“Marine Propulsion Engine
Market: Global Demand Analysis & Opportunity Outlook 2024”
The
global marine propulsion engine market is segmented into power source such as diesel,
gas turbine, natural gas, steam turbine, renewable energy, hybrid and others. Among these segments, diesel segment
accounted the largest market of overall marine propulsion engine market in 2016. Additionally,
higher efficiency as compared to other power source and low cost of engine are
anticipated to flourish the growth of global marine propulsion engine market. Apart from this, natural gas
segment is believed to be the fastest growing segment in the global market of marine propulsion engine due to increasing
environmental concerns.
Global marine propulsion engine market is expected to mask a robust CAGR of
4% over the forecast period i.e. 2017-2024. Additionally, the market is riding on the back of growing marine
industry along with increasing seaborne activities. Moreover, the global
marine propulsion engine market
is anticipated to account noteworthy revenue of USD 12 Billion by 2024.
The cargo ships segment by
application holds the biggest market of overall marine propulsion engine in 2016. In addition to this, the factors
fostering the growth of cargo ships segment includes growing sea trade
activities of non-bulk goods such as vehicles, electronic items and others. In
terms of regional platform, Asia-Pacific region captured the leading share of
global marine propulsion engine market owing to escalating trade activities
between Asia and Europe. Moreover, China and Japan are the prominent countries
in this region.
Robust Expansion of Marine
Industry
Positive
growth of marine industry on the back of rising GDP figures across the globe is
positively impacting the growth of marine propulsion engine market.
Additionally, increasing government investments to build marine industry is
also believed to propel the growth of marine
propulsion engine market during the forecast period.
Growing
Trade Activities
Increasing global trade
activities through sea transport as it is cost-effective and rise in the number
of marine travelers are some of the factors propelling the market of marine propulsion engine. Furthermore,
growing demand for resources such as crude oil, coal, steel, and iron from
developing countries is also projected to impel the growth of marine propulsion
engine market.
Although, various regulation
regarding marine environment such as International Convention for the
Prevention of Pollution from Ships (MARPOL) is anticipated to hamper the growth of marine propulsion engine market.
The
report titled “Marine Propulsion Engine
Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the
global marine propulsion engine market
in terms of market segmentation by Power Source, by Application and by
region.
Further,
for the in-depth analysis, the report encompasses the industry growth drivers,
restraints, supply and demand risk, market attractiveness, BPS analysis and
Porter’s five force model.
This report also provides the
existing competitive scenario of some of the key players of the global marine propulsion engine market which
includes company profiling of Caterpillar, Cummins, MAN Diesel & Turbo, Rolls-Royce,
Wärtsilä, Hyundai Heavy Industries, Mitsubishi Heavy Industries, Fairbanks
Morse Engine, Masson Marine, and Nigata power system. The
profiling enfolds key information of the companies which encompasses business
overview, products and services, key financials and recent news and
developments. On the whole, the report depicts detailed overview of the global marine propulsion engine market that
will help industry consultants, equipment manufacturers, existing players
searching for expansion opportunities, new players searching possibilities and
other stakeholders to align their market centric strategies according to the
ongoing and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Read more Information: https://www.researchnester.com/reports/marine-propulsion-engine-market-global-demand-analysis-opportunity-outlook-2024/299
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Info:
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Daniel
U.S.
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