Expanding seaborne trade and a prolific rise in disposable incomes across economies of the globe have now enabled the global marine propulsion systems market to soar to all new heights over the span of 2020 to 2026. In fact, it has been predicted that the overall market would record an overwhelming revenue share of USD 11 billion by the end of 2026, mainly due to the product’s dramatically rising demand across offshore, recreational, and commercial applications.

However, a massive outbreak of coronavirus pandemic has brought about a standstill in the global economy, with numerous industries like marine and its supply chain facing umpteen challenges. The producers and stakeholders in these spheres are trying to cope up with resuming operations on scaled down capacity and employee shortages. Nevertheless, increasing demand for minimal production in conjugation with the ongoing advancements in an effort to face the current pandemic situation is likely to improve the product installation in the upcoming months, enabling the marine propulsion systems market to witness an upswing again.

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Underlined is a brief snapshot of the trends that are expected to augment the outlook of marine propulsion systems industry over the forecast period:

Ongoing research and development activities

It is essential to note that 80% of all international trade by volume is accounted by maritime transport, which has significantly propelled the demand for marine propulsion systems over the years now. In this regard, it has been observed that companies and various technological institutes have been going nine yards for the research and development of such products to cater to the burgeoning need put forth by the rising global population and elevating seaborne trades.  

Citing an instance for the aforesaid, it would be crucial to state the mention of India’s DRDO R&D of fuel cell-based marine propulsion system. As per credible sources, the Defense Research and Development Organization, in Maharashtra, had in 2019 demonstrated its research fuel cell-based marine propulsion system which boasts of the ability to boost the combat lethality of the country’s conventional submarines by enhancing their endurance. It was claimed that the organization was looking forward to developing this system for the Indian Navy’s submarine that are typically driven by traditional diesel-electric technology.

Such initiatives provide a peek of the impending scenario of overall marine propulsion systems market.

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Enhanced technological advancements in the market space

One of the fundamental factors that have accelerated the growth of marine propulsion systems market worldwide is the ongoing technological advancements in order to assure high reliability and efficiency of these systems. Various companies operating in the business space are relentlessly working towards upgrading their systems and commercializing them to serve better to a huge customer pool while being engaged in various strategical initiatives like mergers, acquisitions, collaborations, and others.

One such company, Caterpillar Marine, had in 2017 announced entering into a partnership with Caterpillar Innovation and Technology Development Division to build a fully integrated propulsion system- Cat Marine Advanced Variable Drive. Developed using Caterpillar’s expertise with heavy duty CVT technology, power system knowledge, and advanced controls, the AVD has been built to offer optimum operational efficiency, fuel, and maneuverability to cut down on the maintenance costs.

Burgeoning sea trades in North America

Consider the following: North America had recorded maritime trade of 8% in 2017.

This number has enabled the region to depict a significant growth rate of 1.9 per cent through 2026, driven by rising import and export of container cargo and improving sea trade. Not only this, expanding investments toward technological development and product design on grounds of expediting demand for greener substitutes would further boost the product penetration in the region. Not to mention, mounting trade practices, high-end technological adoption, and deployment of environmental standards are poised to additionally foster the regional market growth dynamics by 2026 end.

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