According to the Graphical Research new growth forecast report titled “Europe Marine Propulsion Systems Market By Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), By Technology (Low Speed, Medium Speed, High Speed), By Application (Merchant, Offshore, Cruise & Ferry, Navy), Industry Analysis Report, Country Outlook (Germany, UK, Italy, France), Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, To Witness Steady Growth By 2026.
Europe marine propulsion systems market is estimated to grow on account of rising seaborne trade along with growing maritime tourism sector. Increasing international trade along with ongoing shipbuilding activities will encourage the business scenario. Moreover, introduction of government norms to curb GHG emission is resulting in investments toward the enhancement of low emission systems.
Low speed engines segment will witness a significant upsurge owing to high thermal efficiency coupled with wide applicability across defense sector. In addition, ability of these units to provide steady propulsion output allowing it to be utilized across various deep-sea ship vessels including bulk carriers, tankers, cargo ships and containers ships. Furthermore, two-stroke cycle increases power to weight ratio with minimum engine size, thereby augmenting the Europe marine propulsion systems market share.
Favorable government regulations coupled with increasing favorable demand for sustainable propulsion systems will propel the LNG demand. Ongoing investments toward the marine industry is estimated to be diverted toward complementing the international trade, post COVID-19 impact. Enhanced installation of propulsion systems across the defense vessels along with various European countries looking to reinforce their maritime security will propel the industry scenario.
Increasing R&D investments along with product advancement and developments in the marine engine sector will fuel the business landscape. Rising living standards along with upsurge in purchasing power parity of individuals will further fuel the recreational application demand. Increasing marine tourism followed by growing demand for passenger and recreational vessels will accelerate the Europe marine propulsion systems market scenario.
COVID-19 pandemic outbreak has adversely affected the overall value chain across the marine sector. Ongoing halted shipbuilding activities along with declining trade volume have challenged the overall market outlook. Moreover, the leading manufacturers are ramping down the production in the second quarter which will accelerate the business landscape.
Key players functioning across Europe marine propulsion systems market are aiming at outlining fundamental association centered at shaping strategic alliance and M&A with a general purpose of capturing their market possession of overall industry. Major manufacturers across the industry includes Caterpillar, Cummins, Siemens, General Electric, Brunswick, Wartsila, Man Energy Solutions, Volvo Penta, Anglo Belgian Corporation, DEUTZ AG amongst others.