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.
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“Global Marine Engines Market”https://www.techsciresearch.com/report/marine-engines-market/2371.html
Wärtsilä Corporation, MAN SE, Caterpillar Inc., and Hyundai Heavy Industriesare 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 onnew 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.
