Global Marine Propulsion Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Marine Propulsion Market 2021 (Includes Business Impact of COVID-19)
Global Marine Propulsion Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights, which offers in-depth insights, revenue details, and other vital information regarding the global marine propulsion market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global marine propulsion market report has been segmented on the basis of ship type, power output, power source, and region.
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The global Marine Propulsion market size was valued at USD $22.43 billion in 2020 and is projected to reach USD $31.38 billion by 2030, and is anticipated to expand at a CAGR of 3.60% over the forecast period from 2020 to 2030.

This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the global market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the global marine propulsion market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Overview:

Propulsion system is a machine that produces thrust to push any object at forward direction. Marine propulsion is used in ships to control movement of ship. The marine propulsion system consists of three parts such as, propulsor or thruster, engine, and power or energy source. The propulsion system is implemented by analysis of the performance in waves, engine, and propeller for the intended use only.

Dynamics:

Increasing marine transportation and increasing air cargo transportation cost is a key factor expected to drive growth of the global marine propulsion market over the forecast period. Also, increasing preference for ships for transportation of logistics among various industries owing to increasing trade activity globally is another factor expected to boost growth of the target market during the forecast period.

In addition, growing demand for advanced marine propulsion system among ship building companies that can carry average and dynamic load is expected to proliferate growth of the global marine propulsion market in the next 10 years.

Moreover, increasing production and sales of ships across the globe and increasing inland waterway development across the globe are some other factors expected to support growth of the global marine propulsion market in the near future.

However, high cost associated with maintenance of dynamic marine propulsion systems is a major factor expected to restraint growth of the global market. In addition, stringent rules and regulations associated with fuel consumption and pollutant emission resulting into development of advanced and fuel efficient propulsion system is another factor expected to hamper growth of target market to a certain extent.

Segment Analysis:

On the basis of ship type, the cargo or container ships segment is expected to dominate in the global marine propulsion market, owing to increasing sea-borne trade activity and logistic transport across the globe. On the basis of power source, the natural gas and diesel segment is expected to dominate in the global market, owing to high utilization of natural gases for less emission of pollutants.

Regional Analysis:

Market in Asia Pacific is expected to dominate the target market in terms of revenue, owing to high international seaborne trade activities in emerging countries such as China, India, and Japan in the region. In addition, increasing adoption of energy efficient propulsion systems due to rising environment concerns across the Asia Pacific region is expected to fuel growth of the target market in countries in the region.

Market in North America is expected to register significant growth in the global market followed by market in Europe, Latin America, and Middle East & Africa in terms of revenue, owing to increasing adoption of advanced propulsion system in marine sector to reduce environmental pollution and increase fuel efficiency of cargo ships in countries in the region.


Below are the active patents related to Marine Propulsion Market.


Patent Number: US20170045887A1

Remote controlled boat system

Abstract

The invention generally relates to a remote controlled boat system. In certain embodiments, the system includes a boat having a first central processing unit operably coupled to a communication unit and a first global positioning unit operably coupled to the first central processing unit. The system also includes at least one controller configured to control the boat via remote communication with the first central processing unit via the communication unit of the boat, the controller including a second central processing unit operably coupled to a second global positioning unit.

Application File Date: 2015-08-10

Application Granted Date: 2018-05-15

Inventor: Ben Mazin

Patent Number: CN101267977A

Marine vessel

Abstract

The invention relates to a marine vessel (1) with at least a first cargo facility (4) at a stern end (2) and at least a second cargo facility (5) at a bow end (3), and having a deckhouse (6) arranged between the first cargo facility (4) and the second cargo facility (5). In order to provide for cost-effective propulsion and cargo transport in combination, the propulsion system comprises a first propulsion unit (8) and a second propulsion unit (9) forming a CRP propulsion system (7). The machinery of the first propulsion unit (8) and the machinery of the second propulsion unit (9) are located on top of each other under the deckhouse (6).

Application File Date: 2006-07-10

Application Granted Date: 2012-02-01

Current Assignee: S. Hanura, O. Lewand, K. Kosquitana

Patent Number: US20060079141A1

Ship propulsion arrangement

Abstract

A Ship Propulsion Arrangement A ship propulsion arrangement is provided in which a mechanical drive shaft (3) extends through a hull (9) of a ship (1) to an external body (7). The external body incorporates an electric motor. The mechanical drive shaft (3) is driven when required by either a prime mover (2) located within the ship (1) or by the electric motor in the external body (7). This arrangement provides the benefits of hybrid operation without necessary accommodation of the electric motors within the limited hull space available in a ship (1).

