Global Marine Propulsion Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
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“Global Marine Propulsion Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global marine propulsion market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global marine propulsion market report has been segmented on the basis of ship type, power output, power source, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the global market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the global marine propulsion market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Propulsion system is a machine that produces thrust to push any object at forward direction. Marine propulsion is used in ships to control movement of ship. The marine propulsion system consists of three parts such as, propulsor or thruster, engine, and power or energy source. The propulsion system is implemented by analysis of the performance in waves, engine, and propeller for the intended use only.
Increasing marine transportation and increasing air cargo transportation cost is a key factor expected to drive growth of the global marine propulsion market over the forecast period. Also, increasing preference for ships for transportation of logistics among various industries owing to increasing trade activity globally is another factor expected to boost growth of the target market during the forecast period.
In addition, growing demand for advanced marine propulsion system among ship building companies that can carry average and dynamic load is expected to proliferate growth of the global marine propulsion market in the next 10 years.
Moreover, increasing production and sales of ships across the globe and increasing inland waterway development across the globe are some other factors expected to support growth of the global marine propulsion market in the near future.
However, high cost associated with maintenance of dynamic marine propulsion systems is a major factor expected to restraint growth of the global market. In addition, stringent rules and regulations associated with fuel consumption and pollutant emission resulting into development of advanced and fuel efficient propulsion system is another factor expected to hamper growth of target market to a certain extent.
On the basis of ship type, the cargo or container ships segment is expected to dominate in the global marine propulsion market, owing to increasing sea-borne trade activity and logistic transport across the globe. On the basis of power source, the natural gas and diesel segment is expected to dominate in the global market, owing to high utilization of natural gases for less emission of pollutants.
Market in Asia Pacific is expected to dominate the target market in terms of revenue, owing to high international seaborne trade activities in emerging countries such as China, India, and Japan in the region. In addition, increasing adoption of energy efficient propulsion systems due to rising environment concerns across the Asia Pacific region is expected to fuel growth of the target market in countries in the region.
Market in North America is expected to register significant growth in the global market followed by market in Europe, Latin America, and Middle East & Africa in terms of revenue, owing to increasing adoption of advanced propulsion system in marine sector to reduce environmental pollution and increase fuel efficiency of cargo ships in countries in the region.
Global Marine Propulsion Market Segmentation:
Segmentation by Ship Type:
- Tanker Ships
- Bulk Carrier Ships
- Passenger Ships
- Offshore Vessels
- Cargo or Container Ships
- Others (Tugs and Service Ships)
Segmentation by Power Output:
- 80 – 750 HP
- 1000 – 5000 HP
- 5000 – 10000 HP
- >10000 HP
Segmentation by Power Source:
- Fuel Cell
- Natural Gas
- Gas Turbine
- Steam Turbine
- Renewable Energy
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Caterpillar, Inc.
- Cummins, Inc.
- Rolls-Royce PLC
- Wärtsilä Oyj Abp
- Masson Marine A.S
- MAN Diesel & Turbo SE
- Fairbanks Morse Engine LLC
- Niigata Power Systems Co., Ltd.
- Hyundai Heavy Industries Co., Ltd.
- Mitsubishi Heavy Industries, Ltd.
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