The global Marine Auxiliary Engine Market is considered among the most promising markets of the 21st century, which is expected to reach USD 2807.4 million by 2020. During the forecasted period ranging from 2022 to 2030, the market is likely to grow at a 3.9 % CAGR.
Marine Auxiliary Engine Market Overview
Rising preference for energy-efficient engine technologies coupled with enforcement of stricter marine safeguard laws is expected to influence the global marine diesel engine market going forward.
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Marine auxiliary engines are specifically designed to power marine vessels like ships and boats. These engines include liner, crankshaft, head, pistol and bedplate. Corrosion inhibitors are the chief materials for building the engine’s components. The design is done so that the sea environment will not harm the engines and their functionalities. The high operational flexibility of marine auxiliary engines helps them to optimally and efficiently supply power to marine vessels even in harsh conditions. Some of the major strengths of these engines are high speed, lightweight and reliability to function in challenging conditions.
|Market Size||USD 2,807.4 Million|
|CAGR||3.9% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type , Application|
|Key Market Opportunities||Rising demand for dual-fuel engines|
|Key Market Drivers||Growth in the international marine trade Growth in shipbuilding industry|
Recently, numerous companies have been investing in research and development activities to develop sustainable and eco-friendly marine auxiliary engines. Nations have realized the importance of strengthening marine transportation, which has significantly boosted the global Marine Auxiliary Engine Market. Integrating new technologies has created opportunities for marine auxiliary engine manufacturers to upgrade their existing designs and capabilities.
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Marine Auxiliary Engine Market Segments
The global Marine Auxiliary Engine Market has been segmented based on fuel, power, and application.
The fuel segment is divided into diesel and gas. However, a new trend that is being observed in the market segment revolves around the adoption of the dual-fuel engine concept. Dual-fuel engines function by using a mixture of two types of fuels. The power segment is categorized into engines up to 350 HP, 350 to 650 HP and 650 HP to 1000 HP. The application segment of the market is further fragmented into fishing, commercial, security, and recreational boats.
Marine Auxiliary Engine Market Regional Analysis
The global Marine Auxiliary Engine Market can be segmented into diverse geographical regions like North America, Asia Pacific, Europe, the Middle East, Africa, and South America. The Asia Pacific market plays a major role at the global level. The region has grown from strength to strength in the last two decades owing to favorable factors like a surge in sea-borne trade transactions between nations like South Korea, China, and India. During the forecasted period, the geographical segment is expected to dominate over other regions. A key factor that can drive market growth is the emergence of new regulations that emphasize marine safety and the design of sustainable marine vessels that produce limited pollutants into the environment.
Europe has also been showcasing a decent role in the global market setting. Its performance will likely improve depending on the stabilization of crude oil prices. The shipping industry of the United Kingdom is expected to contribute to the strong performance of the European segment as most of the import and export activities are done via marine transportation.
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July 2022 – Rolls-Royce recently joined hands with Safran Power Units. This key player designs and produces auxiliary power units so that they can work collaboratively to develop propulsion for the next-generation missile. However, the partnership is expected to influence Rolls-Royce’s marine auxiliary engine capabilities and quality.
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