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Marine propulsion engines market .... seeing steady growth

Marine propulsion engines market to hit $11bn

LONDON, April 16, 2015

The global marine propulsion engines market is expected to hit $10.95 billion by 2020, growing at CAGR of 4.2 per cent over the next five years, according to a new study.

The shift towards liquefied natural gas (LNG) propulsion will act as an important market driver during the forecast period, stated the Grand View Research in its report.

Significant modernisation in marine propulsion as a direct consequence of increased demand for operationally dependable and financially efficient ships is expected to drive the marine propulsion engines market, the report said.

The shipping industry has started to focus more on reducing fossil fuel consumption by developing electric motors which also help increase energy efficiency.

The market is expected to be hindered by regulations of the International Convention for the Prevention of Pollution from Ships (Marpol), which apply principally to the protection of the marine environment and prevention of contamination by oil, chemical spills, sewage, marine species, and air pollution by engine exhaust gases.

With the advancement in technology and increasing awareness pertaining to environmental conservation, development of propulsion systems that run on alternate fuels and with minimal emissions has garnered special importance.

Although wind and solar energy have gained prominence as auxiliary propulsion sources in the marine propulsion engines market, they are inadequate to suffice the power requirements for primary propulsion purposes, the report added.

Depleting conventional and shale gas reserves have led to the increase in the demand for LNG as a marine fuel which involve dual fuel diesel (DFD) engines as prime movers. Wind energy and solar energy have gained prominence as auxiliary power generating sources as they do not emit harmful pollutants.

Although steam turbine systems were traditionally used as prime movers, they have been increasingly substituted by diesel and DFD engines. Steam marine propulsion engines are still used in niche applications such as coal carriers and LNG carriers.

According to the report, Asia Pacific accounts for a substantial share of the overall marine propulsion engines market revenue in 2013, which can be attributed to significant investments by countries in the Far East such as China and South Korea.

North America is among the highest adopters of LNG as a propulsion medium, it added.-TradeArabia News Service




Tags: LNG |

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