Application File Date: 2005-01-31

Application Granted Date: 2007-04-24

Current Assignee: Rolls Royce PLC

Global Marine Propulsion Market Segmentation:

Segmentation by Ship Type:

  
Tanker Ships
  
Bulk Carrier Ships
  
Passenger Ships
  
Offshore Vessels
  
Cargo or Container Ships
  
Others (Tugs and Service Ships)

Segmentation by Power Output:

  
80 -750 HP
  
1000 -5000 HP
  
5000 -10000 HP
  
>10000 HP

Segmentation by Power Source:

  
Diesel
  
Hybrid
  
Fuel Cell
  
Natural Gas
  
Gas Turbine
  
Steam Turbine
  
Renewable Energy


Key Market Players included in the report:


  
BAE Systems plc
  
Caterpillar Inc.
  
Cummins Inc.
  
Fairbanks Morse Engine
  
General Electric
  
HS Marine Propulsion, LLC
  
Hyundai Heavy Industries
  
MAN Diesel & Turbo
  
Masson-Marine S.A.S
  
Nigata Power Systems Co., Ltd.
  
R + W Antriebselemente GmbH
  
Rolls-Royce Plc
  
STEYR MOTORS GmbH
  
Torqeedo GmbH
  
Volvo Penta
  
Wärtsilä Corporation
  
Yanmar Holdings Co., Ltd.
  
ZF Marine Propulsion Systems Miramar, LLC


Below are the key development related to Marine Propulsion Market in 2020 and 2021.


July 2021: ZeroNorth acquires Propulsion Dynamics. Maritime software company ZeroNorth has announced that it has acquired the Copenhagen-based vessel performance company Propulsion Dynamics, adding the CASPER digital twin ship analysis system to its technology portfolio. The acquisition will allow ZeroNorth to improve its Optimise system using data from the more than 25,000 digital ship models that Propulsion Dynamics has gathered across the last two decades since it was founded in 2002, combining this dataset with ZeroNorth’s AI technology to offer better recommendations for optimised operations. The fuel consumption tables provided by Propulsion Dynamics will be used in the optimisation of a range of tramp shipping vessels, particularly those on short-term time charter agreements, ZeroNorth says, though the company notes that Optimise will continue to be data agnostic, also connecting to whichever fuel consumption model provider customers have in place. Source

March 2021: L3Harris Technologies Signs Definitive Agreements to Sell Its Military Training and Combat Propulsion Systems Businesses for $1.45 billion. L3Harris Technologies (NYSE:LHX) has signed definitive agreements to sell its Military Training business to CAE and its Combat Propulsion Systems and related businesses to RENK AG for a combined $1.45 billion. Source

February 2021: Vision Marine Acquires Complimentary Intellectual Property Assets from MAC Engineering, a Ground-Breaking Designer of Electric Vehicle Propulsion and Battery Management Systems. Acquisition significantly strengthens Vision’s leadership in electric boat powertrains. Vision Marine Technologies, Inc. (Nasdaq: VMAR) (“Vision Marine” or the “Company”), a leader in transforming the boating market by designing and manufacturing environmentally friendly electric boats and propulsion systems, is pleased to announce that it has acquired MAC Engineerings intellectual property relating to marine outboard electronic systems. MAC Engineering, the European distributor of the UQM brand, and one of the global leaders in medium and high-power electric motors in the USA, is the highly regarded designer of propulsion and battery management systems and components for electric vehicles. Source

February 2021: Cosworth and Delta Sign Agreement for Acquisition. Cosworth set for full acquisition of Silverstone-based electrified propulsion and high-power energy storage specialists. Global technology business Cosworth and UK-based Delta are pleased to announce that an agreement has been signed that paves the way for Cosworth to fully acquire the Silverstone-based developer of battery and vehicle dynamics control systems. Cosworth’s focus on delivering propulsion, electronics and software solutions for the automotive, aerospace and marine sectors will be bolstered by the acquisition of Delta, whose specialities in the development of battery systems, in particular, align with Cosworth’s roadmap for hybridisation and electrification. Source

December 2020: Rolls-Royce Acquires Supplier of Ship Control Systems Servowatch. Rolls-Royce has acquired Servowatch Systems, a UK-based international supplier of integrated marine automation solutions for navies, commercial vessels and large yachts. Rolls-Royce purchased the company from the Indian engineering, procurement and construction projects, manufacturing, defense and services group Larsen & Toubro. Servowatch, based in Heybridge, Essex, will expand the ship automation division of Rolls-Royces Power Systems business.  Source