Global Marine Propulsion Engine Market 2019-2023
About Marine Propulsion Engine
Marine propulsion engines generate thrust for the vessel movement. 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.
Technavio’s analysts forecast the global marine propulsion engine market will register revenue of close to USD 8 billion by 2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine propulsion engine market for 2019-2023. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Propulsion Engine Market 2019-2023
Technavio recognizes the following companies as the key players in the global marine propulsion engine market: Caterpillar, Cummins, Kawasaki Heavy Industries, MITSUBUSHI HEAVY INDUSTRIES, Wärtsilä, and YANMAR.
Commenting on the report, an analyst from Technavio’s team said: “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.
Kawasaki Heavy Industries
MITSUBISHI HEAVY INDUSTRIES
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