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Marine Propulsion Engine Market Trends

Report ID: GMI791
Published Date: Jul 2023
Report Format: PDF

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Marine Propulsion Engine Market Trends

Marine propulsion engine market will register an appreciable momentum attributed to factors including expanding maritime trade, infrastructure development, and increasing public & private players investments. Expansion of offshore wind energy sector along with rising demand for renewable power generation will expand the business revenue. Expansion of the naval sector together with growing demand for high-speed vessels will continue to entail the unit deployment. Growing maritime tourism industry and development of cruise ships, luxury yachts, and expedition vessels will drive the demand for advanced marine propulsion engines that offer reliability, fuel efficiency, and low environmental impact.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of marine propulsion engine was valued at 19.7 billion in 2023 and is estimated to surpass USD 26.4 billion by 2032, says this GMI report.

The fuel cell marine propulsion engine industry will witness growth on account of growing demand for hydrogen as a fuel source driven by stricter environmental regulations to reduce greenhouse gas emissions.

European market for marine propulsion engine crossed USD 3.3 billion in 2022. Paradigm shift toward alternative fuels driven by decarbonization efforts in the maritime industry due to stricter emissions regulations and economic targets will foster the industry potential.

Caterpillar, Cummins, Ingeteam, MAN Energy Solutions, Masson Marine, Rolls-Royce plc, Scania, AB Volvo Penta, Wärtsilä, Yamaha Motor Co., and YANMAR Marine International among others.