Natural gas-powered marine propulsion systems witnessing major adoption worldwide
Rising demand for consumer commodities and associated growth of global seaborne trade will impact marine propulsion systems market outlook. Demand for marine propulsion is rising across offshore, recreational and commercial application. Ongoing technological advancement in the systems is bolstering product adoption.
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Marine propulsion systems account for 80% of the maritime transport. This can be linked with rising in global population and associated demand for good and commodities. Improving trade relations between countries will further boost international maritime transportation. The UN Conference on Trade and Development estimates that the international maritime trade will grow at 3.4% over the period of 2019–2024 due to exponential growth in dry bulk, gas cargoes and containerized goods.
Availability of LNG based systems for reducing emissions in commercial application will favor industry growth. Moreover, paradigm shift towards clean fuel utilization along with proliferation of sustainable technologies such as fuel cell propulsion, gas fuel or solar propulsion may foster market size over the coming years. Estimates suggest that global marine propulsion system market will exceed USD 11 billion in terms of annual valuation by 2026.
Rise in pollution from ships along with growing awareness pertaining to adoption of sustainable technologies is boosting proliferation of sustainable propulsion systems. Advancements in technology, design, shift from conventional fuel to low sulfur oil as well as strict government directives to adopt clean fuel are the key factors driving the demand for marine propulsion systems supporting LSFO, hybrid fuel and LNG.
LNG and gas turbine systems are witnessing large scale installation due to increasing regulatory pressure for clean fuel utilization. Gas turbine propulsion systems are widely used for naval and non-naval ships. In naval ships, this system aids faster movement of the ships which is crucial in times when naval fleet comes under attack.
North America marine propulsion systems market is set to grow notably through 2026. The robust growth can be credited to rise in import and export of container cargo along with exploration activities. For instance, The 64North Gold Project in Alaska, which hosts more than 100Moz in gold is currently being operated by Millrock Resources Inc. The project operator will be getting financial support for the exploration activities by Resolution Minerals. The project indicates considerable prospects for exports.
Growing international trade, implementation of emission regulation and adoption of high-end technology will favor industry expansion. Moreover, growing investments toward product and design development on account of the rising demand for greener alternatives may bolster product development.
With the ongoing COVID-19 pandemic, the global economy has significantly suffered, with several industries, including marine and its supply chain facing challenges. Manufacturers in the industry are trying to cope up with recommencing operations with shortages across the board and scaled down capacity. However, rise in demand for minimal production and ongoing development to face the global pandemic may fuel marine systems deployment.
