Marine Propulsion Engine Market is Valued at $11bn in 2019

Thursday 7 March 2019, Amsterdam

Propulsion in ships provides the thrust required for ships to move across water. At present, several propulsion systems are in the market which are built with the latest technology. Different types of ships require different types of power sources for their propulsion. The manufacturers of ship propulsion systems customise the requirements according to the ship type. At present, marine propulsion is not just about successful movement of the ship in the water; it also includes using the most suitable and the best mode of propulsion to ensure a better safety standard for the marine ecosystem combined with cost efficiency. The rise in international trade by Sea-route, increasing production & sales of ships and rise in inland waterways are the factors driving the growth of the Global Marine Propulsion Engine Market.

The report analyst commented "Marine Propulsion Engine market is expected to witness a high growth on account of Increasing production and sales of ships globally and this drives the growth of the marine propulsion engine market directly. The more the production of ships, the more the use of marine propulsion engines to thrust the ships. Rising energy consumption and demand of eco-friendly ships and shipping services are contributing to the growth of the shipping industry which in turn paves the way for growth in the marine propulsion engine market globally over the coming years."

Leading companies featured in the report who are developing marine propulsion engine technology include Caterpillar, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Hyundai Heavy Industries Co., Ltd, Man Se (Man Diesel & Turbo), Mitsubishi Heavy Industries, Ltd., Rolls-Royce Plc, Scania, Wärtsilä, Yanmar Co., Ltd.