Market Insights
Propulsion engines in the marine industry are essential to propel the marine asset against natural forces (air and water drag), decelerate and stop, and keep them in the desired position at the surface or underwater. Ships cannot be steered on the surface or beneath the water without propulsion, as all of their rudders work dynamically to overcome the buoyancy force of the water. In the case of non-propelled barges, crawling can be used in conjunction with its anchor pattern to move the marine asset along the sea floor. This type of crawling is recommended for only a few meters since the sea bed is comparatively soft and muddy. Nowadays, even construction barges are being made self-propelled to reduce overall operational costs. Marine propulsion engines are powered by internal combustion engines that derive their power from heavy fuel, diesel oil, natural gas, solar power, wind turbines, and LNG.
A marine propulsion engine consists of three parts: an energy source (human or animal rowing, fuel energy, and energy collected from external sources like wind and solar power), an engine that transforms it into mechanical energy, and a thruster that pushes the water backward for its forward movement. During the 18th century, steam engines and paddle wheels were used as thrusters for the mechanical propulsion of the ship. Due to advancements in technology, the steam engine was slowly replaced by diesel-powered engines with reduced engine size, lower maintenance, and suitability for longer voyages. Diesel-electric engines were introduced after 1900, which reduced the shaft length of the propellers. The gas turbines replaced boilers in steam engines and eventually reduced the overall size of the propulsion system.
When the ship’s cargo is fuel (oil tankers, LNG tankers, or LPG tankers), it could be used as fuel to propel the ship. LNG is the costliest of all marine fuels, and if it were the only fuel being used, marine operations would be uneconomical as the cost involved in maintaining its cryogenic condition is very high. Modern LNG marine propulsion systems use dual-fuel diesel engines (marine diesel oil and natural gas burned in a 4-stroke engine) and electrically driven propellers with high operational efficiency and very low emissions.
Based on engine type, the marine propulsion engine market is segmented into 2-stroke engines and 4-stroke engines. As of 2017, globally, 2-stroke engines dominated the overall market. With stringent mandates on sulfur reduction in fuels and overall marine pollution reduction, 4-stroke engines have gained immense momentum for their high operational efficiency. Thus, the 4-stroke engine type is expected to register the highest growth rate during the forecast period from 2018 to 2026. Based on energy sources, the market is segmented into diesel oil, natural gas, and others (nuclear, solar, wind, etc.). Diesel oil as an energy source dominated the market in 2017, and a similar trend is expected during the forecast period. Based on vessel type, the market is segmented into bulk carriers, container ships, passenger ships, barges, and others (yachts, offshore support vessels, tugs, etc.).
Geographically, the region with the largest market share of the market was Asia Pacific (APAC) in 2017. APAC is the major trade hub globally, with important ports like Singapore port, Shanghai, Hong Kong, and the port of Chiang Mai, among others, contributing to most of the trade activities. Europe is expected to follow APAC closely on account of the high level of development and the oil and gas sector in the North Sea. Despite high oil and gas activities and trades in the North American and European regions as of 2017, the MEA and Latin America are expected to register a higher growth rate than the two mature markets due to growth in oil and gas exploration and sea trade activities.
The global marine propulsion engine market is segmented as below:
By Engine Type
- 2-stroke Engine
- 4-stroke Engine
Source of Energy
- Diesel oil
- Natural gas
- Others (nuclear, solar, wind, etc.)
Type of Vessel
- Bulk carriers
- Container ships
- Passenger ships
- Barges
- Others (yachts, offshore support vessels, tugs, etc.)
By Geography
- North America
- Europe
- Germany
- France
- Italy
- U.K.
- Russia
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The following companies are key players in the Marine Propulsion Engine Market value chain:
Caterpillar, Inc., Cummins, Inc., Daihatsu Diesel Mfg. Co., Ltd., Fairbanks Morse Engine, GE Ltd., Hyundai Heavy Industries Co., Ltd., MAN Diesel & Turbo, Masson-Marine, Mitsubishi Heavy Industries Ltd., Nigata Power Systems Co., Ltd., Rolls-Royce, Plc., YANMAR Diesel Co., Ltd., and Wartsila
This report offers the following:
- Assessment of market trends for the period 2016–2026
- Historical (past) information for 2016 and 2017 and projections from 2018 through 2026 with respective CAGRs for 2018–2026 considering 2017 as the base year
- Market drivers, restraints, future prospects, and competitive analysis (market positioning) of key market players
- Overview of the shipping industry structure
- Company profile with major information about the key players operating in marine propulsion engines
- Estimation of the market size in terms of value
