Global Marine Propulsion Engine Market Expected to Grow at a CAGR of Over 3.5% through 2026 – Bloomingprairieonline
The global marine propulsion engine market grew at a CAGR of approximately 6% during the period 2015-2020. Going forward, the market is expected to grow at a CAGR of 3.5% during the period 2021-2026, according to the latest report from IMARC Group.
A marine propulsion engine refers to a machine that burns fuel and allows ships to move through water. It includes piston, towers, valves, crankcases, bedplates, crankcases, bearings, crankshafts, flywheels, generators, transformers, rotor blade gearboxes, control panels control, electrical controls and cylinder blocks and liners. The marine propulsion engine has generators that provide electrical power to the engines and can run on heavy fuel oil. Currently, marine propulsion engines are widely used in modern merchant ships and offshore support vessels.
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Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
Global marine propulsion engine market trends
The growing number of international trading activities increases the demand for container ships to transport many commodities, such as petroleum, natural gas, minerals, and other consumer products. This mainly strengthens the global marine propulsion engine market. Additionally, the growing focus on reducing fossil fuel consumption is propelling the adoption of marine electric propulsion motors worldwide. Additionally, the increasing inclination towards Liquefied Natural Gas (LNG) based propulsion engines is further catalyzing the market growth.
Additionally, growing environmental awareness is resulting in the use of cleaner and safer fuels, such as algae oils and biomethane, to run marine propulsion engines with nominal exhaust emissions. Additionally, several market players are heavily investing in extensive R&D activities to improve the efficiency of marine propulsion engines to increase the cargo capacity of next-generation tankers, which is expected to bolster the market growth over the coming years. planned years.
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
AB Volvo (publ) (VLVLY), Caterpillar, Inc. (CAT), Cummins Inc.’s (NYSE:CMI), Fairbanks Morse, Hyundai Heavy Industries Holdings Co., Ltd. (267250.KS), MAN SE ST ON (MAN.DE), Masson Marine, Mitsubishi Heavy Industries, Ltd. (MHVYF), Rolls-Royce Plc and Wärtsilä Oyj Abp.
For more information on this report, visit: https://bit.ly/3bfJdV9
The report has segmented the market based on engine type, power source, power range, vessel type and region.
Breakdown of the market by engine type:
Market Breakdown by Power Source:
Breakdown of the market by power range:
Above 20,000 HP
Breakdown of the market by type of vessel:
Market Breakdown by Region:
Middle East and Africa
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