Research Nester assesses the growth and market size of global marine propulsion and auxiliary power market which is anticipated to be on account of the growing demand for eco-friendly fuels.
New York – November 28, 2023- Research Nester’s recent market research analysis on “Marine Propulsion and Auxiliary Power Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global marine propulsion and auxiliary power market in terms of market segmentation by fuel type, power rating, vessel type, application, and by region.
Growing Concern Global Warming to Promote Global Market Share of Marine Propulsion and Auxiliary Power
The global marine propulsion and auxiliary power market is estimated to grow majorly on account of the increased global warming all across the globe. Rapid global warming is increasing pressure on several countries to reduce carbon emissions. Ships use bunker fuel, which generates large amounts of greenhouse gas emissions and pollution. Air pollutants such as sulfur oxides, nitrogen oxides, carbon monoxide, and particulate matter are released into the atmosphere in large quantities every year. As a result, governments in several countries have enacted laws and policies to reduce pollution and carbon dioxide emissions.

Some of the major growth factors and challenges that are associated with the growth of the global marine propulsion and auxiliary power market are:
Growth Drivers:
• Surge in Maritime Industry
• Rising Need for Marine Transport
Challenges:
Implementing advanced propulsion technologies often requires large upfront investments, which can be a barrier for smaller ship owners and operators with limited financial resources. Additionally, the lack of widespread infrastructure for alternative fuels such as liquefied natural gas (LNG) and hydrogen poses challenges to the uptake of cleaner propulsion solutions. Also, high cost and complexities in propulsion systems are some of the major factors anticipated to hamper the global market size of marine propulsion and auxiliary power.
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By fuel type, the global marine propulsion and auxiliary power market is segmented into diesel, Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), natural gas, battery, ammonia, hydrogen. The diesel segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. In view of the development of diesel engine technology, this segment has seen its growth. New technologies are being developed on a continuous basis by manufacturers of diesel engines that improve engine efficiency and emissions. Technological advancements in diesel engines are making them more efficient, reliable, and environmentally friendly. This further makes them an increasingly attractive option for ship owners who are looking to reduce their operating costs and environmental impact.
By region, the North America marine propulsion and auxiliary power market is to generate the highest revenue by the end of 2036. Market developments in Europe are driven by increasing cruise ship numbers and the growing popularity of marine tourism. In addition, the European Union has undertaken to implement some of the strongest environmental regulations in the world for its marine sector. The aim of these standards is to limit shipping emissions that are the main source of air pollution.
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This report also provides the existing competitive scenario of some of the key players of the global marine propulsion and auxiliary power market which includes company profiling of BAE Systems, Siemens Energy, ABB Ltd, Wartsila, MAN Energy Solutions, AB Volvo,, and others.
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