Europe Marine Propulsion Systems Market Analysis, Size, In-Depth Insights, Growth and Forecast to 2026

The natural gas Europe marine propulsion systems market is likely to record substantial growth over the forthcoming years. Natural gas based engines have been gaining a lot of traction lately due to increasing focus over environmental sustainability.

The rise international trade supported by favorable EU regulations regarding seaborne trade is driving the Europe Marine Propulsion Systems Market forecast. In addition to the surge in marine trade, the expansion of the maritime tourism sector has led to notable uptick in shipbuilding activities.

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Over the past decade, the European Union has tightened greenhouse gas emissions significantly which is encouraging shipbuilders and marine OEMs to design new low emission systems. These companies are investing in specialized advancements for introducing improved marine engine designs. Modern marine propulsion systems are powered by natural gas, diesel, fuel cells, gas turbine, steam turbines, and renewable sources such as wind and solar energy.

A positive outlook towards zero carbon emissions in the marine industry, the European Union has introduced stricter marine emission norms. In order to comply with these regulations, shipowners are investing in retrofitting of existing vessels, replacing existing systems with new, more sustainable engines.

In terms of the technology, low speed marine engines are expected to witness a substantial demand in the next few years. These systems deliver a high thermal efficiency and find wide application in the defense sector. The two-stroke cycle of low speed engines helps deliver an improved power to weight ratio with minimum engine size. Their ability to provide a steady propulsion output makes it suitable for application in deep sea vessels including cargo ships, container ships, tankers, and bulk carriers.

Meanwhile, the demand for medium speed marine engines is slated to increase at a significant rate in the coming years. Their high productivity and performance efficiency makes them desirable across a wide range of marine applications. These include large shipping firms, mass transporters, large ore carriers, large boats, and freight ships. The increasing international trade in Europe along with ongoing investments in the defense sector to strengthen the naval fleet will certainly bolster the Europe propulsion systems market.

The application of marine propulsion systems across merchant vessels is likely to grow substantially in the future. The increase in seaborne trade powered by favorable trade norms has resulted in increased import and export of raw materials and commodities from emerging countries. These trends along with the increasing exploration and production of crude oil across the North Sea will create a promising outlook for marine propulsion system manufacturers based in Europe.

Considering the regional landscape, the propulsion systems industry in the U.K. is projected to record notable growth through 2027, driven by the rise in international trade as well as maritime tourism. The country is slated to witness numerous offshore oil and gas projects in the near future, followed by several major renewable pipeline projects in line.

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The spread of the COVID-19 pandemic during the initial few months of 2020 had impacted the entire value chain across the marine sector along with a temporary halt in shipbuilding activities. Additionally, the suspension of trade activities to curb the spread of the coronavirus had weakened the overall industry outlook.

However, the Europe marine propulsion systems market has shown initial signs of recovery in recent months. The resumption of seaborne trade and shipbuilding projects will create a sustainable growth environment for the market. Stringent marine emission norms promoting the adoption of cleaner technologies will undeniably boost investments in the development of innovative marine engine systems.

Table of Contents (ToC) of the report:

Chapter 3   Europe Marine Propulsion Systems Market Trends

3.1    Industry coverage

3.2    Industry size & forecast, 2020 – 2026

3.3    Value chain analysis

3.3.1    Company product snapshot

3.4    Innovation Landscape

3.5    COVID-19 impact on the industry outlook

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Marine Propulsion Systems Market drivers

3.7.2    Marine Propulsion Systems Market restraints

3.8    Industry analysis – Porter’s

3.9    Product growth mapping

3.10    Competitive benchmarking, 2019

3.10.1    Strategy dashboard

3.11    PEST analysis

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