Marine Auxiliary Engine Demand is Estimated to Grow at CAGR of 3% to 4% During 2021-2031
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.
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.
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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.
Commercial shipping likely to Increase Marine Auxiliary Engine Sales
One of the major factor 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 the marine fuel mix in Europe presents a business opportunity for marine engine manufacturers. The demand for marine auxiliary engines will expand as this opportunity is realised.
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Who are the Key Manufacturers and Suppliers of Marine Auxiliary Engine?
Some of the leading manufacturers and supplier include
- John Deere & Company
- Hyundai Heavy Industries
- Man Energy Solution
- Mitsubishi Heavy Industries
- Volvo Penta
- Deutz AG
- GE Transportation
- Megatech Power
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