The global marine propulsion engine market will register revenue of close to USD 8 billion by 2023.
Global Marine Propulsion Engine Market 2019-2023, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the key vendors operating in this market. The report considers marine propulsion engines, which are powered by diesel or gas as a fuel source. For deluded definition refer to market sizing section.
One trend in the market is growth in demand for naval vessels. Nowadays, many nations are re-thinking their defense posture based on uncertainties in APAC, the Middle East, and Russia. Therefore, defense globalization is an emerging trend that is encouraging several nations to concentrate on sea-based defense and maritime security, surrounding global trade and local economic resources.
According to the report, one driver in the market is bright prospects of the commercial shipping sector. The global economy is now interlinked with world trade volumes. Global economies are expanding leading to an increase in international trade. Seaborne vessels play a significant role in international trade, as they aid in bulk commodity transportation. Container vessels are the most preferred marine vessels used for trading activities.
Further, the report states that one challenge in the market is ARPOL regulations. The increasing awareness about environmental pollution has led to ramifications on pollution in seas and oceans globally, with a significant focus on marine pollution caused by ships and other marine vessels. Marine propulsion engines use diesel as the major fuel source. Majority of the ships run on diesel engines globally. Such engines emit nitrous oxides, particulate matters, carbon oxides, hydrocarbons, and sulfur oxides that are not compliant with EPA's air quality standards.
Key questions answered in this report
What will the market size be in 2022 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
Bright prospects of the commercial shipping sector