Marine Propulsion Engines Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2541 | Last Updated On: Nov 21 2022 | Available Formats

> Marine Propulsion Engines Market is Expected to reach a high CAGR of 4% By 2029: DataM Intelligence

Marine Propulsion Engines Market is segmented By Engine Type (Natural Engine for Marine Propulsion Engines the industry, Gas Turbine, Diesel Engine, Others), By Ship Type (Passenger Ship, Tanker, Offshore Vessel, Bulk Carrier, Cargo), By Applications (Commercial, Passenger, Defense, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] Marine Propulsion Engines Market size was worth US$ XX million in 2021 and is estimated to show significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 3.8% within the forecast period (2022-2029).

Marine Propulsion Engines Market - Strategic Insights

Metrics

Details

Market CAGR

 3.8%

Segments Covered

By Engine Type, By Ship Type, By Applications, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Marine propulsion engines are one of the most expensive and biggest engines worldwide. Today, ship propulsion involves more than getting the ship to move on the water. It also entails employing the most efficient propulsion to offer a higher level of safety for the marine ecosystem while saving money.

The demand for faster, cleaner and more fuel-efficient engines drives the marine propulsion engine market. Less carbon-emitting alternatives are evolving since they comply with rules & regulations. Today, the most popular propulsion system is the diesel type. It outperforms the steam turbine in terms of efficiency. Gas turbine engines are mostly employed in naval ships where speed is essential.

Gas turbines are frequently utilized in conjunction with other engine types. Because they power enormous ships that convey freight worldwide, the marine propulsion systems/engine sector is gaining traction.

Market Dynamics

Demand to reduce greenhouse gases from the marine sector is driving the market share for marine propulsion engines.

Demand to reduce greenhouse gases from the marine sector is driving the market share for a marine propulsion engine

With almost 90% of global goods handled by sea, worldwide shipping contributes to nearly 3% of global CO2 emissions and industry is under increasing pressure to become cleaner. Several major corporations and organizations, including oil majors and port authorities, have urged the global shipping industry to be entirely decarbonized by 2050, asking governments to act quickly. By substituting renewable fuels for fossil fuels, major reductions in GHG emissions from marine engines can be accomplished. However, the supply of biofuels for transportation is limited.

Keeping hazardous GHG emissions to a minimum is a top priority. Moreover, it is also significant not to sacrifice ship engine performance and propulsion efficiency. Thus, to secure the future viability of their fleets, operators and ship owners are working on propulsion engines to minimize the carbon footprint of their vessels. Minimizing GHG emissions from marine propulsion needs a coordinated effort from all stakeholders, not only through the traditional development of its engines but also by bringing appropriate new technologies to the market. 

Van Oord is devoted to becoming carbon-neutral by 2050, in line with the Paris Agreement. In 2021, Van Oord collaborated with FUELSAVE to facilitate a sustainable and viable initiative to lower the carbon footprint of the new and existing fleet. In 2021, Van Oord installed UELSAVE FS MARINE, a patented solution to reduce the fuel consumption of marine diesel-powered engines and toxic emissions. The solution enables Van Oord to achieve substantial carbon dioxide, nitrogen oxide, particulate matter and black carbon reduction on existing ships.

Stringent environmental regulations create a huge challenging atmosphere for the growth of marine propulsion engines 

Maritime transportation is regarded as the backbone of global trade. According to the International Chamber of Shipping (UK), roughly 90% of the sea's global commerce trade is carried out. The marine mode of transportation is the most cost-effective than rail or road. Despite the advent of affordable and extensive air travel, cargo ships remain the primary mode of safe and reliable transport for large quantities of goods. 

Consequently, the global marine shipping industry is the largest contributor to greenhouse gas emissions within the transportation sector. The ever-increasing global trade and rising marine freight transport volumes only increase greenhouse gas emissions. Governments and international organizations set strict environmental regulations to curb greenhouse gas emissions.

The intensity of emissions generated by dangerous gases such as SOx, NOx and CO2 varies by ship class. For example, the International Maritime Organization (UK) issued MARPOL Annex VI rules in 2005 that set NOx emission limitations and required the use of low-sulfur fuels. These regulations apply to vessels and ships operating on US seas and within 200 nautical miles of the North American coast, often known as the North American Emission Control Area (ECA). The EU has enacted similar emission laws for ships berthing in EU ports.

Marine propulsion engines mainly run on fossil fuels and cause significant greenhouse gas emissions. The stringent environmental regulations are a key challenge to the market's growth.

COVID-19 Impact Analysis

The global marine propulsion engines market experienced a decline in 2020 owing to COVID-19's impact. Governments globally imposed strict lockdowns and movement restrictions of varying durations starting from March 2020 to curb the spread of the emerging COVID-19 pandemic. 

Due to the pandemic, global shipping came to a complete halt in 2020. Ports were closed and strict quarantine measures were implemented for international seafarers. The cruise industry completely collapsed due to the pandemic and cruise ships were berthed in ports worldwide. The COVID-19 pandemic severely impacted 

The global shipbuilding industry is due to a near-complete collapse in demand. Many shipping companies postponed or canceled large capital expenditures due to the economic uncertainty brought on due to the pandemic. The completion of under-construction ships was delayed due to lockdowns and other movement restrictions. Only defense shipbuilding continued under restrictions since it is a critical part of national security, adding to the market growth during the pandemic phase.

