Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Marine Propulsion and Auxiliary Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Global Marine Propulsion and Auxiliary Power Market was valued at USD 9.08 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 12.19% through 2029, reaching USD 18.27 billion.
The dynamics of the market are influenced by factors such as international trade trends, environmental regulations, technological advancements, and the overall economic health of the shipping industry. As the industry strives to balance the demands for increased efficiency and reduced environmental impact, the market continues to evolve with a focus on innovation, sustainability, and compliance with global maritime standards.
Digitalization and Automation in Propulsion Systems
The marine propulsion and auxiliary power market are witnessing a paradigm shift towards digitalization, automation, and remote monitoring solutions. Advancements in sensors, connectivity, data analytics, and artificial intelligence (AI) are enabling the development of smart propulsion systems that optimize performance, improve reliability, and reduce operational costs.
Integrated propulsion control systems equipped with advanced sensors and predictive analytics capabilities enable real-time monitoring and optimization of engine parameters, fuel consumption, and emissions. By leveraging big data analytics and machine learning algorithms, shipowners can identify operational inefficiencies, predict equipment failures, and implement proactive maintenance strategies to minimize downtime and enhance vessel performance.
Furthermore, the integration of automation technologies, such as dynamic positioning systems (DPS), azimuth thrusters, and podded propulsion systems, is revolutionizing vessel maneuverability, maneuvering capabilities, and operational efficiency. Automated propulsion systems enable precise control of propulsion and steering functions, reducing reliance on manual intervention and enhancing safety during vessel operations in challenging environmental conditions.
Key Market Drivers
- Increasing Global Trade and Shipping Activities
- Stringent Environmental Regulations and Sustainability Initiatives
- Technological Advancements and Innovation in Propulsion Systems
- Growing Demand for Cruise and Passenger Ships
- Rising Exploration and Exploitation of Offshore Energy Resources
- Infrastructure Development in Emerging Maritime Markets
Government Policies Likely to Propel the Market
- Emission Control and Environmental Regulations in the Maritime Sector
- Incentives for Adoption of Green Technologies and Alternative Fuels
- Maritime Safety and Navigation Regulations
- Research and Development Grants for Technological Innovation
- National Security and Defense Requirements
- Infrastructure Investment in Ports and Waterways
Key Market Challenges
- Evolving Environmental Regulations and Compliance Pressures
- Economic Volatility and Uncertainties in the Shipping Industry
Fuel Type Insights
The Diesel segment dominated the market in 2023 due to its high energy density, efficiency in fuel conversion, established global infrastructure, reliability, durability, and versatility for marine applications.
Regional Insights
Europe dominated the Global Marine Propulsion and Auxiliary Power market in 2023, leveraging its rich maritime heritage, advanced technologies, and robust shipping industry. Spearheading environmental stewardship, European companies lead in developing cleaner propulsion solutions like hybrid systems and LNG engines. Government support through initiatives like Horizon Europe and the EMFF fuels research, fostering collaboration and innovation among industry stakeholders. Key players like Rolls-Royce Marine and Wartsila maintain a competitive edge, addressing global demand with sustainable propulsion technologies.
Report Scope
Marine Propulsion and Auxiliary Power Market, By Fuel Type:
- Diesel
- Liquefied Natural Gas (LNG)
- Liquefied Petroleum Gas (LPG)
- Natural Gas
- Battery
- Ammonia
- Hydrogen
- Others
Marine Propulsion and Auxiliary Power Market, By Application:
- Propulsion
- Auxiliary
Marine Propulsion and Auxiliary Power Market, By Power Rating:
- < 1,000 kW
- 1,000-2,000 kW
- 2,001-3,000 kW
- 3,001-4,000 kW
- 4,001-5,000 kW
Marine Propulsion and Auxiliary Power Market, By Vessel Type:
- Tankers/Carriers
- Barges/Cargo Vessels
- Defense Vessels
- Cruise Ships
- Others
Marine Propulsion and Auxiliary Power Market, By Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Key Attributes
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $9.08 Billion |
| Forecasted Market Value (USD) by 2029 | $18.27 Billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- ABB Ltd.
- Caterpillar Inc.
- Cummins Inc.
- MAN Energy Solutions
- Mitsubishi Heavy Industries Ltd.
- Rolls-Royce plc
- Siemens AG
- Wartsila Corporation
- Yanmar Holdings Co. Ltd.
- Hyundai Heavy Industries Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/4pp9dh
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