Marine Engines Market is estimated to surpass $ 11.04 Billion marks in 2018 and reach USD XX Billion by 2026, at a Compound Annual Growth Rate (CAGR) of XX % during the forecast period 2018-2026 globally.
Marine Engines Market
Marine Engines Market is set to witness an appreciable growth subject to growing trade activities and positive outlook toward maritime industry. In 2016, a rise in container trade contributed over 23% of the global seaborne trade. According to a UNCTAD report, in 2016 world seaborne trade volumes expanded by 2.6% as compared to 1.8% in 2015. However, more than 80% of the seaborne trade majorly contributes to carbon emissions. Expanding tourism industry driven by improvement in the standard of living, a rise in disposable incomes, and demographic changes will stimulate the global marine engines market size. As per the World Travel & Tourism Council in 2016, maritime tourism was the highest revenue generating segment and accounted for 10.2% of the global GDP and generated USD 7.6 trillion.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
The marine propulsion engine market is expected to witness robust growth during the forecast period owing to various ongoing government investments in the shipbuilding industry and inland waterways. Ships are integrated with one or more than one propulsion engines, depending on their size (gross tonnage). Moreover, in the early stage of marine propulsion, steam turbines were used; however, due to advancement in technology, diesel or alternative fuel engine and gas turbine have greater penetration. Increase in production & sales of ships globally and rise in international seaborne trade drive the Marine Engines Market growth. In addition, an increase in demand for resources such as crude oil, coal, steel, and iron from developing countries fuels the Marine Engines Market growth.MGO Marine Engines Market had the highest market share in 2017. Ability to generate the lowest concentration of sulphur & particulates in the fuel is one of the distinguishing features boosting the product demand. The introduction of norms by the International Maritime Organization (IMO) under the MARPOL Annex VI will further encourage the adoption of low emission units.
The Asia Pacific, in 2017 accounted for over 60% of the Marine Engines Market. Presence of numerous manufacturers along with ongoing R&D ventures in product design will strengthen the industry outlook. An increasing maritime trade in South East Asia, primarily across China and Indonesia will further accelerate business growth.
Maximize Market Research has comprehensively analyzed Marine Engines Market emphasizing on each segment keeping global and regional dynamics in perspective. The driving forces, as well as considerable restraints, have been explained in depth to attain a balanced scenario. The report classifies Marine Engines Market into various segments such as Fuel, Power, Technology, Propulsion, Application, and Regions providing a thorough understanding of the Marine Engines Market. Importantly, the report delivers forecasts of the market, giving an insight into the future opportunities that exist in the Marine Engines Market.
The objective of the report is to present comprehensive Marine Engines Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Marine Engines Market North America for Asia Pacific dynamics, structure by analyzing the market segments, and project the Marine Engines Market North America for Asia Pacific size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Marine Engines Market North America for Asia Pacific make the report investor’s guide.
The scope of the Report:
Marine Engines Market, By Fuel:
Marine Engines Market, By Power:
Marine Engines Market, By Technology:
Marine Engines Market, By Propulsion:
Marine Engines Market, By Application:
Marine Engines Market, By Geography:
Middle East &
Africa and Latin America
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