Human power—paddles and oars—and, further, sail were the first forms of marine propulsion. Rowed galleys, some tooled with sail, also played an essential early role. The first developed mechanical means of marine propulsion was the marine steam engine, which was introduced in the early 19th century. During the 20th century it was altered by two-stroke or four-stroke diesel engines, outboard motors, and gas turbine engines on faster ships.

Statistics:

The global marine propulsion engine market is estimated to account for US$ 36.04 Bn in terms of value by the end of 2022.

Drivers:

The maritime channel of transport is cheaper and more feasible for international trade compared to road, rail, and air transport. Global maritime is expected to further increase at a moderate annual rate which is anticipated to fuel the growth of the global marine propulsion engine market. 

Opportunities:

Major tourist destinations over the world are pledging to make their fleet emission-free which is expected to fuel growth of the marine propulsion engine market. For instance, in 2019, the Maid of the Mist Corporation introduced two all-electric boats to ferry millions of tourists who visit Niagara Falls. The United Kingdom’s first electric passenger boat was meant for trials in the summer of 2020 at Plymouth.

Restraint:

The rising COVID-19 cases, continuous lockdown and shutdowns across the globe and the disruptions in the supply along with the decline the economy is anticipated to hinder the growth of the global marine propulsion engine market.

Global Marine Propulsion Engine Market - Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic had a severe impact on the maritime, offshore, oil, and gas sectors as well. Additionally, COVID-19 led to uncertain conditions in 2020, with severe worldwide disruption of production processes and logistical chains.

To know the latest trends and insights prevalent in the Global Marine Propulsion Engine Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/marine-propulsion-engine-market-5262

Key Takeaways:

The global marine propulsion engine market was valued at US$ 35.13 Bn in 2021 and is forecast to reach a value of US$ 46.82 Bn by 2030 at a CARG of 3.3% between 2022 and 2030.

Passenger Segment held the dominant position in the global marine propulsion engine market in 2021, responsible for 54.7% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.

Key Trends:

Trend 1

Engine manufacturers are aiming on developing the latest technologies by adopting acquisitions, collaborations, and others to adapt to growing environmental regulations which is anticipated fuel the growth of the global marine propulsion engine market. For instance, in May 2021, three of Japan’s marine engine producers, Kawasaki Heavy Industries, Yanmar Power Technology, and Japan Engine Corporation, entered a joint venture contract to establish a new company known as HyEng Corporation. This partnership will pursue the joint development of marine hydrogen-fueled engines.

Trend 2

All the ships are propelled by diesel engines, most of these are propelled with a direct drive system, some with diesel-electric propulsion or hybrid system. The key players in the market are planning and introducing the latest products to attract more customers and gain market share. For instance, in August 2021, Yanmar Marine International commenced installations of its new high horsepower 6LF diesel engines, with outstanding results reported from the first project completed in Europe.

Competitive Landscape:

Major players in the global marine propulsion engine market are Caterpillar Inc., Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd, Hyundai Heavy Industries Co. Ltd, MAN SE (Man Diesel & Turbo), Mitsubishi heavy Industries Ltd, Rolls-Royce PLC, Scania and Wartsila and Yanmar Co. Ltd.

Recent Development:

In July 2021, Hyundai Heavy Industries' Engine Machinery Division placed world’s initial order for the low-speed ME-GA engine, the latest edition to MAN Energy Solutions’ dual-fuel portfolio. HHI- EMD has ordered 2 × 5G70ME-GA10.5 engines for each of 6 × 174,000-m3 LNG carriers for ship-owners KLC (2 vessels), PAN Ocean (2), Knutsen (1), and JP Morgan (1).

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