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