Global Marine Propulsion Engine Market Report provides complete industry analysis, market outlook, size, growth, opportunities and forecast 2024. This report will assist in analyzing the current and future business trends, sales and revenue forecast. It provides top manufacturers information along with Manufacturing Cost Analysis, Industrial Chain, Sourcing Strategy and growth.
Asia Pacific marine propulsion engine market size worth USD 4.5 billion in 2015, is predicted to record substantial gains of 4.8% over 2016-2024 owing to heavy investments by private players as well as the government. South Korea and China are predicted to make significant contributions to the regional share over the coming years.
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According to Global Market Insights, Inc., “Marine Propulsion Engine market size worth USD 9 billion in 2015, is anticipated to reach USD 13.3 billion by 2024, registering a CAGR of 4.3% over 2016-2024.” High emphasis on improving diesel engine capacity of the ships with large cargo carrying capability is predicted to boost the Marine propulsion engine market trends over the next few years. Today, shipping industry is largely focusing on developing new type of electric motors which will improve fuel efficiency and reduce environmental pollution.
This research report includes in-depth coverage of the industry, with estimates &forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
- Diesel propulsion
- Wind &solar propulsion
- Gas turbine propulsion
- Fuel cell propulsion
- Steam turbine propulsion
- Natural gas
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
High demand for operationally dependable and fuel efficient ships will drive the marine propulsion engine market share over the forecast timeline. Rapid innovation has led to the development of new energy efficient and high performance products. Industry participants such as Rolls-Royce and Wärtsilä have continuously innovated and extended their product offerings to cater to growing demand for capacity handling.
Major marine propulsion engine products include natural gas, diesel, fuel cell, steam turbine, wind & solar, and gas turbine engines. Wind & solar marine propulsion engine market, which contributed over 3.5 % of the overall revenue in 2015, is expected to grow at a rate of 5.9% over 2016-2024. The growth can be credited to favorable government policies supporting the product applications in shipping industry due to its eco-friendly nature. Diesel propulsion engine market price worth USD 6 billion in 2015, is expected to register a CAGR of 4.2% over the coming eight years.
Browse key industry insights spread across 103 pages with 32 market data tables & 27 figures & charts from the report, “Marine Propulsion Engine Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/marine-propulsion-engine-market
Rapid innovation in the market is expected to lead to the development of stronger and energy efficient products. Leading market players are constantly spending on R& D activities to increase their product portfolio and enhance ship capacity & handling needs. They will try to enhance their reputation and brand visibility by developing eco-friendly, sustainable, cost-effective, efficient, and viable solutions. Key industry participants include in marine propulsion engine market are Yamaha Motor Company, Rolls-Royce, Exxon Mobil Corporation, Wärtsilä, Cummins Corporation, Shell Global, Idemitsu Kosan Company, MAN Diesel & Turbo, Mitsubishi Motors, Volvo Penta Company, Hydraulic Marine Systems Inc, Caterpillar Inc., Sinopec Company, and Hydrosta BV Company.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.