Marine Propulsion Systems Market to Hit $11 Billion by 2026,
SELBYVILLE, Delaware, June 23, 2020 /PRNewswire/ -- The Marine Propulsion Systems market is set to cross USD 11 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Rising disposable income coupled with expansion of global seaborne trade is set to drive the product installation. Ongoing R&D investments accompanied by technological advancement in the marine propulsion systems and its application will complement marine propulsion systems industry size.
The global market is set to undergo significant growth quartering the forecast timeline owing to 80% of all international trade by volume being accounted by the maritime transport. Rise in global population and growing demand from developing economies will stimulate the product installation. Moreover, advancements in design & technology, swift shift from traditional fuel to low sulphur oil and stringent government directives to adopt clean fuel is set to drive the demand for systems supporting LSFO, LNG and hybrid fuel.
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The global economy has experienced a significant impact of the COVID-19 pandemic, with numerous industries including marine and its supply chain facing challenges. The manufacturers are coping up with recommencing operations on scaled down capacity and shortages across the board. However, rising demand for minimal production & ongoing development with an aim to face the pandemic is projected to enhance the product installation.
Some key insights of the marine propulsion systems market report include:
- The demand for marine propulsion systems is rising across commercial, offshore and recreational application.
- Ongoing investments toward development of LNG based systems for commercial application is projected to drive the business development in the marine propulsion systems industry.
- LNG and gas turbine systems are experiencing considerable increase in installation on account of regulatory pressure and increased investments toward product development.
Browse key industry insights spread across 410 pages with 728 market data tables & 41 figures & charts from the report, "Marine propulsion systems Market Statistics by Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), by Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant [Container Vessels, Tankers, Bulk Carriers, Gas Carriers, Roll On/Roll Off], Offshore [Drilling Rigs & Ships, Anchor Handling Vessels, Offshore Support Vessels, Floating Production Units, Platform Supply Vessels], Cruise & Ferry [Cruise Vessels, Passenger Ferries, Passenger Cargo Vessels], Navy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026" in detail along with the table of contents:
The marine propulsion systems market value will witness major upsurge on account of the technological advancement, high efficiency and reliability. Rising pollution from ships along with increasing awareness toward the adoption of sustainable technologies will boost the marine propulsion systems value. Ongoing international marine tourism owing to improved standard of living allowing for greater leisure time will further drive the product demand.
North America marine propulsion systems market will grow at a CAGR of 1.9% through 2026. Increasing import & export of container cargo coupled with rising exploration activities will strengthen the regional industry outlook. Moreover, increasing investments toward technological development and product design on account of the increasing demand for greener alternatives will boost the product penetration. Growing trade practices, implementation of environmental standards and high-end technology adoption is further set to foster the market growth.
Major players in the marine propulsion systems market are already directing investments towards altering exiting product designs to cater to the changing regulation and demand requirements. Few major players in the marine propulsion systems industry are Volvo Penta, Dresser-Rand Group, Brunswick Corporation, Wärtsilä, Caterpillar, John Deere, GE Transportation Cummins, Rolls Royce, and Man Energy Solutions among others.
Access the TOC of this report @ https://www.gminsights.com/toc/detail/marine-propulsion-systems-market
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Marine Engines Market Analysis By Technology (Low Speed, Medium Speed, High Speed), Propulsion (2-Stroke, 4-Stroke), Fuel (MDO, MGO, LNG, Hybrid), Power (< 1,000 HP, 1,000-5,000 HP, 5,000-10,000 HP, 10,000-20,000 HP, > 20,000 HP), Application (Commercial [Container Vessels, Tankers, Bulk Carriers, Roll On/Roll Off], Offshore [AHTS, PSV, MPSV], Recreational [Cruise Ships, Ferries, Yachts], Navy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
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