- Opportunity and Forecast, 2016 - 2025
Marine propulsion engine is a system used for moving ships or boats across the water. A thrust is generated through these engines to enable a maneuver of ships. In initial phases, there were very few number of propulsion engines, but with a trend of innovation and advancement of technologies, there are a lot of systems used. The selection of an engine is not limited to only moving the ship across the water, it also includes utilization of best mode to ensure safety of marine ecosystem and achieve cost efficiency.
Growth in demand for efficient and operationally-dependable ships, emergence of nuclear propulsion engines, and increase in LNG prominence drive the global marine propulsion engine market. Whereas, strict emission standards and limitations of renewable energy sources for primary propulsion limit the growth of the industry. On the other hand, rise in preference for non-conventional energy sources present new avenues in the industry.
The global marine propulsion engine market is segmented on the basis of product type and geography. Product types analyzed in the study are diesel propulsion, wind & solar propulsion, gas turbine propulsion, fuel cell propulsion, steam turbine propulsion, natural gas, and others. Geographically, the market is studied across North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Key industry players operating in the global marine propulsion engine market include MAN Diesel & Turbo, Mitsubishi, Wrtsil, Yamaha, Caterpillar, Sinopec, Shell, Volvo Penta, Idemitsu, and Hydrosta BV. These key players have adopted strategies, such as expansion, merger & acquisition, partnerships, new product launches, joint ventures, collaborations, and others to sustain in the industry.
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