Published By : 30 May 2016 | Published By : QYRESEARCH
The global marine propulsion engine market is witnessing modernization as a direct impact of rising demand for ships that are cost effective and operationally efficient. Ships that can be dependable and use less fossil fuel are in demand. Thus, the focus of the operators in the global marine propulsion engine market is on the development of ships that have increased energy efficiency, high reliability, and reduced fossil fuel consumption. Additionally, emphasis on the development of propulsion systems that can operate on alternative fuels, leaving reduced environment footprint is on the rise.
Global Marine Propulsion Engine Market Driven by Rising International Trade Activities
The high demand for commercial ships owing to rising international sea trade is subsequently leading to a growth in the global marine propulsion engine market. Marine propulsion engines are being preferred owing to their efficiency. Sea based defense and maritime security is also a major driver for the marine propulsion engine market, as more and more countries are focused on their naval shipbuilding industry to expand. This ultimately raises the requirement for marine propulsion engines, thus boosting the market.
Diesel Marine Propulsion Engine leads the Market in 2015 due to Higher Efficiency
The global marine propulsion engine market is segmented on the basis of product into diesel propulsion, gas turbine propulsion, and others. Out of these, the diesel propulsion engine segment dominated the market in 2015. Further, the diesel marine propulsion engine segment is expected to expand at a 4.0% CAGR between 2016 and 2020. Higher efficiency achieved by diesel marine propulsion engine is the reason behind the growth of the segment. However, the trend will soon change as the focus shifts to alternatives such as gas engines due to the environmental issues associated with the use of diesel marine propulsion engines.