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Marine Propulsion and Auxiliary Power Market to Grow at a CAGR of 5.1% During Forecast Period 2022-2050, TMR Study

Transparency Market Research
Transparency Market Research

Increase in demand for fuel-efficient systems is expected to drive marine propulsion and auxiliary power market value

Wilmington, Delaware, United States, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global marine propulsion and auxiliary power market was valued at US$ 10.6 Bn in 2021 and is projected to reach US$ 44.6 Bn by 2050. The market is likely to expand at a CAGR of 5.1% between 2022 and 2050. This is ascribed to rise in usage of fuel-efficient technologies in the marine industry and enforcement of strict government regulations to minimize carbon emissions. The maritime and shipping industries are important for long-term expansion of international commerce and trade. Demand for sustainable, clean, and emission-free sources of fuel is increasing as industrialization continues steadily.

Increase in focus on environmentally-friendly fuels in the maritime industry is anticipated to accelerate market development between 2022 and 2050. Auxiliary and propulsion power units are popular, as these require minimal administration and incur low operating expenses. Players in the global marine propulsion and auxiliary power market are developing electric propulsion systems to increase market share.

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The maritime industry is committed to cut down on CO2 emissions and fuel use. Major industry players are investing substantially in research & development of environment-friendly vessels. Companies are using alternative and renewable power sources and modifying their design to comply with strict energy standards.

The International Maritime Organization (IMO) implemented regulations that restricted sulfur content of marine fuels utilized by ships in international waterways at 0.5% by weight from January 2020. The prior global cap of 3.5%, established in 2012, has been lowered to this level. Therefore, adoption of strict energy rules is projected to propel market value during the forecast period.

Key Findings of Market Report

  • The diesel segment accounted for the largest market share of 52.1% in 2021, based on recent market forecast on the marine propulsion and auxiliary power industry. It is projected to dominate the global market in the next few years to come.

  • The ferries segment is anticipated to lead the global industry in the next few years. The segment is expected to be driven by increase in number of ferries switching to marine diesel and heavy fuel oil.

Global Marine Propulsion and Auxiliary Power Market: Growth Drivers

  • Rapid increase in global warming has increased pressure on several countries to cut down their carbon emissions. Bunker fuel is used by ships, which results in significant greenhouse gas emissions and pollution. Each year, significant quantities of air pollutants, such as sulfur oxide, nitrogen oxide, carbon monoxide, and particulate matter, are emitted into the atmosphere. Consequently, governments of several countries have enacted laws and policies to cut down pollution and carbon dioxide emissions.

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Global Marine Propulsion and Auxiliary Power Market: Regional Landscape

  • Asia Pacific is anticipated to account for significant share of the global marine propulsion and auxiliary power market between 2022 and 2050. It held 46.8% share of the global market in 2021. The market in Asia Pacific is driven by significant number of vessels and increase in maritime commerce.

  • North America and Europe are two key regions in the global marine propulsion and auxiliary power market. These regions held 6.2% and 37.2% share, respectively, in 2021. Presence of several cruise ships and growth of maritime tourism are expected to drive market demand in Europe.

Global Marine Propulsion and Auxiliary Power Market: Key Players

  • Perkins Engines Company Limited

  • Niigata Power Systems Co., Ltd

  • MAN Energy Solutions

  • Fairbanks Morse Defense

  • General Electric Company

  • FIBA Technologies, Inc.

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Global Marine Propulsion and Auxiliary Power Market: Segmentation

Fuel Type

  • Diesel

  • Liquefied Natural Gas (LNG)

  • Liquefied Petroleum Gas (LPG)

  • Natural Gas

  • Battery

  • Ammonia

  • Hydrogen

  • Others

Application

  • Propulsion

  • Auxiliary

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

Market Type

  • New Built

  • Retrofit

Vessel Type

  • Tankers/Carriers

  • Barges/Cargo Vessels

  • Tugboats

  • Defense Vessels

  • Ferries

  • Yachts

  • Cruise Ships

  • Others

Region

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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