The latest report on Marine Propulsion Market by Infinium Global Research gives complete coverage of the Marine Propulsion Market by ower source (diesel, gas turbine, natural gas), ship type (tanker, bulk carrier, cargo or contanier ship, passenger), combustion type (2-stroke engine, 4-stroke engine), output power rating (into 80-750 hp, above 10,000 hp) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Marine Propulsion such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increasing in Cross Border Trading Activities Through Marine Sub-Waters and Growth in the E-Commerce Sector are Anticipated to Boost the Growth of the Marine Propulsion Industry
Marine propulsion is the mechanism or system used to generate thrust to move a ship across the water. A propulsion system consists of three parts an energy source, an engine that transforms it into a mechanical form, and the propulsion or thruster that pushes the surrounding water backward. As modern ships’ propellers are at their most efficient at the operating speed of most slow speed diesel engines, ships with these engines do not generally need gearboxes. Usually, such propulsion systems consist of either one or two propeller shafts each with its own direct drive engine. Increasing government investments in the shipbuilding industry and inland waterways and increasing need for fuel-efficient ships drives the growth of the marine propulsion market.
In addition, increasing in cross border trading activities through marine sub-waters and growth in the e-commerce sector are anticipated to boost the growth of the marine propulsion market. However, Increase in seaborne trade has resulted in the spillage of marine fuel in the marine ecosystem. This, in turn, is hampering the growth of the marine propulsion market. Shipping companies are required to comply with the International Maritime Organization (IMO) and the International Convention for the prevention of pollution from Ships emissions rules.
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Marine Transportation that is Providing Several Growth Opportunities for the Key Layers in the Marine Propulsion Industry
Furthermore, increasing cost in air cargo transport system is shifting its demand towards marine transportation that is providing several growth opportunities for the key layers in the marine propulsion market over the upcoming years. On the other hand development of electric motor, that reduces fossil fuel consumption will definitely have a positive impact on market growth. Hence, the depletion of shale gas and conventional reserves will increase the demand for LNG, especially for marine fuel.
Among the geographies, Asia-Pacific is anticipated to be the most lucrative market for the marine propulsion market. The growth in the Asia-Pacific is due to rise in seaborne trade and an increase in the manufacture of new vessels as well as an upgrade of existing vessels. Asian navies, in particular, are rapidly building their defense capabilities and this should increase the size of the marine propulsion engine market across the Asia-Pacific region. Moreover, highly environment conscious in Europe and North America is projected to lead the global marine propulsion market in the near future.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Marine Propulsion.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.