APAC marine propulsion engine market size is estimated to register a CAGR of 4.8% over 2016-2024. Rising investments in R&D, technological developments, and government initiatives towards adoption of clean energy are some of the factors anticipated to fuel APAC market demand. China and South Korea are projected to be the major growth avenues.

Significant technological improvements in turbo-charging efficiency, fuel injection technology, brake mean effective pressure and firing pressures may further support business scenario. Marine propulsion engine market size is forecast to cross USD 13 billion mark by 2024.

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Rise in sea-borne trade along with growing demand for fuel efficient and operationally dependable ships will drive the marine propulsion engine market through 2024.To fulfil the current demand from marine industry, manufacturers are rapidly innovating new energy efficient and high performance marine engines. Industry participants such as Wärtsilä and Rolls-Royce have continuously innovated and extended their product lines.

The demand for the powerful engines in the shipping industry has been fulfilled by the introduction of supertankers. The currently used nuclear propulsion technology delivers more cargo space without refueling due to decreased demand for fuel bunkers, which further aids in transporting large volumes of shipment in a go. This trend towards utilization of unconventional energy sources is likely to supplement marine propulsion engine market share over the analysis period.

The adoption of solar power as auxiliary power source with the help of photovoltaic cells to generate electricity defines the future of propulsion systems. Power derived from wind is free from exhaust pollutants and favorable government investments and incentives offered to develop renewable energy sources-powered products may support industry growth. In 2015, solar & wind segment accounted for more than 3% of the industry revenue share and is forecast to register a CAGR of 6% over 2016-2024.

The  shipping industry manufacturers are focusing on reducing fossil fuel consumption by developing electric motor-driven ships. The replacement of traditional motors with electric motors is not only resulting in faster operations but is also increasing energy efficiency. With the adoption of electric transmission, usage of fuel cells will increase massively on account of its high performance characteristics in low-power machinery and auxiliary propulsion.

In 2015, diesel propulsion engines generated a revenue of over USD 6 billion and is forecast to register appreciable growth rate of around 4.2% over the analysis period. This significant growth rate can be attributed to major improvements in various technologies including turbo-charging efficiency, fuel injection technology, brake mean effective pressure, firing pressures, etc.

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Partial Chapter of the Table of Content

Chapter 4.   Marine Propulsion Engine Market, Product Insights

4.1.   Marine propulsion engine market share by product, 2015 & 2024

4.2.   Diesel Propulsion

4.2.1    Market estimates and forecast, 2013 - 2024

4.2.2    Market estimates and forecast, by region, 2013 - 2024

4.3.   Wind & Solar Propulsion

4.3.1    Market estimates and forecast, 2013 - 2024

4.3.2    Market estimates and forecast, by region, 2013 - 2024

4.4.   Gas Turbine Propulsion

4.4.1    Market estimates and forecast, 2013 - 2024

4.4.2    Market estimates and forecast, by region, 2013 - 2024

4.5.   Fuel Cell Propulsion

4.5.1    Market estimates and forecast, 2013 - 2024

4.5.2    Market estimates and forecast, by region, 2013 - 2024

4.6.   Steam Turbine Propulsion

4.6.1    Market estimates and forecast, 2013 - 2024

4.6.2    Market estimates and forecast, by region, 2013 - 2024

4.7.   Natural Gas

Charts & Figures

FIG. 1    Marine propulsion engine market Segmentation

FIG. 2    Global marine propulsion engine market, (USD Million), 2013 - 2024

FIG. 3    Industry ecosystem analysis

FIG. 4    Industry Impact forces

FIG. 5    Growth potential analysis

FIG. 6    Marine propulsion engine Porter’s analysis

FIG. 7    Marine propulsion engine PESTEL analysis

FIG. 8    Marine propulsion engine market share by product, 2024 & 2024

FIG. 9    Global diesel propulsion market (USD Million), 2013 - 2024

FIG. 10    Global wind & solar propulsion market (USD Million), 2013 - 2024

FIG. 11    Global gas turbine propulsion market (USD Million), 2013 - 2024

FIG. 12    Global fuel cell propulsion market (USD Million), 2013 – 2024

FIG. 13    Global steam turbine propulsion market (USD Million), 2013 - 2024

FIG. 14    Global natural gas market (USD Million), 2013 - 2024

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