Global Marine Propulsion Engine Market Report, published by Variant Market Research


Posted August 3, 2017 by manojkumkar

Global Marine Propulsion Engine Market Report, published by Variant Market Research, forecast that the global market is expected to reach $15 billion by 2024 from $10 billion in 2016; growing at a CAGR of 4.6% from 2016 to 2024

 
Global Marine Propulsion Engine Market Report, published by Variant Market Research, forecast that the global market is expected to reach $15 billion by 2024 from $10 billion in 2016; growing at a CAGR of 4.6% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 4.8% and 4.5%, respectively, during the forecast period.

Major factors supporting the growth of the market are, increasing technical innovations with increasing international trade in various countries. Moreover, rising demand for renewable energy resources owing to depletion of conventional reserves, and growing popularity for crude oil are boosting the growth of the market. Growing budget for defense sector to strengthen their coastline security would provide several growth opportunities in the upcoming years. However, high investment cost, stringent rules & regulations over the increasing greenhouse gases & marine contamination would restraint the growth of the market.

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The global marine propulsion engine market is segmented into power source, ship type, and geography. By power source, the market is categorized into diesel, gas turbine, steam turbine natural gas, and others. Additionally, the market by ship type is bifurcated into cargo ship, bulk carrier, passenger ships, offshore vessels, tanker, and others. Diesel accounted for the largest market share in 2016, and natural gas is anticipated to witness fastest CAGR over the forecast period 2016-2024. Cargo ship and tanker dominated the ship type segment in the year 2016.

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By geography, the market is classified into North America, Europe, Asia-Pacific, and RoW. Asia-Pacific accounted for the largest market share in 2016 and it is anticipated to dominate the market during the forecast period 2016-2024, driven by growth in the number of import and export trades among countries. Europe accounted for the second largest market share of 26.1% driven by growing demand for ships & yachts and rising defense budgets.
Key players in the marine propulsion engine market are, Rolls-Royce Holdings plc., Caterpillar, Cummins, Inc., Wartsila, MAN Diesel & Turbo, Hyundai Heavy Industries Co. Ltd., Daihatsu Diesel Mfg. Co. Ltd., Mitsubishi Heavy Industries, Ltd., Scania AB, and Yanmar Co. Ltd., among others.

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Issued By Manoj Kumkar
Website Variant Market Research
Phone +1-415-680-2785
Business Address 649 Mission St, 5th Floor, San Francisco, CA 94105, United States.
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Categories Automotive , Business
Tags automotive , forecast , market , size , trends
Last Updated August 3, 2017