Segment Analysis 

The global marine propulsion engines market is segmented by engine type, ship type, application and region.

Diesel engine holds the highest market share in the global marine propulsion engine market due to excellent fuel efficiency and power

The global marine propulsion engines market is segmented into conventional, gas turbine, diesel engines and others. The diesel engine dominates the market of the mentioned engine types. With ships moving more than 70% of global freight, shipping is the most fuel-efficient freight transportation. Diesel engines, which are the most fuel-efficient, power most of them.

The most prevalent marine power technology is diesel, utilized in vessels, including small and leisure boats. The diesel propulsion engine can be found on many ships, ranging in size and purpose from small boats to massive oceangoing vessels. Since the first propelled ships, diesel engines have commanded the commercial ship industry (1912). Improvements over time, such as the switch to a two-stroke cycle, the addition of scavenging, turbocharging, direct coupling with the propeller and other structural changes, have allowed diesel engine propulsion systems to maintain their dominance in the field, owing to their economy, simplicity and dependability.

For economic reasons, the engines run on marine diesel oil or heavy fuel oil with high sulfur content. In various marine applications, customers benefit from the combination of diesel engines, electric motors and batteries. Efficiency, environmental compatibility and propulsion system flexibility are the most critical.

The four-stroke cycle diesel engine is used in medium to large merchant boats, with engine speeds ranging from 250 to 850 RPM. On vehicles with limited headroom, such as passenger ferries and boats, the engine is the preferred mode of propulsion.

Geographical Analysis

The presence of a majority of the cargo ships utilizing diesel combustion engines for propulsion in Europe escalates the product demand in the region

The European Regulation 2016/1628 has been a major standard in the region for engines intended for non-road machinery, including marine engines. The purpose of NRMM regulation is to reduce air emissions from inland waterways. The NRMM Regulation sets out limit values for carbon monoxide emissions, hydrocarbons and nitrogen oxides for inland waterway engines. In addition to the weight of particulate matter (PM) requirements, it has also been chosen to set standards for the number of solid particulate particles. PM emissions are 92.5% and Nox emissions by 70-84% lower than current requirements for CCR-II engines. In 2019, all-new engines for inland waterway vessels needed to comply with the Stage V emission requirements of the European Union for NRMM. 

The Wärtsilä has received marine sector commercial certification for complying with the EU's Stage V standards. The Stage V legislation tightened non-road engines and equipment restrictions. The certification applied to the total solution, including the exhaust after-treatment and Wärtsilä 14 engine system and was received by Wärtsilä in 2021.

Stage V certification is required for approximately 17,500 ships. The first deliveries of the approved Wärtsilä 14 engine will be for 2 new passenger ferries built for the Swiss company General Navigation Company by Shiptec AG. The ferries will work between Switzerland and France across Lake Geneva, with the vessel expected to commence operations in December 2022.

Competitive Landscape

The global marine propulsion engine market is highly competitive with local and global key players. Yanmar Holdings Co., Ltd, Cummins Inc, Wärtsilä, Caterpillar, and DAIHATSU DIESEL MFG are key players contributing to the market's growth. CO., LTD., Hyundai Electric & Energy Systems Co. Ltd., Scania, MAN Energy Solutions, Rolls-Royce Power Systems AG, Mitsubishi Heavy Industries Group, among others. 

The major companies are adopting several growth strategies, such as product launches, acquisitions and collaborations, contributing to the global growth of the Marine Propulsion Engines market.

  • For instance, On November 29, 2021, MAN Energy Solutions improved its four-stroke engine range, allowing customers to use a variety of synthetically generated, climate-neutral fuels in the operation of ships and power plants.

Yanmar Holdings Co., Ltd

Overview: Yanmar Holdings Co., Ltd is a Japan-based company specializing in manufacturing industrial equipment. The company manufactures climate control systems, agricultural and construction equipment and engines used in different applications. The company serves its products and services into eight (8) segments: agricultural machinery and facilities, construction equipment, energy systems, industrial engines, large engines, and marine and components. Further, the company offers marine propulsion engines under its commercial marine engines. Moreover, Yanmar Holdings Co., Ltd has a consolidated net revenue of US$ 0.75 million (90 million yen) in 2021

Product Portfolio: Propulsion Engines (High Speed): The company offers GM Series, YM Series, JH Series, CHE Series, HA Series, LY Series, CXB Series, HY Series, AY Series and AYE Series under the category. The power ranges from 8.8 kW to 1,340 kW.

Key Development

  • On January 28, 2022, Yanmar Engine Manufacturing India Pvt. Ltd., a Yanmar Holdings Co., Ltd subsidiary, began production at its new industrial engine manufacturing factory at the Origins Industrial Estate in Tamil Nadu, India.

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Frequently Asked Questions

What is the Projected CAGR value of the Global Marine Propulsion Engines Market?

Global Marine Propulsion Engines Market is expected to grow at a CAGR of 4% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Global Marine Propulsion Engines Market during 2022-2029

Which is the fastest growing region in the Global Marine Propulsion Engines Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period 

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