August 21, 2020
According to the research report titled ‘Marine Propulsion Systems Market By Product, By Technology, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report LLC, global marine propulsion systems market is estimated to witness significant growth during 2020-2026.
Technological developments and ongoing investments by government for shipbuilding industry are driving the growth of global marine propulsion systems market. The system guides ships through the water in reliable and cost-effective way. Surging sea-borne trade and rising maritime tourism are also augmenting the market outlook.
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Based on product landscape, global marine propulsion systems market is segmented into steam turbine, natural gas, fuel cell, wind & solar, gas turbine, diesel, and others. Among these, wind & solar segment is likely to contribute 5% to the market share by the year 2026. Wind propulsion system is regarded as a suitable option because it emit minimal amount of CO2 in the atmosphere. Besides, solar propulsion for ships has various advantages like drastic drop in carbon dioxide emissions and generation of 40 kW capacitance of around 40 kW, which is contributing to the segmental growth.
With respect to power, the market is classified into below 1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and above 20000 HP. The report cites that 10,001-20,000 HP segment accounted for 18% market share in 2019.
Speaking of the technology spectrum, marine propulsion systems industry is categorized into high speed, medium speed, and low speed. The high-speed segment is estimated to amass USD 1 billion by the year 2026.
Based on propulsion, the market is divided into 2 stroke and 4 strokes. Marine propulsion systems market share from 4-stroke segment is projected to growth with a CAGR of 2.1% during the forecast period.
In terms of application terrain, the market is divided into recreational, commercial, navy, offshore, and others. The offshore application segment was valued at USD 2 billion in 2019 and is likely to showcase notable growth in the coming years. As per regional overview, Middle East marine propulsion systems market is estimated to witness a 2.7% growth rate through 2026.
Key players operating in global marine propulsion systems market are Siemens AG, DEUTZ AG, STX Engine, Scania AB, Yamaha Motor Co. Ltd, Rolls-Royce, John Deere, Yanmar Holdings Co. Ltd., Daihatsu Diesel Mfg. Co. Ltd., Weichai Power Co. Ltd., IHI Corporation Ltd., Hyundai Heavy Industries Co. Ltd., Anglo Belgian Corporation, Brunswick Corporation, Volvo Penta, Cummins Inc., Wartsila, and Caterpillar.