The need for efficient marine propulsion systems in the operations of the different kinds of marine vessels is immense. Marine propulsion units make the movement of marine vessels possible across different types of water bodies in different environmental conditions. The rising activity involving marine vessels worldwide, is expected to result in a strong growth for the marine propulsion systems market. Innovations in technology by manufacturers are expected to generate good prospects for manufacturers in the years to come.
Marine Tourism and Sea-Based Trade Routes: Key Demand Growth Factors
The growing popularity of using heavy duty ships for transportation of goods, particularly after the recent rise in the e-commerce sector will be one of the key aspects that contributing positively towards businesses involved with marine propulsion systems.
Repairs, maintenance and other kinds of aftermarket services and procedures are also witnessing a strong demand, owing to the maintenance needs for the increasing number of heavy duty engines in the marine industry, particularly with the increasing dependence on electronics. Moreover, even the defense sector requirements by nations around the globe are assisting the significant increase of the marine propulsion systems production internationally.
Marine transport is being given high importance as an alternative mode for transport in trade that is rising from the limitations posed by railway, road, and air on international transport, which are constrained by factors such as cost, geography, and load carrying capacity. Moreover, the high cost for using air cargo transport will also push the use of marine transportation and consequently marine propulsion systems forward.
Major Manufacturers Focus on Technological Improvements
Top manufacturers of marine propulsion systems such as Turbo, MAN Diesel, Daihatsu Diesel Mfg. Co. Ltd., Caterpillar, Volvo Group, Rolls Royce Plc., and Deere and Company are adding emphasis to innovations in product design for boosting efficiency, and building more compact engine assemblies that do not lose out on performance. Major producers of marine propulsion systems are seeing improvements to build strong infrastructure, gain faster access to new innovations, and workforce that have high levels of technical know-how.
Daihatsu Diesel has a wide range of two stroke engines make use of various innovations in design including automated cleansing systems for exhaust components to minimize pollutants being emitted from the a dual fuel combustion process. Technologies such as adjustable valve timing, electronic fuel injection, and engine turbochargers are used to boost performance.
Caterpillar revealed a new hybrid marine propulsion system capable of eliminating emissions during operations for marine engines that have a capacity ranging between 8 to 13 liters, while maintaining power production. It is fitted with an extra clutch and electric motors with rechargeable batteries which allows a parallel usage of both electricity and diesel for propulsion or an electricity only power source.
Volvo’s range of diesel engines high power for every cylinder in a V12 engine design. This allows for a combination of electricity generation and mechanical propulsion raises fuel efficiency and compliance with the international emission standards.
High-Income Population in Developed Nations to Create Niche Demand
The constant rise of globalization and trade activities are creating a great impact on the global requirements for marine propulsion systems arising from relatively lower costs for using marine transport in comparisons to air transport.
The United States is expected to generate a higher rate of demand for marine propulsion systems owing to the rise of high-income population in the country, particularly the millionaires and billionaires. This expansion of the ultra-rich population show an affinity for expensive yachts and boats, thereby increasing the demand for marine propulsion systems.
A global assessment about the marine propulsion systems market provides a report that has gathered information on the market scenario in the marine propulsion market. The write up on the marine propulsion system market has assisted in the collection of useful and reliable information on the industry.