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Global Marine Propulsion Engine Market 2019-2023 | Prospective Incorporation of Intelligent Propulsion Systems to Boost Growth | Technavio

February 6, 2020 GMT
Global Marine Propulsion Engine Market 2019-2023 | Prospective Incorporation of Intelligent Propulsion Systems to Boost Growth | Technavio
Global Marine Propulsion Engine Market 2019-2023 | Prospective Incorporation of Intelligent Propulsion Systems to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)--Feb 5, 2020--

The marine propulsion engine market size is poised to grow by USD 597.56 million during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global marine propulsion engine market 2019-2023 (Graphic: Business Wire)

Global economies are expanding substantially, which is leading to an increase in international trade. Seaborne vessels play a significant role in international trade, as they aid in bulk commodity transportation. There are several advantages of choosing marine vessels for transporting commercial goods, the most important being fuel consumption. This, in turn, leads to the reduced emission of carbon dioxide, carbon monoxide, sulfur oxides, and nitrogen oxides. In addition, ships are considered as a safer option, as chances of encountering major accidents when compared with trucks and trains are minimal. Hence, the rise in demand for commercial shipping and its importance in seaborne trade, along with the emergence of developing countries in shipbuilding and related activities, will drive the demand for marine propulsion engines during the forecast period.

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As per Technavio, the prospective incorporation of intelligent propulsion systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Marine Propulsion Engine Market: Prospective Incorporation of Intelligent Propulsion Systems

With the advent of automation technology and digital analytics, marine propulsion engine manufacturers are focusing on the development of intelligent propulsion systems. Future engines will be an integral part of the integrated and intelligent propulsion system that efficiently meets IMO Tier III/EPA Tier 4 requirements for a marine engine. OEMs expect that there will be a significant increase in the integration of automation and digital analytics in the future to produce engines that will be compliant with various standards, providing proper compliance documentation. Thus, the prospective incorporation of intelligent propulsion systems is expected to drive the growth of the marine propulsion engine market.

“Other factors such as the technology focus shifting towards development of dual-fuel engines, and rising popularity of marine hybrid propulsion technology will have a positive impact on the growth of the marine propulsion engine market value during the forecast period,” says a senior analyst at Technavio.

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Marine Propulsion Engine Market: Segmentation Analysis

This market research report segments the marine propulsion engine market by type (diesel and gas) and geographical regions (APAC, EMEA, and Americas).

The APAC region led the marine propulsion engine market in 2018, followed by EMEA and the Americas respectively. The growth of the marine propulsion engine market share in APAC can be attributed to the growth in the global trade, which increases the demand for new ships, especially for container vessels and tankers.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200205005567/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:media@technavio.com

Website:https://www.technavio.com/

KEYWORD:

INDUSTRY KEYWORD: TRANSPORT MARITIME

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 02/05/2020 11:00 PM/DISC: 02/05/2020 11:00 PM

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