The global marine propulsion engine market is expected to grow at a CAGR of over 1% during 2020-2024, according to the latest market research report by Technavio. The report provides a detailed analysis on the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients keep up with new product launches in direct & indirect COVID-19 related markets.
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Technavio has announced its latest market research report titled Global Marine Propulsion Engine Market 2020-2024 (Graphic: Business Wire)
The market is driven by the increase in maritime trade and fleet size. Factors such as rapid industrialization, expanding global population, and the liberalization of economies have increased the trade volume between countries over the years. This has increased the demand for cargo ships and containers for the transportation of goods and raw materials between countries. These factors have increased the need for multifuel engines with improved fuel efficiencies to ensure efficient transportation.
Marine Propulsion Engine Market: Related Markets
Global Marine Engines Market 2020-2024
Global Marine Outboard Engines Market 2020-2024
Global Hybrid Electric Marine Propulsion Engine Market 2020-2024
Marine Propulsion Engine Market: Analysis of Parent Market
The global industrial machinery market is the parent market of the marine propulsion engine market. Within its scope, the industrial machinery market covers companies engaged in the manufacturing of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. Our report on the marine propulsion engine market offers a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis on several large and small vendors active in the market including AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, Wartsila Corp., and Yanmar Holdings Co. Ltd.
Technavio’s research report on the marine propulsion engine market identifies the key drivers, trends, challenges, and the market scenario over the forecast period. The report also analyzes the impact of these factors on the overall industrial machinery market.
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Marine Propulsion Engine Market: Segmentation Analysis
The global marine propulsion engine market has been analyzed across various segments to identify market dynamics, developments, and key growth areas during the forecast period. The report also offers insights on high growth regions and opportunities for vendors operating in each sub-segment of the Marine propulsion engine market. The market is segmented as follows:
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Technavio’s industry coverage utilizes various sources and tools to gather information about multiple stakeholders and their offerings toward the marine propulsion engine market. Sources such as company websites, annual reports, whitepapers, subscription & in-house databases, industry journals, publications, and magazines are used in addition to other relevant sources. The vendor landscape provides a framework to estimate the industrial machinery market, while also categorizing the vendors into pure-play, category-focused, or diversified based on their offerings. All market reports provide the key and contributing players across the value chain based on in-house influence index, developed using multiple industry and market parameters.
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