For marine vessels, the importance of marine propulsion systems cannot be overstated. Its essentiality in a marine vessels movement across water bodies of different sizes and conditions ensure that with the increasing marine activity worldwide, the marine propulsion systems market is anticipated to grow strongly. Technological improvements by market players are expected to stand the market in good stead through the forecast period.
Growing Requirement for Water Transport to Push Marine Propulsion Systems Market Forward
The rising use of heavy duty ships for logistical transportation, especially following the rapid spurt of growth in the e-commerce industry is anticipated to be one of the primary factors contributing to the growth of the marine propulsion systems market.
Aftermarket services including repairing and maintenance procedures are also anticipated to see strong growth, owing to constant maintenance needs for heavy duty engines. In addition, growing marine defense needs by countries around the world are also expected to significantly boost the marine propulsion systems market.
Marine transport is gaining a lot of importance for trade as a transport alternative owing to the fact that road, railway, and air transport are not always feasible for international transport. In addition, the increasing costs of air cargo transport are also expected to contribute to the growth of marine transportation and the marine propulsion systems market in the near future.
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Major Players in the Marine Propulsion Systems Market to Focus on Technological Advancements
Key marine propulsion systems market players including MAN Diesel and Turbo, Caterpillar, Daihatsu Diesel Mfg. Co. Ltd., Rolls Royce Plc., Volvo Group, and Deere and Company are focusing on product design improvements to enhance operating efficiency, and smaller engine assemblies, without compromising on performance. Volvo Penta recently revealed its new hybrid marine propulsion system that has been designed to emissions during operations for engines within an 8 to 13 liter range to run at respectable speeds of 10 to 12 knots. It works with the addition of clutch and rechargeable electric motors between the engine and IPS pods. Operation of the clutch enables either an electricity only or a parallel usage of both electricity and diesel for propulsion. MAN Diesel and Turbo’s range of two stroke engines have seen various design improvements including selective catalytic reduction exhaust cleaning systems that significantly reduce pollutants from the dual fuel combustion process. The engines make use of electronic injection, variable valve timing, and high efficiency turbochargers to enhance performance. Rolls Royce’s Bergen B33:45V diesel engine range is claimed to be the most powerful engine in its class. It offers 600 kW for each cylinder in a V12 configuration for an electricity generation and mechanical propulsion system that improves on fuel efficiency and is compliant with the IMO emission standards.
Boost in Growth of High-Income Population to Help in Marine Propulsion Systems Market in North America
Europe, North America, and the Asia Pacific are expected to be the largest producers of marine propulsion systems owing to strong infrastructure, and access to high standards of technical expertise in these regions.
The North America marine propulsion systems market is also anticipated to grow at a significantly faster rate owing to the notable increase in the number of millionaires and billionaires by more than 100% in the coming years for this region. This growing ultra-rich population have the potential to purchase high-cost yachts and boats, consequently boosting the marine propulsion systems in North America.
The continuous increase in globalization and international trade are one of the most important factors that is contributing positively to the marine propulsion systems market in the Asia Pacific and North America, owing to relatively lower costs for marine transport in relation with air transport systems.
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Classification of the Global Marine Propulsion Systems Market
Marine propulsion systems can be segregated on the basis of power output, fuel type, application, and engine type. On the terms of power output, marine propulsion systems can be divided into 80 – 750, 1000 – 5000, 5000 – 10000, and more than 10000 hp. On the basis of fuel type, marine propulsion systems can be divided into gas, marine diesel, heavy fuel oil, and dual fuel. On the terms of applications, marine propulsion systems can be divided by yachts, boats, tugs, container ships, tankers, and cruise ships among others. On the basis of engine type, marine propulsion systems can be categorized as 2 stroke or 4 stroke.
The write-up here on the marine propulsion systems market provides a comprehensive regional and global level analysis to find and use essential information which has been validated on a variety of business aspects such as competitor scenarios and market opportunities.
The report is a compilation of: Trends and Challenges: Popular trends and common obstacles Market Segmentation: Key market divisions Market Drivers: Business factors that highly impact the market Competitive Analysis: Strategy used by top players Technology: Market changes by tech innovations Demand and Supply
Regional markets analyzed in the report: North America marine propulsion systems market (Canada, U.S.) South America marine propulsion systems market (Brazil, Mexico, Rest of Latin America) Middle East and Africa marine propulsion systems market (S. Africa, N. Africa, GCC Countries, Rest of MEA) Asia Pacific excluding Japan marine propulsion systems market (ASEAN, China, India, Australia, New Zealand) Japan marine propulsion systems market Western Europe marine propulsion systems market (Spain, Italy, Germany, U.K., France) Eastern Europe marine propulsion systems market (Russia, Poland)
The development of the report through first-hand research on the marine propulsion systems market has resulted in the development of information including trends, economy, and market attractiveness, through extensive interactions with eminent industry experts.
NOTE – All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Future Market Insights.
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