According to a recently published TechSci Research report “Asia Pacific Marine Engines Market Research Report By Type, By Application, By Engine Power Rating, By Country, Competition Forecast & Opportunities, 2023’’, Asia-Pacific marine engines market is forecast to surpass $ 4.8 billion by 2023. The anticipated market growth is led by rising demand from the governments of the various countries in the region for ships and tankers to be used in oil & gas industry, strong standing naval forces of the countries, and rising use of waterways for freight transportation. Moreover, growing demand for cruisers and boats for recreational purposes across different countries of the region is likely to positively influence Asia Pacific marine engines market during the forecast period.
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Among applications, commercial application accounted for the largest value share in Asia Pacific marine engines market in 2017, and the segment is likely to maintain its dominance throughout the forecast period as well, on account of increasing number of ports and private players in the shipping and marine industry coupled with growing demand for vessels and oil tankers across the region. China is the leading demand generator for marine engines in Asia Pacific region and this trend is likely to continue over the next five years as well. However, it is anticipated that India would be the fastest growing country during the forecast period, with the country’s marine engine market forecast to exhibit the highest CAGR of over 8% until 2023.
Some of the major companies operating in Asia Pacific marine engines market are Mitsubishi Heavy Industries Marine Machinery & Equipment Co. Ltd., MAN SE, Wärtsilä Corporation, Caterpillar Inc., Volvo Penta, and Rolls Royce Holdings Plc, among others. “Insufficient capacity of the cargo containers and increasing demand for ferries and tug boats are the major factors boosting the demand for marine engines across APAC region. Rising preference for LNG fuelled engines, emergence of new technologies for marine engines and increasing global trade are among the other factors that are anticipated to fuel growth in Asia Pacific marine engines market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Browse 3 market data Tables and 39 Figures spread through 65 Pages and an in-depth TOC on “Asia-Pacific Marine Engines Market”
“Asia Pacific Marine Engines Market By Type, By Application, By Engine Power Rating, By Country, Competition Forecast & Opportunities, 2023’’ has evaluated the future growth potential of Asia Pacific marine engines market and provides statistics and information on market size, structure and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Asia Pacific marine engines market.