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Press Release / Environment / Marine Engine Market Size, Share, Facts and Figures with Products Overview, Services and Forecast 2023

Marine Engine Market Size, Share, Facts and Figures with Products Overview, Services and Forecast 2023

By Market Research Future on September 24 2018 | 23 Views

Marine Engine Market is expected to expand at ~ 4.5% CAGR during the forecast period | Global Marine Engine Market by Application (Commercial Vessels, Offshore Support Vessels), by Fuel,by Power, and

Marine Engine Market Highlights:-
Rapid rise in ship building activities in recent times is one of the primary factors driving the demand in the Marine engine market.  Increasing demand for luxury vessels as a result of increasing disposable income among individuals has been a major contributor to the increasing demand in the marine engine market. Rise in demand for commercial vessels such as gas carriers and bulk carriers has significantly contributed to the rapid growth of the marine engine market.
Thus the Marine Engine Market is expected to register a CAGR of almost 4%.
 
Market Segmentation:-
Based on application, the market is segmented into commercial vessels, offshore support vessels and other vessels. Commercial vessels segment had been dominating the market in 2016 and is projected to be the fastest-growing application segment. Commercial vessels such as bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, chemical carriers. The rise in commercial shipbuilding industry and commercial sea-borne activities has augmented for the growth. Based on the fuel, the market is segmented into heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil and other fuels. Heavy fuel oil had been dominating the market in 2016 and is projected to be the fastest-growing fuel over the next five years. Heavy fuel oil are inexpensive as well as they are extensively available. However, with stringent emission norms coming into effect, there will be an increase in the demand for cleaner-fuels such as Intermediate Fuel Oil, Marine Diesel Oil, and Marine Gas Oil.
 
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Leading Key Players:-
Some of the key players in the Marine Engine Market Man Diesel & Turbo Se (Germany), and Wärtsilä Corp (Finland). Mitsubishi Heavy Industries, Ltd. (Japan), Brunswick Corporation (U.S.), GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), AB Volvo (Sweden), Yanmar Co., Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group, Inc. (U.S.), and Deutz AG (Germany) are among others.
 
Regional Analysis of Global Marine Engine Market:-
The flourishing ship building industries in china, South Korea and Japan is one of the prime factors which has resulted in Asia-Pacific region dominating the Marine Engine market. Rise in maritime trade in this region along with increasing incidence of investment is expected to contribute to the domination of the Asia-pacific region in the marine engine market.
 
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
 
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Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
 
 



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