Press Release / Environment / Marine Engine Market Size, Share, Facts and Figures with Products Overview, Services and Forecast 2023

Marine Engine Market Size, Share, Facts and Figures with Products Overview, Services and Forecast 2023

Marine Engine Market Highlights:-
Rapid rise in ship building activities in recent times is one of the primary factors driving the demand in the Marine engine market.  Increasing demand for luxury vessels as a result of increasing disposable income among individuals has been a major contributor to the increasing demand in the marine engine market. Rise in demand for commercial vessels such as gas carriers and bulk carriers has significantly contributed to the rapid growth of the marine engine market.
Thus the Marine Engine Market is expected to register a CAGR of almost 4%.
 
Market Segmentation:-
Based on application, the market is segmented into commercial vessels, offshore support vessels and other vessels. Commercial vessels segment had been dominating the market in 2016 and is projected to be the fastest-growing application segment. Commercial vessels such as bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, chemical carriers. The rise in commercial shipbuilding industry and commercial sea-borne activities has augmented for the growth. Based on the fuel, the market is segmented into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil and other fuels. Heavy fuel oil had been dominating the market in 2016 and is projected to be the fastest-growing fuel over the next five years. Heavy fuel oil are inexpensive as well as they are extensively available. However, with stringent emission norms coming into effect, there will be an increase in the demand for cleaner-fuels such as Intermediate Fuel Oil, Marine Diesel Oil, and Marine Gas Oil.
 
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Leading Key Players:-
Some of the key players in the Marine Engine Market Man Diesel & Turbo Se (Germany), and Wärtsilä Corp (Finland). Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (U.S.), GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany) are among others.
 
Regional Analysis of Global Marine Engine Market:-
The flourishing ship building industries in china, South Korea and Japan is one of the prime factors which has resulted in Asia-Pacific region dominating the Marine Engine market. Rise in maritime trade in this region along with increasing incidence of investment is expected to contribute to the domination of the Asia-pacific region in the marine engine market.
 
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D.C.

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