Marine Propulsion Engine Market | Increase in Maritime Trade and Fleet Size to Boost Market Growth | Technavio

The global marine propulsion engine market size is poised to grow by USD 472.47 million during 2020-2024, progressing at a CAGR of over 1% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Marine Propulsion Engine Market 2020-2024 (Graphic: Business Wire).

Technavio has announced its latest market research report titled Global Marine Propulsion Engine Market 2020-2024 (Graphic: Business Wire).

Rapid industrialization and the liberalization of economies worldwide have increased the trade volume between countries. This is evident across emerging economies in Asia that are exhibiting high demand for seaborne trade. The increasing population in these countries has created a strong demand for goods and raw materials. This is increasing the number of large cargo and container ships, which is contributing to carbon emissions. Besides, the rising stringency of regulations regarding emissions has led to an increase in the adoption of marine vessels with gas turbine propulsion. All these factors are positively influencing the growth of the global marine propulsion engine market.

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Report Highlights:

  • The major marine propulsion engine market growth came from the diesel propulsion engine segment in 2019. This is due to the lower cost of diesel fuel compared to other types of fuel.
  • APAC was the largest market for marine propulsion engines in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the rising demand for mass production goods in the region.
  • The global marine propulsion engine market is fragmented. 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. are some of the major market participants. To help clients improve their market position, this marine propulsion engine market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global marine propulsion engine market 2020-2024 is expected to have neutral impact. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Incorporation of intelligent propulsion systems will be a key market trend

The rising adoption of automation technologies and digital analytics has encouraged market vendors to focus on the development of intelligent propulsion systems. These systems meet IMO Tier-III/EPA Tier 4 requirements for a marine engine, which is driving their adoption among end-users. Thus, the incorporation of intelligent propulsion systems is expected to positively influence the growth of the market during the forecast period.

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Marine Propulsion Engine Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist marine propulsion engine market growth during the next five years
  • Estimation of the marine propulsion engine market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the marine propulsion engine market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of marine propulsion engine market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Type

  • Market segments
  • Comparison by Type
  • Diesel - Market size and forecast 2019-2024
  • Gas - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer Landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • AB Volvo
  • BAE Systems Plc
  • Beta Marine Ltd.
  • Caterpillar Inc.
  • Cummins Inc.
  • General Electric Co.
  • Mitsubishi Heavy Industries Ltd.
  • Rolls-Royce Plc
  • Wartsila Corp.
  • Yanmar Holdings Co. Ltd.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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