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Marine Propulsion Systems Market | Covid-19 Impact Analysis
The Marine Propulsion Systems Market is Segmented by Product Type (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas, and Others), by Power Type (<1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and >20,000 HP), by Technology Type (Low Speed, Medium Speed, and High Speed), by Propulsion Type (2-Stroke, 4-Stroke), by Application Type (Commercial, Container Vessels, Tankers, Offshore, and Recreational), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
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.
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Marine Propulsion Systems Market - Snapshot |
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Growth |
2.3% for the next five years |
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Major Product Type |
Natural Gas |
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Dominant Power Type |
1,001-5,000 HP |
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Largest Technology Type |
Low Speed |
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Major Propulsion Type |
2-Stroke |
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Constantly Growing Application Type |
Recreational |
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Region with the highest demand |
Asia-Pacific |
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Key Players |
Anglo Belgian Corporation, Caterpillar, Cummins, Inc., Hyundai Heavy Industries Co., Ltd., IHI Corporation Ltd., Kawasaki Heavy Industries, MAN Energy Solutions, Rolls-Royce, STX Engine, and Wärtsilä. |
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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.
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.
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.
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.
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.
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.
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Some of the key players in the marine propulsion systems market are-
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.
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Marine Propulsion Systems Market Research Report - Features |
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Market Segmentation |
6 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The marine propulsion systems market is segmented into the following categories.
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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.
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:
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Company Profiling
Market Segmentation
Competitive Benchmarking
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Driving by the factors like 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, marine propulsion systems market is expected to witness an impressive growth of 2.3% CAGR in the foreseeable future.
Anglo Belgian Corporation, Caterpillar, Cummins, Inc., Hyundai Heavy Industries Co., Ltd., IHI Corporation Ltd., Kawasaki Heavy Industries, MAN Energy Solutions, Rolls-Royce, STX Engine, and Wärtsilä are among the key players in the marine propulsion systems market.
Asia-Pacific is expected to remain dominant in the marine propulsion systems market.
The low-speed technology is estimated to account for the largest share of the Marine Propulsion Systems Market.
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