Increasing Demand For Ferries And Tug Boats To Drive Demand For Marine Engine Market Beyond $ 15 billion By 2023
Rising demand for ships for seaborne trade, growth in
global energy demand and development of coastal industries to fuel global
marine engines market through 2023
According to TechSci Research report, “Global
Marine Engines Market By Application, By Type, By Engine Power Rating, By
Region, Competition Forecast & Opportunities, 2013 – 2023’’, the global marine engines market is forecast to reach $ 15.5 billion
by 2023, predominantly owing to increasing world trade and growing demand for cruisers.
Increasingly stringent environmental regulations resulting in technological
developments & innovations, in addition to the development of hybrid
turbochargers and dual-fuel engines, would drive demand for marine engines
across the globe in the coming years. As maritime trade is growing between Asia-Pacific and Europe, which have
both large developed and developing economies, the two regions are expected to witness
strong demand for marine engines during the forecast period.
Browse 12 market data
Tables and 165 Figures spread through 164 Pages and an in-depth TOC on "Global
Marine Engines Market" https://www.techsciresearch.com/report/marine-engines-market/2371.html
Wärtsilä Corporation, MAN SE, Caterpillar Inc., and Hyundai Heavy
Industries are among the leading players operating in the global marine engines
market. A growing number of leading market players are increasing their focus
on designing and developing fuel-efficient and cleaner-fuel marine engines.
Moreover, various leading market players are increasing their focus on new mergers
& acquisitions in order to increase their market share as well as capitalize
on new market opportunities. Commercial application of marine engines accounted
for the largest share, globally, in 2017, and the segment is expected to
continue dominating the market over the coming years as well, on account of
increasing demand for vessels and oil tankers across the world.
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“Increase in demand for ferries and tug boats is a key factor boosting demand
for marine engines. Growing use of LNG-powered engines, increasing investments
in optimized vessel efficiency, surging maritime tourism and huge demand for
economically viable engines are among the other factors that are expected to positively influence the marine engines
market, globally, during the forecast period.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Marine
Engines Market By Application, By Type, By Engine Power Rating, By Region,
Competition Forecast & Opportunities, 2013 – 2023’’ has
evaluated the future growth potential of the global marine engines market and
provides statistics and information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global marine engines market.
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