Marine Engines Market Sees Two Major Collaborations Already in 2024
Oak Ridge National Laboratory of the Department of Energy, and Caterpillar Inc. have agreed to work together on researching the use of methanol as an alternative fuel for four-stroke internal combustion marine engines. According to analysts at MarketsandMarkets, the Marine Engines market is expected to achieve USD 13.3 billion by 2027 with a CAGR of 2.6%.
NYK Line, a Japanese shipping company, has teamed up with Sumitomo Corporation, a Japanese trading company, to collaborate on a memorandum of understanding, for the joint development of a methanol-fueled chemical tanker, according to the second article from Green Car Congress.
Methanol has low emissions and is inexpensive, making it a promising alternative fuel for marine engines. Additionally, it is a liquid fuel, which makes storage and transportation easier than other alternative fuels like hydrogen or ammonia. However, methanol has a lower energy density than conventional fuels like diesel, which means that more fuel is required to produce the same amount of power, leading to higher fuel consumption and operating costs.
The research collaboration between Oak Ridge National Laboratory and Caterpillar aims to tackle these challenges by developing new technologies and processes for using methanol in marine engines. The project's focus will be on improving the efficiency and performance of methanol-fueled engines, as well as reducing emissions and operating costs.
The partnership between NYK Line and Sumitomo Corporation aims to create a methanol-fueled chemical tanker that can operate on methanol made from renewable sources. The project will aim to develop new technologies and processes for producing and storing methanol.
The shipping industry is under increasing pressure to reduce its carbon footprint and comply with new emissions regulations. Methanol-fueled marine engines are a promising development for the industry. Methanol is a low-carbon fuel that can help shipping companies reduce their emissions and operating costs while also improving their environmental performance.
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Fuel is required to produce the same amount of power, leading to higher fuel consumption and operating costs.
Methanol-fueled marine engines are a promising development for the industry.
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