Wilmington, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Global Marine Propulsion and Auxiliary Market size is valued at US$ 10.6 billion in 2023 and is predicted to rise at a substantial CAGR of 5.2% during the forecast period of 2023 and 2030 according to RationalStat analysis.
Market Definition, Market Scope, and Report Overview
The marine sector is investigating the use of alternative fuels that can be incorporated into fuel-efficient propulsion and auxiliary power systems, such as LNG, methanol, and biofuels. More fuel-efficient and environmentally friendly operations are made possible by the development of sophisticated propulsion technologies, such as hybrid systems, LNG (liquefied natural gas) propulsion, fuel cells, and electric propulsion.
Customers and stakeholders are requesting greener and more fuel-efficient ships at an increasing rate as environmental concerns grow. Manufacturers and suppliers are compelled to provide cutting-edge, fuel-efficient solutions by market rivalry. Fuel-efficient propulsion and auxiliary power systems continue to advance thanks to ongoing research and development, which makes them more affordable and practical for marine applications.
- According to a deep-dive market assessment by RationalStat, the marine propulsion and auxiliary market has been analyzed on the basis of market segments, including fuel type, power rating, market type, vessel type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the marine propulsion and auxiliary market covers market sizes based on market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the marine propulsion and auxiliary market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Marine Propulsion and Auxiliary Market: Segmental and Market Share Analysis
- Based on the fuel type, the liquefied petroleum gas (LPG) holds the major share of the market as it has many applications and used among various verticals.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 10.6 billion |
| Market Size Forecast | US$ 15.1 billion |
| Growth Rate | 5.2% |
| Dominant Segment | Liquefied Petroleum Gas (LPG) |
| Leading Region | Asia Pacific |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the marine propulsion and auxiliary market include,
- In June 2020, BAE Systems was selected by the New York City Transit Authority to provide 435 electric hybrid power and propulsion systems for the latter’s new fleet of transit buses to save fuel usage and carbon emissions.
Some of the prominent players and suppliers operating and contributing significantly to the marine propulsion and auxiliary market growth include Cummins Inc, Caterpillar, General Electric, BAE Systems, Siemens Energy, ABB, Wartsila, MAN Energy Solutions, AB Volvo, MTU (Rolls-Royce Plc), Perkins Engines Company Limited, Yanmar Holdings Co, Ltd, Niigata Power Systems Co, Ltd, Fairbanks Morse Defense, Masson Marine, and FIBA Technologies Inc., among others.
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RationalStat has segmented the marine propulsion and auxiliary market based on fuel type, power rating, market type, vessel type, application, and region
- Global Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Fuel Type
- Diesel
- Liquefied Natural Gas (LNG)
- Liquefied Petroleum Gas (LPG)
- Natural Gas
- Battery
- Ammonia
- Hydrogen
- Others
- Global Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Power Rating
- <1000 kW
- 1,000 – 2,000 kW
- Up to 3,000 kW
- Up to 4,000 kW
- Up to 5,000 kW
- Global Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Market Type
- New Built
- Retrofit
- Global Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Vessel Type
- Tankers/Carriers
- Bargers/Cargo Vessel
- Tugboats
- Defense Vessels
- Ferries
- Yachts
- Cruise Ships
- Others
- Global Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Propulsion
- Diesel
- Hybrid
- Full Electric
- Fuel Cell
- Others
- Auxiliary
- Propulsion
- Global Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Marine Propulsion and Auxiliary Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Marine Propulsion and Auxiliary Report:
- What will be the market value of the marine propulsion and auxiliary market by 2030?
- What is the market size of the marine propulsion and auxiliary market?
- What are the market drivers of the marine propulsion and auxiliary market?
- What are the key trends in the marine propulsion and auxiliary market?
- Which is the leading region in the marine propulsion and auxiliary market?
- What are the major companies operating in the marine propulsion and auxiliary market?
- What are the market shares by key segments in the marine propulsion and auxiliary market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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