The report gives the present as well as the future market outlook regarding recent developments, growth opportunities, challenges, and developed regions.

NEWARK, UNITED STATES, November 23, 2022 /EINPresswire.com/ -- As per the report published by Fior Markets, the marine propulsion system market is expected to grow from USD 12.8 billion in 2020 and to reach USD 16.21 billion by 2028, growing at a CAGR of 3% during the forecast period 2021-2028.

The marine propulsion system market is witnessing significant growth form the past years. The key driver of the marine propulsion system market is expected to be the growing need for reliable and fuel-efficient ships. The use of renewable energy sources such as solar and wind energy to supply auxiliary power needs will grow, boosting the demand for marine propulsion engines. Over the projected period, the growing need for efficient and operationally reliable ships will contribute to the modernization of the marine propulsion engine market. The growing importance of expanding diesel engine capacity to power next-generation tankers with big cargo holding capacity would increase the worldwide marine propulsion engine market growth. The focus on renewable energy sources is another key aspect that is expected to impact the marine propulsion engine industry. Global warming and an imminent energy crisis are two of the world's most pressing issues in the 21st century.

The technique or system that generates push to propel a ship or boat through water is marine propulsion. While some smaller boats still utilize paddles and sails, most modern ships are powered by mechanical systems that consist of an electric motor or engine rotating a propeller, or, in the case of pump-jets, an impeller. Marine engineering is the field of engineering that deals with the development of marine propulsion systems. Depending on their size, ships are equipped with one or more propulsion engines (gross tonnage). Furthermore, steam turbines were employed in the early stages of maritime propulsion; however, due to technological advancements, diesel or alternative fuel engines and gas turbines now have a larger market share.

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The COVID-19 outbreak has had a negative influence on the marine industry's complete value chain. Shipbuilding has come to a halt, and trade volume has plummeted, putting the market's outlook in jeopardy. Furthermore, manufacturers are reducing production and preparing for a disappointing second quarter. Moreover, cruise ship cancellations and a slowdown in international trade investments in commercial boats are projected to harm demand for marine engines. Recovery is projected in the second part of the year, assuming no new waves of the virus develop and countries are able to stop the spread and return to routine quickly.

Key players operating in the marine propulsion system market are Wärtsilä Oyj Abp, Volvo Penta, Rolls Royce, Caterpillar, GE Transportation, Cummins, MAN Diesel & Turbo, Daihatsu Diesel Mfg. Co. Ltd, Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, John Deere, Dresser-Rand Group, and Brunswick Corporation.

In January 2019, Hyundai Heavy Industries officially took over Daewoo Shipbuilding & Marine Engineering (DSME), with a 55.7 % share in the company valued at USD 1.08 billion. Hyundai Heavy Industries' market position is projected to be strengthened as a result of this acquisition.
In February 2019, MAN Diesel & Turbo SE was awarded the contract to supply the engines for a new harbour tug in Spain, which will be operated by P&O Reyser in the Port of Barcelona and will be operational by mid-2020.

Natural Gas segment dominated the market and held the largest market share of 18% in the year 2020
Based on product, the marine propulsion system market is segmented into diesel, wind & solar, gas turbine, fuel cell, steam turbine, and natural gas. The natural gas segment dominated the market and held the largest market share of 18% in 2020. This growth is attributed to reduced carbon emissions in combination with lower prices in a commercially viable region. The value of marine propulsion systems will increase as ship pollution rises and more people become aware of the benefits of natural gas.

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Recreational segment dominated the market and held the largest market share of 29.25% in the year 2020
On the basis of application, the Marine propulsion system market is segmented into Recreational, Commercial, Container Vessels, Tankers, Offshore. The recreational segment dominated the market and held the largest market share of 29.25% in 2020. This growth is attributed growing marine tourism and growing demand for passenger & recreational vessels.

Regional Segment of   Marine propulsion system Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the Marine propulsion system market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific region held the largest market share of 28% in the year 2020. This is mainly due to the fact that significant countries such as China, Japan, and South Korea have developed into industrial powerhouses as a result of their reliance on foreign trade. Since China is now the world's top exporter, more commercial ships will be needed, increasing demand for marine propulsion engines. Nations around the world have begun to strengthen their navies in order to combat maritime piracy as well as trade. The Asia Pacific region's navies, in particular, are rapidly developing its defence capabilities, which is projected to enhance the market for marine propulsion engines.

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About the report:
The   Marine propulsion system market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.

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