Technavio’s latest market research report on the global marine turbine propulsion engine market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global marine turbine propulsion engine market 2017-2021 under their heavy industry library. (Graphic: Business Wire)
One of the key factors resulting in the growth of the global marine turbine propulsion engine market is the rising demand to build new ships which will lead to a significant need for marine turbine propulsion engines.
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The top three emerging market trends driving the global marine turbine propulsion engine market according to Technavio research analysts are:
- Rising adoption of marine hybrid propulsion technology
- Emergence of dual-fuel engines
- Gradual adoption of LNG over conventional marine fuel
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Rising adoption of marine hybrid propulsion technology
The use of hybrid marine propulsion engines has increased due to the pollution caused by diesel propulsion engines. Standards for marine vessels operating in designated areas are being established by maritime authorities and several major ports worldwide. Shipping operators need to comply with these emission guidelines. In Europe, the EU has imposed stringent regulations on sulfur control norms through the declaration of ECAs in the Baltic Sea and the North Sea. Therefore, the use of hybrid vessels in northern and north-western Europe has increased, with inland boats and small ships that operate within the ECAs being the main contributors for development.
According to Gaurav Mohindru, a lead analyst at Technavio for unit operations “In APAC, countries such as China, Indonesia, and Australia are anticipated to make significant investments in offshore support vessels and hybrid tugboats. Along with APAC, South America is another region which is anticipated to witness a considerable addition of hybrid vessels due to the development of offshore hydrocarbon basins in the region. Therefore, the development of hybrid marine propulsion systems offers marine engine manufacturers the potential to increase their revenue and market shares which will drive growth for the overall market.”
Emergence of dual-fuel engines
Both liquid and gaseous fuels are used to operate dual-fuel engines. These dual-fuel engines mix air with natural gas, and then the mixture is ignited using diesel as the fuel. Natural gas gradually substitutes diesel and the substitution rate refers to the portion of the cumulative fuel energy that is provided by the natural gas. The dual-fuel engine uses diesel if there is any interruption in the natural gas supply.
Merchant shipping companies will be able to reduce their fuel bills while simultaneously cutting down their emissions with the help of dual-fuel engines. Various industries across regions will adopt such technological and commercial advances and this will lead to the growth of the global marine turbine propulsion engine market.
Gradual adoption of LNG over conventional marine fuel
Majority of the fuel demand in the shipping industry stems from container shipping, bulk carrier/general cargo, and tanker (crude and chemical products) sectors. The broad range of fuels used by the shipping industry includes HFO and MDO/MGO, bio-alternatives, such as biodiesel and straight vegetable oils. Other fuels used include LNG, biogas, along with methanol and hydrogen, both of which are derived from methane or wood biomass.
“Even though the share of HFO would reduce over time, it is anticipated that it would still hold the majority share in marine vessels for at least a decade. But at the same time LNG is expected to be an important replacement for HFO. The chemical/product tanker market is expected to be the leading consumer of LNG as a fuel, within the shipping industry,” says Gaurav.
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