Impact Assessment of COVID-19 Outbreak on Marine Engines Market
Global Marine Engines Market: Overview
Marine engines are machines that supply power to several kinds of vessels, auxiliary equipment, generators, and propulsion systems central to maritime activities and vehicles. Different types of marine engines are available that serve different purposes of various marine vehicles and systems. Marine engines can be classified according to different criteria, including the type of propulsion system in use, the power range of the engine, fuel used to power the engine, and major applications.
This report on the global marine engines market provides users a proper understanding of all the crucial elements of the market and its present state. The report presents a 360-degree overview of the market and its major segments, its drivers, restraints, major trends influencing consumer choices, regulatory factors at play across major regional territories, technological and product advancements, and competitive landscape of the market.
The exhaustive market data included in the report has been gathered with the help of a number of research methodologies and narrowed-down to conform to the specific needs of business decision makers in the global marine engines market.
Global Marine Engines Market: Trends and Opportunities
Rise in the number of leisure marine travelers, vast expansion of the global seaborne transport industry, advent of technologically advanced and highly reliable engines, economic stability, and rising disposable incomes are the major factors that have driven the global marine engines market in the past few years.
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Stringent government regulations regarding emissions from marine vessels, increased awareness among consumers about the need to adopt greener fuels, and depleting reserves of conventional fuels are likely to boost the growth of the market. The global marine engines market is expected to witness development of products that conform to the stringent regulatory norms about emission and work with greener fuels such as LNG and solar and wind power.
Nevertheless, the diesel marine engines segment is anticipated continue to dominate the global marine engines market. Major factors supporting the growth of this segment include easy availability of spare parts and repair networks and availability of trained personnel for repairing diesel engines across the globe. Steam engines have been phased out from several application areas. However, these will continue to dominate traditional and niche application areas such as LNG and coal carriers, icebreakers, and warships.
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Global Marine Engines Market: Region-wise Overview
The global marine engines market has been examined from the point of view of the following key regional markets: Middle East & Africa, North America, South America, Europe, and Asia Pacific.
Asia Pacific is the largest market for marine engines due to the flourishing shipbuilding industry in countries such as South Korea, India, China, and Japan. Flourishing seaborne transport in the region will allow the region to sustain its leadership position in the global marine engines market during the forecast period.
Presence of some of the world’s largest manufacturers of marine engines in North America and Europe is likely to lead to an increase in investments in the marine engines market in these regions.
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Global Marine Engines Market: Competitive Landscape
Marine engine manufacturers are focusing on the design and development of fuel efficient and cleaner engines due to the stringent emission-related regulations laid down by major regions across the globe. Development of engines that will be powered by greener energy sources such as solar and wind power and LNG have gained increased focus in the past few years. Major companies operating in the global marine engines market are GM Powertrain, Caterpillar, Inc., Cummins Engines, Wartsila Corporation, and Rolls Royce.
