Analysis of Marine Auxiliary Engine market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to latest research by Fact.MR, Marine Auxiliary Engine market is set to witness steady growth during 2021-2031. Demand for Marine Auxiliary Engine will witness sound recovery in short-term, with optimistic growth outlook in the long-run. Growing demand from marine industry will have opportunities in near future and sales for Marine Auxiliary Engine.
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The rise in commercial shipping is one of the major factors driving the market growth. According to the United Nations Conference on Trade and Development, global commercial shipping is rising at a rate of more than 2% to 2.5% per year.
Over the forecast period, the growth is expected to be fuelled by an increase in trade carried out through the marine transportation industry. In addition, the introduction of smart control and fuel-efficient systems in commercial ships is expected to boost global trade volume.
Marine vessels sales and production around the globe have been impacted by COVID-19-pandemic. This has negatively impacted marine auxiliary engine sales in 2020. However, it is estimated that the demand will steadily grow from 2021 onwards.
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One of the major factors driving the sales growth is the expansion of commercial shipping. Globalization has had a strong impact on the expansion of global commercial shipping. Since the world's economies are intertwined, the global economy's health has an impact on global trade volume.
With the growth of the economy, international trade is projected to increase, where seaborne trade is extremely important. As a result of the global demand and availability of resources and manufactured goods, economic development and growth create tremendous opportunities for the marine industry.
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Asia Pacific is one of the largest market for marine auxiliary engine globally. Technical advancements are also expected to have a significant impact on the Asia Pacific auxiliary engine market in the coming years. Due to high imports through ships and increasing LNG (Liquefied Natural Gas) consumption, China and Japan are the main demand generators for marine engines in the Asia Pacific region.
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led a decline in economic activities. However, the government spending millions of euros in the shipping industry to help steer green shipping to drive demand for marine auxiliary engine.
The European Union intends to invest in the construction of commercial and off-shore vessels, resulting in positive development for the maritime industry. As a result of enduring emission-reduction technologies, they are transitioning to engines that emit less pollution.
The rising use of LNG in marine fuel in Europe presents a business opportunity for marine engine manufacturers. The demand for marine auxiliary engines will expand as this opportunity is realized.
Some of the leading manufacturers and supplier include
Many leading manufacturers and supplier have longstanding service contracts with vessel manufacturers to supply auxiliary engine- case in point, Man Energy Solutions has a long term service contract with Nakilat for maintaining their LNG vessels engines and auxiliary engines.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Marine auxiliary engine market is estimated to grow at a CAGR of 3.5% during the forecast period.
A rise in commerce conducted through the maritime transportation sector is anticipated to boost the expansion.
The U.S. is likely to be a region with lucrative opportunities for the marine auxiliary engine manufacturers.
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