Market Research Future published a research report on “Global Marine Engines Market- Global industry Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
As per the research by Market Research Future Reports (MRFR), the global marine engines market 2020 is majorly driven by the robust growth shipbuilding activities. The increasing demand for luxuries like yachts, the cruise has magnified the market. Moreover, the increased disposable income amongst the individuals has resulted in the expansion of the market. Besides, there has been a surge in need for commercial vessels like gas carriers and bulk carriers, which has made an exclusive contribution to expanding the global marine engines market. Furthermore, attributes like uncomplicated maintenance, stability, resistance, quality performance, efficiency in fuel, low toxic emissions have made it the most appropriate for marine applications. Also, the increasing growth in the number of marine travelers, the advent of technologically advanced, expansion of the worldwide seaborne transport sector, reliable engines, and the growing economic stability has resulted in the expansion of the worldwide Marine Engines Market considerably. Besides, the constant evolution in technologies and manufacturing processes in the marine engines has acknowledged the environmental regulations pertaining to the emission of harmful gases. The market is estimated to witness exponential growth by the increasing activities by the globally well-established firms. However, the outbreak of COVID-19, the market has been analyzed again with new establishments. We will provide COVID-19 impact analysis with the report.
The forefront market competitors of the worldwide Marine Engines market are Caterpillar Inc. (U.S.), G.E. Transportation (U.S.), Cummins Inc. (U.S.), Man Diesel & Turbo Se (Germany), Rolls-Royce Power Systems AG (Germany), Wärtsilä Corp (Finland), Brunswick Corporation (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), A.B. Volvo (Sweden), Scania AB (Sweden), Yanmar Co., Ltd. (Japan), John Deere (U.S.), Dresser-Rand Group, Inc. (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), and Deutz AG (Germany) are among others.
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The segmental assessment of the marine engine market has been conducted based on fuel, power, application, and region. On the basis of power, the marine engine market is segmented into 1,001 HP to 5,000 HP, Up to 1,000 HP, 5,001 HP to 10,000 HP, 10,001 HP to 20,000 HP and Above 20,000 HP. The application based segmentation of the marine engine market comprises of offshore support, commercial, and other vessels. Based on the fuels, the marine engine market is segmented into intermediate fuel oils, marine diesel oils, heavy fuel oils, marine gas oils, and other fuels. On the basis of regions, the marine engine market is segmented into Asia Pacific, North America, Europe, and other global regions.
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Detailed Regional Analysis
The regional review of the marine engine market includes regions such as Asia Pacific, North America, Europe, and other global regions. The global market is appraised to detect remarkable growth due to the extensive progress in the enormous development of the international seaborne transport industry, the number of vacation marine travelers, the beginning of technologically progressive and very consistent engines, economic stability, and increasing different disposable incomes. The European region was the next principal market in 2016. The noticeable shipbuilding countries in the European region are estimated to boost the market. The expanding maritime activities and tourism in the European region have created a productive market for shipping industries and, subsequently, marine engine manufactures. The regional market in North America in 2016 observed an inert growth and is anticipated to continue the development over the forecast period. The Asia Pacific is also foreseen to be the speediest expanding market over the forecast period. The elevated development rate is accredited to the development in the shipbuilding activities, particularly in Southeast Asian countries.
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