The use of fossil fuel accounted for about 70% of the overall increase in demand for fuel.
CRIFAX added a report on 'Global Marine Engines Market, 2019-2028' to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
With the rapid growth of industrial and residential sector and increase in demand for heating and cooling from among the global population due to climate change, heavy demand for electricity has arisen from across almost every region in the world which is estimated to increase the demand for energy and contribute to the growth of the market over the forecast period (2019-2028). International Energy Agency (IEA) had stated in its report that the average growth rate of energy consumed globally grew by 2.3% in 2018 and had almost doubled since 2010. It also states that the worldwide energy demand grew by 4% (900 TWh) in 2018. Industrial segment consumed highest amount of energy of about 8945 TWh in 2017 as compared to 8699 TWh in 2016. Additionally, residential sector consumed about 5775 TWh in 2017 as compared to 5680 TWh of energy in the year 2016. Moreover, CO2 emissions arising from production of energy had registered an increase of 1.7% with emission levels of CO2 reaching 33 Gigatonnes.
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Around 70% of the total energy demand had arisen from countries such as China, India and United States, with the United States observing the highest demand for oil and gas in 2018 across the world. Power consumption in China was the highest with 5537 TWh of power consumed by China in 2017 as compared to United States which consumed about 3738 TWh of power. Similarly, the non-OECD countries comprising of China, India, Russia and Brazil had made electricity contribution of 37.2%, with highest share of power consumed by China at 46.7%. Additionally, increasing levels of awareness on climate change is encouraging many manufacturers to implement sustainable energy strategies to prevent further environment degradation which is predicted to drive the growth of the global Marine Engines market over the forecast period.
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To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Marine Engines market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter's five force model, absolute $ opportunity and anticipated cost structure of the market.
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