water flow due to their ability to create high rotational speeds which aid in reducing water friction and increasing efficiency. Furthermore, these devices are used along with pumps that have higher capacity resulting in increased power consumption which is a major factor contributing towards market growth.
Coastal/cross-border waterways is expected to be the fastest growing segment at a CAGR of XX% from 2018 to 2030 owing primarily to factors such as favorable government policies regarding channelization improvement and dredging operations coupled with rising population along with industrial development & urbanization that increase demand for transportation services across international boundaries thus driving demand for marine propulsion systems on coastal/cross-border waterways globally over the forecast period.
Regional Analysis:
Asia Pacific dominated the global marine propulsion market in 2016 and is expected to continue its dominance over the forecast period. The region has a large number of waterway users, particularly in China and India. Furthermore, countries such as Singapore are investing heavily in port development projects that involve construction of new terminals and other infrastructure on landward shores for maritime transport. This will provide growth opportunities for marine propulsion systems across the Asia Pacific region over the next eight years.
Europe accounted for more than 20% share of global revenue in 2016 owing to high demand from inland waterways applications segment within Europe coupled with rising investments by governments towards development of coastal cities along European coastlines which acts as a major driving force behind this industry vertical growth opportunity zone across this region over next eight years - from 2017 to 2030 at a CAGR exceeding 6%.
Growth Factors:
- Increasing demand for maritime transportation: The global seaborne trade has been growing steadily in the past few years, and is expected to grow further in the coming years, driven by the growth of global trade and increasing containerization. This is expected to result in increased demand for marine propulsion systems.
- Growing popularity of hybrid propulsion systems: Hybrid propulsion systems are becoming increasingly popular due to their superior fuel efficiency as compared to traditional diesel-powered systems. This is likely to drive growth of the marine propulsion market in the coming years.
- Development of advanced technologies: Marine propulsion system manufacturers are constantly developing new and advanced technologies that offer better performance and fuel efficiency than traditional systems. This is likely to spur growth of the marine propulsion market in the coming years.
Scope Of The Report
Report Attributes
Report Details
Report Title
Marine Propulsion Market Research Report
By Type
Full Electric, Diesel, Renewable, Nuclear, Gas turbine, Fuel Cell, Hybrid, Others
By Application
Inland Waterways, Coastal/Cross-border Waterways
By Companies
Cummins, Caterpillar, AB Volvo Penta, BAE Systems, Wärtsilä, Rolls Royce, Niigata Power Systems, Fairbanks Morse Engine, Masson-Marine, GE, Cummins, MAN Diesel & Turbo, Torqeedo
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
183
Number of Tables & Figures
129
Customization Available
Yes, the report can be customized as per your need.
Global Marine Propulsion Market Report Segments:
The global Marine Propulsion market is segmented on the basis of:
Types
Full Electric, Diesel, Renewable, Nuclear, Gas turbine, Fuel Cell, Hybrid, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Inland Waterways, Coastal/Cross-border Waterways
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Cummins
- Caterpillar
- AB Volvo Penta
- BAE Systems
- Wärtsilä
- Rolls Royce
- Niigata Power Systems
- Fairbanks Morse Engine
- Masson-Marine
- GE
- Cummins
- MAN Diesel & Turbo
- Torqeedo
Highlights of The Marine Propulsion Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Full Electric
- Diesel
- Renewable
- Nuclear
- Gas turbine
- Fuel Cell
- Hybrid
- Others
- By Application:
- Inland Waterways
- Coastal/Cross-border Waterways
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Marine Propulsion Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Marine propulsion is the use of engines to create thrust in water.
Some of the major players in the marine propulsion market are Cummins, Caterpillar, AB Volvo Penta, BAE Systems, W¤rtsil¤, Rolls Royce, Niigata Power Systems, Fairbanks Morse Engine, Masson-Marine, GE, Cummins, MAN Diesel & Turbo, Torqeedo.
The marine propulsion market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Marine Propulsion Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Marine Propulsion Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Marine Propulsion Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Marine Propulsion Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Marine Propulsion Market Size & Forecast, 2020-2028
4.5.1 Marine Propulsion Market Size and Y-o-Y Growth
4.5.2 Marine Propulsion Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Full Electric
5.2.2 Diesel
5.2.3 Renewable
5.2.4 Nuclear
5.2.5 Gas turbine
5.2.6 Fuel Cell
5.2.7 Hybrid
5.2.8 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Inland Waterways
6.2.2 Coastal/Cross-border Waterways
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Marine Propulsion Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Marine Propulsion Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Full Electric
9.6.2 Diesel
9.6.3 Renewable
9.6.4 Nuclear
9.6.5 Gas turbine
9.6.6 Fuel Cell
9.6.7 Hybrid
9.6.8 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Inland Waterways
9.10.2 Coastal/Cross-border Waterways
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Full Electric
10.6.2 Diesel
10.6.3 Renewable
10.6.4 Nuclear
10.6.5 Gas turbine
10.6.6 Fuel Cell
10.6.7 Hybrid
10.6.8 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Inland Waterways
10.10.2 Coastal/Cross-border Waterways
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Full Electric
11.6.2 Diesel
11.6.3 Renewable
11.6.4 Nuclear
11.6.5 Gas turbine
11.6.6 Fuel Cell
11.6.7 Hybrid
11.6.8 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Inland Waterways
11.10.2 Coastal/Cross-border Waterways
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Full Electric
12.6.2 Diesel
12.6.3 Renewable
12.6.4 Nuclear
12.6.5 Gas turbine
12.6.6 Fuel Cell
12.6.7 Hybrid
12.6.8 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Inland Waterways
12.10.2 Coastal/Cross-border Waterways
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Full Electric
13.6.2 Diesel
13.6.3 Renewable
13.6.4 Nuclear
13.6.5 Gas turbine
13.6.6 Fuel Cell
13.6.7 Hybrid
13.6.8 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Inland Waterways
13.10.2 Coastal/Cross-border Waterways
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Marine Propulsion Market: Competitive Dashboard
14.2 Global Marine Propulsion Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Cummins
14.3.2 Caterpillar
14.3.3 AB Volvo Penta
14.3.4 BAE Systems
14.3.5 Wärtsilä
14.3.6 Rolls Royce
14.3.7 Niigata Power Systems
14.3.8 Fairbanks Morse Engine
14.3.9 Masson-Marine
14.3.10 GE
14.3.11 Cummins
14.3.12 MAN Diesel & Turbo
14.3.13 Torqeedo
