Marine Propulsion Engine Market – Growth, Trends, COVID-19
New York, December 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Marine Propulsion Engine Market – Growth, Trends, COVID-19 Impact, and Forecast (2021 – 2026)” – https: / / www. reportlinker.com/p06192774/?utm_source=GNW
The COVID-19 outbreak has hampered the growth of the marine propulsion engine market with continued bottlenecks and the resulting economic downturn across the world. The greatest short-term impact on marine engines will be felt through supply chains. However, after the pandemic, as restrictions have eased, the market is expected to gain momentum during the forecast period.
The marine propulsion engine market is driven by the need for faster, cleaner and more fuel efficient engines. The International Maritime Organization (IMO) has drafted a new rule that the sulfur content of marine fuel will be reduced from 3.5% to 0.5%. This new regulation is expected to reduce emissions from ships by 77%. This has led ship operators to use low sulfur fuels, such as marine diesel, and has also boosted the demand for ship electrification.
The Asia-Pacific region is expected to see rapid growth over the term of the assessment due to the increase in international trade and exports of the region. India and China have both emerged as major trade hubs in the region, with an increased pace of activity in the maritime manufacturing sector.
Key market trends
Diesel engine is expected to dominate the market during the forecast period
Currently, some 100,000 merchant ships navigate our seas and oceans, with installed capacity ranging from approximately 1 to 100 megawatts (MW) per ship. With a few exceptions, all of these ships are powered by diesel engines, most with a direct drive system, some with diesel-electric propulsion or a hybrid system. The major market players are planning and launching the latest products to attract more customers and gain market share. For example,
In August 2021, Yanmar Marine International began the installation of its new high horsepower 6LF diesel engines, with outstanding results reported from the first completed project in Europe. During the landmark installation, certified Yanmar dealer Motonáutica Balear in Mallorca re-engineered the Magnum 40 Adriana powerboat with two Yanmar 6LF530 models and upgraded the electronics and controls.
In June 2019, marine technology company Winterthur Gas & Diesel (WinGD) introduced three new low-speed two-stroke engines capable of running on low-emission fuels. The three new engines, X40DF, X82D and X82DF, will provide a greater variety of choices for vessel owners.
In January 2019, Rolls-Royce signed a contract for the design of a vessel and a wide range of equipment for a 70 meter long stern trawler to be built for Engenes fiskeriselskap AS, based in Troms County, in northern Norway. The equipment to be delivered by Rolls-Royce includes a hybrid propulsion system consisting of the high-performance and efficient B33: 45 diesel engine, the Promas integrated propeller system and the HSG drive system to ensure optimum propulsion efficiency in all conditions. operational conditions.
But the power and efficiency of diesel engines are nowhere near comparable to any other type of fuel. Yet the entry of marine engines and the development and improvement of other engines may hamper the growth of diesel engines in the future.
Asia-Pacific region is expected to experience significant growth during the forecast period
Asia-Pacific accounts for a significant share of the marine propulsion engine market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the key nations, China, India, Japan and South Korea, which have emerged as manufacturing powers as they are heavily dependent on foreign trade.
Previously, most diesel engines in the marine segment were manufactured locally by domestic Chinese brands. However, in recent years, Chinese authorities have tightened emissions requirements, which are even more stringent than International Maritime Organization (IMO) regulations. Chinese regulation GB15097, commonly referred to as C1 and C2, includes limits for particulate matter (PM).
In September 2020, MAN Energy Solutions announced that its Chinese license partner CMP had won a series of new small-caliber four-stroke orders in the Chinese domestic and coastal segment. The orders include MAN types 21/31, 27/38 and 23 / 30H. In addition, the company won another order for the supply of engines and generators for a 15,000 dwt shuttle tanker, which includes a 6S35ME-B9.5 IMO Tier II main engine.
Most of the Asia-Pacific marine propulsion engine market is owned by Indian, Chinese and Japanese players, but in recent years, local companies have launched new products to gain local market share. For example,
In May 2021, Hindustan Aeronautics Limited (HAL) and Rolls-Royce signed a Memorandum of Understanding, which will provide installation, packaging, marketing and service assistance for Rolls-Royce MT30 marine engines in India. As part of this MoU, for the first time, Rolls Royce and HAL will work together in the field of marine applications.
Due to these developments in the region, the market is expected to experience optimistic growth during the forecast period.
The marine propulsion engine market is moderately consolidated due to the presence of key players such as MAN Diesel & Turbo, Wartsila, Hyundai Heavy Industries Co. Ltd, Daihatsu Diesel Mfg. Co. Ltd. and Caterpillar. These companies continuously focus on innovative products to provide customers with environmentally sustainable, flexible, economically sound and efficient solutions. Companies try to expand the value of their brand in the market through acquisitions and mergers. For example,
In August 2020, Caterpillar Marine released the 2000 HP Cat® C32B high performance marine engine, and this 2025 MHP engine is rated at 2300 RPM with improved power density, updated electronics and a improved unit injector fuel.
In September 2021, Cummins Inc. is expanding its offering to the oil and gas market with the addition of dual fuel capabilities to its QSK50 Tier 4 product. This EPA Tier 4 offering demonstrates reduced diesel exhaust emissions and overall greenhouse gas (GHG) emissions compared to its predecessor EPA Tier 2.
In October 2021, MAN signed a memorandum of understanding with Mitsui E&S Machinery Co. Ltd (MES-M) and Mitsui OSK Lines (MOL) regarding the low-speed ammonia-fueled main engine that MAN Energy Solutions is currently developing. . The MoU provides for a purchase contract for an ammonia engine in 2023.
Some of the major market players include Hyundai Heavy Industries Co. Ltd. (KSOE), Caterpillar (MAK), MAN SE (Man Diesel & Turbo), Wartsila, Yanmar Co. Ltd. and others.
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06192774/?utm_source=GNW
ReportLinker is an award winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.