Global Marine Propulsion Maintenance Market: Introduction
Marine propulsion maintenance is a key part of maintenance of vessels. Marine engine is one of the biggest engines; hence, it requires regular servicing and maintenance to avoid breakdown or failure.
Propulsion maintenance includes change of minor spare parts to complete engine overhauling. Shipping companies need to carry out regular maintenance work of marine vessels in order to avoid engine failure.
Maintenance work is time consuming. Therefore, companies are investing in advanced maintenance process. Companies around the world are implementing robotics and advanced computing technology. These processes can reduce the downtime and also save costs. Thus, introduction of robotics and advanced computing technology can offer lucrative opportunities to the global marine propulsion maintenance market.
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Key Drivers and Restraints of Global Marine Propulsion Maintenance Market
Significant rise in sea trade and tourism is estimated to be a key driver of the global marine propulsion maintenance market. This indicates an increase in the number of marine vessels being employed. Growth in number of vessels is projected to fuel the demand for service and maintenance.
Implementation of IoT and AI-based systems to predict the maintenance of ships is another key driver of the global marine propulsion maintenance market. IoT and AI-based systems use sensors and historic data to predict engine failure. These systems can predict small issues in machinery that could lead to engine failure or breakdown. Engine failure increases downtime, and service and maintenance cost of a marine vessel. Thus, Implementation of IoT and AI-based systems is anticipated to drive the market in the near future.
Shortage of skilled workers is likely to be a key restraint of the global marine propulsion maintenance market. Wages, safety & security, and many such issues are factors responsible for the shortage of skilled workers. Shortage of skilled workers affects the quality of work, which, in turn, adversely affects engine performance. Hence, shortage of skilled workers is anticipated to restrain the global marine propulsion maintenance market.
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Global Marine Propulsion Maintenance Market: Segmentation
The global marine propulsion maintenance market can be segmented in terms of power rating, ship type, and fuel type
Based on power rating, the global marine propulsion maintenance market can be divided into 0.5 MW – 15 MW, 15.1 MW – 30 MW, and above 30 MW. The 0.5 MW – 15 MW segment dominated the global market in 2019. It is expected to lead the global marine propulsion maintenance market during the forecast period.
In terms of ship type, the global marine propulsion maintenance market can be segregated into container ship, bulk carrier, passenger ship, defense vessel, tugboat & OSV, ferry, and others. The passenger ship segment is estimated to expand at a rapid pace in the near future, owing to the rise in demand for passenger ships across the globe. In turn, this is projected to propel the demand for service and maintenance of passenger ships.
Based on fuel type, the global marine propulsion maintenance market can be classified into diesel, natural gas, gasoline, hybrid, and others. The diesel segment dominated the global market in 2019, due to high number of diesel engine vessels in the world. However, the hybrid segment is anticipated to expand at a fast-paced CAGR during the forecast period. This can be ascribed to the rise in demand for hybrid propulsion vessels across the world.
Global Marine Propulsion Maintenance Market: Regional Outlook
Based on region, the global marine propulsion maintenance market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Asia Pacific is expected to dominate the global marine propulsion maintenance market in the near future due to rapid industrialization and modernization in the region. China and Japan are the leading countries in terms of number of ships in the world. Hence, demand for service and maintenance of these ships is high in these countries.
The market in Europe and North America is projected to expand significantly during the forecast period, led by the rise in number of passenger vessels in these regions
The market in Middle East & Africa and Latin America is estimated to expand at a steady CAGR during the forecast period, due to steady growth of the marine industry in these regions
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Key Players Operating in Global Marine Propulsion Maintenance Market
Major players operating in the global marine propulsion maintenance market are:
Wärtsilä
Goltens Worldwide Management Corporation
W.W. Williams
Hy-Power Marine Services
MSHS Group
ABB
MAN
Rolls-Royce
Sulzer Ltd
YANMAR HOLDINGS CO.
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