Marine Propulsion Systems Market Report

Market Insights

Marine Propulsion Systems Market is likely to witness a CAGR of 2.3% during the forecast period. The major factors such as increasing environmental awareness among individuals accompanied by regulatory pressure for adopting sustainable systems, ongoing enhancements in technology along with developed design of engine to minimize operational costs, and growing international trade with the increasing ship building activities, are expected to have a positive impact on the industry landscape and fuel the growth of the marine propulsion systems market during the forecast period.

Segment Analysis

Wish to get a free sample? Register Here

Marine Propulsion Systems Market Share: By Product Type

Based on the product type, the market is segmented as diesel, wind & solar, gas turbine, fuel cell, steam turbine, natural gas, and others. The natural gas segment is estimated to witness a CAGR of >2% during the forecast period. Factors such as increasing environmental awareness to obtain sustainability accompanied by increase in retrofitting of existing vessels with the motive of installing green engines, and decreased emission of carbon along with competitive pricing of commercially viable regions is expected to have a positive impact on installing products in the market during the forecast period.

Marine Propulsion Systems Market Share: By Power Type

Based on the power type, the market is segmented as <1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and >20,000 HP. The 1,001-5,000 HP segment is estimated to remain the dominant power type in the market over the forecast period. The growth of the segment is attributed to the increase in demand from containerships, cruise ships, and other offshore service vehicles. Factors such as ongoing investments in the marine industry estimated to be diverted in the direction of bringing international trade back on track, after realizing the impact of COVID-19 impact, and increase in installation in the defense vessels accompanied by various countries looking forward for strengthening their maritime security are expected to boost the growth of the market during the forecast period.

Marine Propulsion Systems Market Share: By Technology Type

Based on the technology type, the market is segmented as low speed, medium speed, and high speed. The low-speed technology is estimated to account for the largest share of the market during the forecast period, owing to the high thermal efficiency and wide application base.

Marine Propulsion Systems Market Share: By Propulsion Type

Based on the propulsion type, the market is segmented as 2-stroke and 4-stroke. These engines can be utilized in various vessels of deep-sea ships including bulk carriers, tankers, container and cargo ships, owing to the output as steady propulsion. These units accompanied by two-stroke diesel engines are the major movers of merchant ships as two-stroke cycle maximizes the power-to-weight-ratio at the minimum engine size, thus, complementing the size of marine propulsion systems market during the forecast period.

Marine Propulsion Systems Market Share: By Application Type

Based on the application type, the market is segmented as commercial, container vessels, tankers, offshore, and recreational. Recreational application type is estimated to register a constant growth rate, which is attributed to the increase in standard of living and upsurge in the purchasing power of individuals. Further, growing marine tourism accompanied by the increase in demand for passenger & recreational vessels is expected to boost the growth of the market during the forecast period.

Marine Propulsion Systems Market Share: By Region

In terms of regions, Asia-Pacific has been observed as the most lucrative region of the market. The region’s growth is attributed to the growing shipbuilding activities particularly in China, Japan and South Korea, accompanied by the increasing number of joint ventures with internationally established brands. In addition, the major factor currently fueling the regional market’s value is the trading of crude oil from the Middle East to Asia-Pacific. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Know which region offers best growth opportunities. Register Here

Market Scope & Segmentation

Marine propulsion is a system which is mostly used for generating thrust for either moving a ship or a boat across water. Though paddles and sails are still used on some of the smaller boats, modern ships are majorly propelled by mechanical systems, which consist of an engine or electric motor turning a propeller, or less often, in pump-jets, an impeller.

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The marine propulsion systems market is segmented into the following categories. 

Marine Propulsion Systems Market Size, Share, & Forecast, by Product Type:

• Diesel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Wind & Solar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Gas Turbine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Fuel Cell (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Steam Turbine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Natural Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Propulsion Systems Market Size, Share, & Forecast, by Power Type:

• <1,000 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 1,001-5,000 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 5,001-10,000 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 10,001-20,000 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• >20,000 HP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Propulsion Systems Market Size, Share, & Forecast, by Technology Type:

• Low Speed (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Medium Speed (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• High Speed (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Propulsion Systems Market Size, Share, & Forecast, by Propulsion Type:

• 2-Stroke (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 4-Stroke (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Propulsion Systems Market Size, Share, & Forecast, by Application Type:

• Commercial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Container Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Tankers
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Bulk Carriers and Roll On/ Roll Off)
• Offshore
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: AHTS, PSV, FSV, MPSV, and Others)
• Recreational
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Application Type Analysis: Cruise Ships, Ferries, and Yachts)

Marine Propulsion Systems Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Want to know the most attractive market segments? Register Here

Key Players

Some of the key players in the marine propulsion systems market are-

• Anglo Belgian Corporation
• Caterpillar
• Cummins, Inc.
• Hyundai Heavy Industries Co., Ltd.
• IHI Corporation Ltd.
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Rolls-Royce
• STX Engine
• Wärtsilä

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.