Marine engine market to reach a market value of US$ 12.6 billion by RationalStat

WILMINGTON, Del. - June 19, 2023 - PRLog -- The report titled "Global Marine Engines Market Analysis and Forecast 2019-2028" examines the regional market according to the engine type, vessel type, capacity, technology, fuel type, application, and region.

The report also covers the market share analysis, growth of the automotive industry, an overview of the competition, strategic imperatives, plans and strategies, key applications, potential growth drivers, installed base of marine engines, the detailed market size of shipbuilding and ship MRO, recent R&D of marine engines across the globe, and competition analysis for the target players evaluated in the global Marine Engines market study.

Market Overview and Dynamics

The global market for marine engines is projected to expand at a moderate rate of approximately 4.5% over the 2022-2028 forecast period. The growing shipping industry and the expanding leisure boating industry are important drivers of the marine engines market. Furthermore, because of the rising popularity of hybrid fuel engines there are new opportunities for the marine engine sector. The demand for low-cost engines is expected to rise, boosting demand for marine engines.

The key highlights in the document:

l Market Performance (2018-2028)

l Market Outlook (2023- 2028)

l Latest Trends and Growth Areas

l Market Drivers and Key Success Factors

l SWOT Analysis and Other Macroeconomic Overview

l Value Chain Analysis and Margin Overview

l Comprehensive Mapping of the Competitive Landscape

Market Drivers and Trends of the Global Marine Engines Market

Rising international marine freight transport, rapidly increasing water sports and leisure activities, and high growth in seaborne trade are some of the key factors anticipated to drive the demand for global marine engines in coming years.

Segmental Analysis

• On the basis of engine type, the propulsion engine is dominating the market. The major supporting system of a ship is the propulsion engine, which is a vital part of the ship's propulsion mechanism.
• Based on vessel type, the bulk carriers' segment is anticipated to gain traction over the period. They are an environmentally efficient way to ship huge volumes of dry freight over long distances.

Competition Analysis

The global marine engines market is fragmented in nature with the presence of various players operating in the market. Companies are also focusing on offering advanced propulsion solutions.

• In February 2022, MAN Energy Solutions and Hyundai entered into a partnership, according to the agreement Hyundai will provide OPL solutions to shipowners and it will also contribute to the net zero emission goals of the marine industry.

For more information about this report https://store.rationalstat.com/store/global-marine-engine...