South America Marine Engines Market to Register an exceptional CAGR through 2028
Increase in seaborne trade
activities is a significant factor expected to drive the growth of the South
America Marine Engines Market during the forecast period of 2024-2028.
According to the TechSci
Research report, "South America Marine
Engines Market – By Country, Competition Forecast and Opportunities, 2018-2028F", the South America Marine
Engines Market is expected to expand in the coming years. The factor that is
driving the market of the marine engine is globalization it has made the world more
interlinked and a strong national economy is built on the foundation of global
trade.Economies of various nations such as those of Mexico and Panama, have
grown significantly on foreign trade. In 2021, maritime trade in South America
and the Caribbean, including goods loaded and discharged, amounted to 2 billion
tons, a 3% increase over 2020. The continent reported a 12.6% of total goods
loaded and 5.8% of total goods discharged. The capability of a country's
transportation system to handle increased trade will be a crucial factor in
shippers' capability to take advantage of lower tariffs and a more favourable
request terrain that will probably increase trade connections.
The rise of technologically
advanced and highly efficient engines, the rise in the number of leisure
travellers, and the enormous global expansion of the maritime transport sector
are the main drivers of the increase in demand for marine engines. The market
is likely to grow as a result of strict government regulations on emissions
from marine vessels, rising consumer awareness of the need to switch to greener
fuels and the depletion of traditional fuel supplies. The development of products
that adhere to the strict emission regulations and run on greener fuels such as
LNG and solar and wind power is anticipated to coincide with the increase in
demand for marine engines worldwide. Economic stability and rising consumer
disposable incomes are additional drivers of market expansion.
The government has imposed
several stringent reguations and norms to cut the usage and emission of harmful
substances from different sources. These stringent reguations and norms can
lead to surplus expenditure as they may discard the usage of prevailing metals
and need a replacement in machinery components.
Browse
over 26 market data Figures spread through 70
Pages and an in-depth TOC on the "South America Marine Engines Market"
The South
America Marine Engines Market is
segmented on the basis of ship type, capacity, fuel, speed, stroke, engine,
region, and competition.
The marine
engines market was dominated by the propulsion engine segment in 2021 and a
similar pattern is probably going to emerge soon. An integral component of a
ship's propulsion system, propulsion engines serve as the vessel's main
supporting system. Marine propulsion engines are vital assets for ships because
they are the primary mover of the ship. As a result, demand for propulsion
engines of all types is high and expected to rise further. Propulsion engines
are also being developed. Gas turbines, diesel engines, steam turbines, and
dual-fuel engines are the various types engines. To direct the vessel's
movement through the water, all vessels, from small passenger ferries to very
large container ships, require propulsion or a main engine.
On the basis of
country, South America Marine Engines Market is segmented into Brazil, Argentina,
Venezuela, Peru, and Chile. The market in Brazil is anticipated to expand
during the prediction period owing to the long coastline of Brazil, which is approximately 8,500 kilometres long
and currently has 175 cargo port facilities, including ports, maritime
terminals, and waterway facilities, each with exclusive characteristics and
areas of expertise, are dispersed along this coastline, which is used for maritime
transportation to Brazil. The vast majority of Brazil's foreign trade is
carried out by sea; approximately 90% of imports and exports, including those
originating in or destined for neighbouring countries, are carried out by sea. Brazil
recorded a USD 19.7 billion maritime trade surplus in 2019.
Major
market players operating in the South America Marine Engines Market are:
- Caterpillar Inc.
- Cummins Inc.
- Hyundai Heavy Industries
Co. Ltd.
- MAN Energy Solutions
- Mercury Marine
- Mitsubishi Heavy Industries
Inc.
- Rolls Royce PLC
- Volvo Penta
- Wartsila Corporation
- Yanmar Holdings Co. Ltd.
Companies
in the Marine Enginess market are focusing on expanding their market footprint
in key developing regions, as well as strategic collaborations with domestic
players, in order to maintain their market leadership. Some of the recent
developments by key players are:
In August 2017, Volvo
Penta launched 1000hp 13-liter engine. The new D13-1000 provides higher
performance, greater durability and more comfort and have been designed for the
benefit of customers operating yachts of up to 120ft.
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"South America Marine
Engines Market is expected to thrive because the demand for marine engines is
rising across South America as a result of expanding maritime tourism and
increasing use of marine engines in defense. The demand for marine engines is
being fueled by the rising popularity of ferries and tugboats as well as the
development of dual fuel engines," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based South America management
consulting firm.
"Marine
Engines Market– South America Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By Product (External Gear and Internal Gear), By
End-Use (Construction, Mining & Metallurgy, Automotive, Transportation,
Architecture, Chemicals & Petrochemicals and Others), By Operating
Pressure, (Less than 100 Bar, 100–300 Bar, and Above 300 Bar), By Application
(Hybrid Propulsion, Transmission/Clutches, Electrohydraulic Powered Steering,
and Lifting Application), By Region, By Competition ", has evaluated the future
growth potential of South America Marine Engines market and provides statistics
& 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 South America Marine Engines Market.
Contact
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Website: https://www.techsciresearch.com