Technavio announced the top seven leading vendors in their recent global marine propulsion engine market report. This research report also lists 14 other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
The global marine propulsion engine market is moderately fragmented, with a clear dominance of the large international players. The market is highly capital-intensive, and therefore, it poses a stiff challenge to the local players.
Faced with stringent regulations for diesel engines, marine propulsion engine manufacturers are now inclined towards the design and development of engines that run on alternative fuels such as bio-methane and algal oils. Dual fuel engines that use both diesel and natural gas to reduce emissions are increasingly gaining importance. “Dual fuel marine propulsion engines are extensively used as prime movers in LNG carriers to encourage the use of natural gas,” says Anju Ajaykumar, a lead engineering tools analyst from Technavio.
Top seven global marine propulsion engine vendors
Caterpillar was founded in 1925, and is headquartered in Peoria, Illinois, US. The company manufactures and markets mining, construction, and forestry machinery. It also manufactures engines and other related parts for its equipment and offers financing and insurance. Caterpillar distributes its products through a worldwide network of dealers.
It has a wide geographical presence across North America, Latin America, EMEA, and APAC. Caterpillar in the global marine propulsion engine market offers various products including propulsion engines and auxiliary engines.
Cummins was founded in 1985, and is headquartered in Selmsdorf, Germany. The company offers diesel and natural gas engines and engine-related components worldwide. Cummins manufactures natural gas and diesel engines for the bus, construction, medium and heavy trucks, mining and governmental equipment markets. It also supplies complementary products for the engines. Cummins sells its products to dealers, original equipment manufacturers, and customers worldwide.
Hyundai Heavy Industries
Hyundai Heavy Industries was founded in 1972, and is headquartered in Dong-gu Ulsan, Korea. The company builds ships for commercial, and military purposes. It manufactures oil tankers, warships, and cargo and passenger vessels. Hyundai Heavy Industries also manufactures heavy industrial machinery, solar panels, wind turbines, electrical components for engines and powertrains, and industrial equipment like cranes and bulldozers.
The company’s shipbuilding division is capable of building various types of ships to meet various demands from its clients. The company’s engine and machinery division is among the largest marine diesel engine builders globally with around 35% global market share.
MAN Diesel & Turbo
MAN Diesel & Turbo was founded in 1981, and is headquartered in Augsburg, Germany. The company designs, manufactures, and sells large-bore diesel engines and turbomachinery for marine and stationary applications internationally. It offers two-stroke and four-stroke engines, steam turbines, and gas turbines. The company also offers marine propulsion systems and turbomachinery units for the process and oil and gas industries.
MAN Diesel & Turbo provides various marine engines and systems, including low and medium speed engines. It also offers various diesel engines, including single and dual-fuel engines that run on diesel and gas for power generation.
Mitsubishi Heavy Industries
Mitsubishi Heavy Industries is mainly involved in the marketing of Mitsubishi diesel generators, marine engine, and engine management service. The company also undertakes the distribution of Mitsubishi genuine parts and service maintenance for diesel generators.
The company’s marine diesel engines are manufactured with high standards applying advanced production facilities combined with experienced workmanship. Mitsubishi Heavy Industries has supplied more than 120,000 marine diesel engines for both main propulsion and auxiliary applications in ships and boats.
Rolls-Royce is headquartered in London, UK. The company designs, develops, manufactures and services integrated power systems. Rolls-Royce operates its business through various reportable segments, including civil aerospace, power systems, defense, marine, and energy. The company operates its business across various geographies.
The marine segment of the company designs, supplies, and supports power and propulsion systems. It integrates technologically complex systems for offshore oil and gas, submarine vessels, and merchant and naval surface. The company offers solutions for various market sectors, including offshore supply and service, naval, submarines, offshore exploration and production, fishing, tugs and workboats
Wärtsilä was founded in 1834, and is headquartered in Helsinki, Finland. The company provides power solutions for the marine and energy markets. It offers power generation, ship power, and sealing solutions.
The ship power segment of the company provides innovative products and integrated solutions to its marine, and oil and gas industry customers. Its services segment includes spare parts to complete operational and maintenance services, and the broadest service network for both the energy and marine markets.