Marine Propulsion Engine Market

Marine Propulsion Engine Market Sailing with supersonic Velocity set to record USD 40.91 billion by 2027

The Marine propulsion engine market is anticipated to reach USD 40.91 billion by 2027 by registering a CAGR of 2.63% during the forecast period (2021-2026).
The International Maritime Organization (IMO) has drafted a new rule where the sulfur content in marine fuel will be reduced to 0.5% from 3.5%. This new regulation is expected to cut off emissions from ships by 77%.
Some of the major players include HHI, Caterpillar, MAN Diesel & Turbo, Rolls-Royce, Mitsubishi Heavy Industries, Cummins, Wartsila, and Others.

In December 2021, Rolls-Royce continued to expand its share of the tugboat propulsion market in Brazil. The company is supplying eight 16V 4000 M63 MTU engines to the Brazilian shipyard Rio Maguari. The engines, each with an output of 2,000 kW, will power four new tugboats that Rio Maguari is building for the leading tugboat shipping company Svitzer. The engines are expected to be delivered by May 2022.
In November 2021, Cummins India Limited, recently organized its first roadshow to showcase the ‘Made in India’ B6.7 Marine Engines. The roadshow was organized in association with Garuda Power Pvt. Ltd, the channel partner for Cummins India Limited in West Bengal and Odisha.
In October 2021, Wartsila and Norwegian ship owner Eidesvik Offshore ASA have signed a landmark cooperation agreement aimed at converting an offshore supply vessel (OSV) to operate with an ammonia-fueled combustion engine with the required fuel supply and safety system. This project will be the first of its kind ever in the world and has a provisional completion target by the end of 2023.
In July 2021, Caterpillar decided to phase out the production of its medium-speed diesel engines, and the decision affects manufacturing plants in Kiel, Germany, and China. The division's product lineup included main engines of up to 16,800 kW in power, with HFO, natural gas, and dual fuel-powered options available.

Reduction of carbon emission is the focal point for most shipbuilders in the current scenario, as major shipbuilders are investing in cleaner technologies to achieve the goal of zero emissions from operations.
MSC World Europa, an LNG-powered cruise ship, features advanced eco-friendly technologies, such as an LNG-powered fuel cell with a 50-kilowatt demonstrator system that incorporates solid oxide fuel cell (SOFC) technology. SOFC solution can reduce greenhouse emissions by about 30%. The LNG Cruise ship is likely to be built in France and is set to enter service by 2022.
In May 2021, three of Japan’s marine engine manufacturers, Kawasaki Heavy Industries, Yanmar Power Technology, and Japan Engine Corporation, concluded a joint venture contract to establish a new company called HyEng Corporation. This collaboration will pursue the joint development of marine hydrogen-fueled engines.