Marine propulsion engine market size to grow by USD 1.34 billion | Market Insights Highlights Increase in Maritime Commerce and Fleet Size as Key Driver

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Supplier Information

The marine propulsion engines market is fragmented due to the presence of several players and is expected to remain fragmented during the forecast period. The market is very capital intensive and represents a major challenge for local players. Smaller players find it difficult to compete with international vendors in terms of quality, features, functionality and service. The introduction of products with new features and innovative technologies is expected to increase competition during the forecast period.

The report analyzes the competitive landscape of the market and offers information about several vendors of the market, including:

  • AB Volvo
  • BAE Systems Plc
  • Beta Marine Ltd.
  • Caterpillar Inc.
  • Cummins Inc.
  • Societe Generale Électrique.
  • Mitsubishi Heavy Industries Ltd.
  • Rolls-Royce Plc
  • Wartsila Corp.
  • Yanmar Holdings Co. Ltd.

Discover additional highlights on the growth strategies adopted by suppliers and their product offerings, Read a free sample report.

Geographic market analysis

During the forecast period, APAC will account for 69% of the market growth. The main markets for marine propulsion engines in the region are China, South Korea (Republic of Korea), and Japan. With the expansion of world trade, the demand for new ships will increase, especially container ships and tankers that can carry oil, natural gas and minerals.

China, Japan, and South Korea represent the largest share of the global marine propulsion engine market in APAC. Due to the government’s large investments in the shipbuilding sector and the advantage of the country’s low-cost labor force, China is the market leader. South Korea and Japan come second and third respectively. Activity in the marine propulsion engine market had gradually resumed with limited capacity while maintaining social distancing standards. During the forecast period, this is expected to stabilize the growth of the regional market.

In addition, countries such as China, South Korea (Republic of Korea), Japan, Germany, and the United States is expected to become prominent markets for the marine propulsion engine market during the forecast period.

Learn more about the geographic spread of this market along with the detailed analysis of major regions. https://www.technavio.com/report/marine-propulsion-engine-market-industry-analysis

Analysis of key segments

Diesel is the type of fuel most widely used by the marine industry for onboard propulsion engines. It costs less than any other form of fuel and, therefore, enjoys widespread popularity and acceptance. In addition, sea freight operators and shipping companies are increasingly looking for ultra-large boats that combine fuel economy and economies of scale. APAC shipbuilders are well positioned to supply such boats due to the large shipyards and deep ports in the region. As a result, the dynamics of the shipbuilding industry are likely to come from the ICCA countries during the forecast period.

See a FREE sample: to know additional highlights and key points on various market segments and their impact in the years to come.

Main market drivers and trends:

The increase in maritime trade and the size of the fleet acts as a key driver in the marine propulsion engine market. International maritime trade is experiencing health growth from year to year. Key factors propelling maritime trade volumes include rapid industrialization and liberalization of economies, which increases the volume of trade between countries.

The need for maritime commerce is the most important among asia emerging countries. Due to their growing population, emerging economies are increasing their requirements for raw materials and raw materials. This increases the demand for huge freighters, containers and bulk carriers to be built. The larger size of transport vessels is essential to achieve greater business efficiency.

Manufacturers of marine propulsion engines are working on the development of intelligent propulsion systems as automation technology and digital analysis become more prevalent. OEMs expect a significant increase in the integration of automation and digital analysis to produce engines that meet various standards, providing appropriate compliance documentation during the forecast period.

Download a free sample for highlights on the drivers and market trends affecting the Marine propulsion engine Marlet.

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Associated reports:

Turbine Control Systems Market by Application and Geography – Forecast and Analysis 2021-2025

Scope of the marine propulsion engine market

Cover of the report

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth dynamics and CAGR

Accelerate to a CAGR of 3.87%

Market growth 2021-2025

$ 1.34 billion

Market structure

Fragmented

Annual growth (%)

2.85

Regional analysis

APAC, Europe, North America, MEA and South America

Efficient contribution to the market

APAC at 69%

Main consumer countries

China, South Korea (Republic of Korea), Japan, Germany and United States

Competitive landscape

Leading companies, competitive strategies, reach of consumer engagement

Profiled companies

AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Wartsila Corp. and Yanmar Holdings Co. Ltd.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Obstacles, Analysis of Fast Growing and Slow Growing Segments, Impact of COVID-19 and Future Consumer Dynamics, Analysis of Market Conditions for the Forecast Period

Customization

If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments.

About Us:

Technavio is one of the world’s leading technology research and consulting companies. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s report library includes over 17,000 and more reports, spanning 800 technologies, spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market intelligence to identify opportunities in existing markets. and potentials and assess their competitive positions in changing market scenarios.

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