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Marine Auxiliary Engine Demand is Estimated to Grow at CAGR of 3% to 4% During 2021-2031

What is Driving Demand for Marine Auxiliary Engine?

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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Key Segments

By Application

  • Commercial
  • Recreational

By Fuel Type

  • Diesel
  • Gas

By Engine Capacity

  • Up to 500 kW
  • 500-1,500 kW
  • Above 1,500 kW

By Vessel Type

  • Auto carrier
  • Passenger cruise
  • General cargo
  • Bulk carrier
  • Containership
  • Tanker

By Region

  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
  • Europe
    • Germany
    • Italy
    • France
    • U.K.
    • Spain
    • BENELUX
    • Russia
  • South Asia and Pacific
    • India
    • ASEAN
    • Australia & New Zealand
  • East Asia
    • China
    • Japan
    • South Korea
  • Middle East & Africa
    • GCC
    • Turkey
    • South Africa
    • North Africa

Commercial shipping likely to Increase Marine Auxiliary Engine Sales

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 Marine Auxiliary Engine Market Outlook

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.

Europe Demand Outlook for Marine Auxiliary Engine

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.

Who are the Key Manufacturers and Suppliers of Marine Auxiliary Engine?

Some of the leading manufacturers and supplier include

  • Caterpillar
  • Cummins
  • John Deere & Company
  • Wärtsilä
  • YANMAR
  • Hyundai Heavy Industries
  • Man Energy Solution
  • Mitsubishi Heavy Industries
  • Volvo Penta
  • Deutz AG
  • MTU
  • GE Transportation
  • Daihatsu
  • SCANIA
  • Megatech Power
  • Kubota
  • Perkins
  • Others.

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.

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Marine Auxiliary Engine Market New Innovations, Business Analysis, Shares and Forecast till 2031

Marine Auxiliary Engine Market Research Study Tracks Latest Developments and Future Outlook

Automobile manufacturers are reinventing their manufacturing processes with additive manufacturing near production sites, AI-based automated inspections, big data to inform design and production, and human-machine interfaces. Machine learning and the Internet of Things are bolstering the trend for electric and self-driving vehicles.

In a new comprehensive study, Fact.MR offers in-depth analysis and insights on how Marine Auxiliary Engine sales will grow/decline during the forecast period (2021-2031).In addition to offering quantitative analysis on Marine Auxiliary Engine demand, the study also offers readers analysis on key factors that are likely to drive the market.

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Key Segments

By Application

  • Commercial
  • Recreational

By Fuel Type

  • Diesel
  • Gas

By Engine Capacity

  • Up to 500 kW
  • 500-1,500 kW
  • Above 1,500 kW

By Vessel Type

  • Auto carrier
  • Passenger cruise
  • General cargo
  • Bulk carrier
  • Containership
  • Tanker

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How Big will be the Marine Auxiliary Engine Market from 2021-2031?

The study recalibrates the impact of COVID-19 on Marine Auxiliary Engine sales, offering an analysis on short-term and long-term forecast. The impact of broader trends in the automotive industry have also been analyzed in the study.

Globally, automotive industry is looking at a period of recovery in 2021, as success with vaccine inoculation has raised the hopes of controlling the pandemic. Many automotive companies are also focusing on increasing exports to countries where the pandemic is less severe.

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Key Country-wise Inclusions

  • US Marine Auxiliary Engine Market
  • Canada Marine Auxiliary Engine Sales
  • Germany Marine Auxiliary Engine Production
  • UK Marine Auxiliary Engine Industry
  • France Marine Auxiliary Engine Market
  • Spain Marine Auxiliary Engine Supply-Demand
  • Italy Marine Auxiliary Engine Outlook
  • Russia & CIS Market Analysis
  • China Marine Auxiliary Engine Market Intelligence
  • India Marine Auxiliary Engine Demand Assessment
  • Japan Marine Auxiliary Engine Supply Assessment
  • ASEAN Marine Auxiliary Engine Market Scenario
  • Brazil Marine Auxiliary Engine Sales Analysis
  • Mexico Marine Auxiliary Engine Sales Intelligence
  • GCC Marine Auxiliary Engine Market Assessment
  • South Africa Marine Auxiliary Engine Market Outlook

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About Fact.MR

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Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates