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Asia Pacific Marine Propulsion Engine Market Trends

Report ID: GMI8626
Published Date: Mar 2024
Report Format: PDF

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Asia Pacific Marine Propulsion Engine Market Trends

The marine propulsion engine industry will witness a significant growth driven by several factors, including the expansion of maritime trade, infrastructure development, and increased investments from both public and private sectors. Moreover, the rise of the offshore wind energy sector in line the growing demand for renewable power generation will fuel the product penetration. The growing maritime tourism sector coupled with the development of cruise ships, expedition vessels and luxury yachts will fuel demand for advanced units.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

Asia Pacific market for marine propulsion engine was reached USD 11.4 billion in 2023 and is estimated to grow at 3.3% CAGR from 2024 to 2032, owing to the surging demand for fuel-efficient engines, combined with the rising preference for LNG-powered systems.

Asia Pacific diesel marine propulsion engine market is projected to be worth more than USD 8.5 billion by 2032, owing to the ongoing expansion of the shipping sector along with the rising need for fuel-efficient engines.

Japan marine propulsion engine industry is set to generate USD 3 billion by the end of 2032 owing to the favorable regulations aimed at boosting the utilization of marine fuel alternatives including fuel cells, natural gas, and wind power.

Few Asia Pacific marine propulsion engine industry players include AB Volvo Penta, Caterpillar, Craftsman Marine, Cummins, Deere & Company, DEUTZ AG, HYUNDAI HEAVY INDUSTRIES, Ingeteam, Isuzu Motors Asia Ltd., MAN Energy Solutions, NANNI Industries, Perkins Engines Company Limited, Rolls-Royce plc, Scania, VETUS, Wärtsilä, Yamaha Motor Co., and YANMAR Marine International.