Published on : Jun 20, 2018
Albany, New York, June 20, 2018: The global demand for marine propulsion system has grown significantly due to the increase in trade via marine route. Market Research Hub (MRH) has recently announced the inclusion of a study to its online database, which is titled as “Marine Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”. This 291-page study provides a holistic perspective on the market’s growth in terms of revenue in US$ Mn, across different geographical regions namely North America, Europe, the Asia Pacific excluding Japan, Middle East & Africa, and South America. The research also highlights opportunities in the marine propulsion market in these regions.
In order to provide detailed information, the report utilizes in-depth qualitative insights, historical data, and verifiable projections about market size. The estimates featured in the report have been derived using proven research methodologies and assumptions. Some of the prime aspects of the study include market size and growth, trends and strategies, segmental analysis and regional overview.
Some of the major findings from the marine propulsion market include-
• Marine propulsion is a mechanism or system used to generate thrust to move a ship or boat across the water. According to the research prime findings, increase in demand for fuel-efficient systems are expected to propel the demand for marine propulsion systems in the next few years. Analysts project that the global marine propulsion market was valued at nearly US$ 12 Bn in 2017 and is anticipated to expand at a CAGR of more than 4.0% from 2018 to 2026.
• Moreover, the research also adds that rise in cross-border trade activities through marine sub-waters is likely to boost the demand for marine propulsion systems in the near future.
• The research further categorizes the market on the basis of propulsion type, transport, power rating, RPM and geography. Currently, Europe and North America are the key markets for marine propulsion systems. However, Asia Pacific is estimated to emerge as one of the prominent markets for this technology.
• By propulsion type, the study found that the diesel segment dominated the global marine propulsion market in 2017. However, demand for alternative propulsion solutions such as renewable and hybrid-based propulsion systems is anticipated to rise during the forecast period. In addition, based on transport coastal waterways constitutes a major share of the marine propulsion market.
The final section of the study presents an exhaustive analysis focusing on the prime players operating in the marine propulsion market. They are MAN Diesel & Turbo SE, Cummins Inc., Niigata Power Systems Co., Ltd., Caterpillar Inc., BAE Systems, STEYR MOTORS GmbH, Wärtsilä Corporation, Rolls Royce Plc., AB Volvo Penta, Fairbanks Morse Engine, Masson-Marine S.A.S., GE, and Torqeedo GmbH.
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