Marine Engines Market Key Players are Anglo Belgian Corporation, Brunswick Corporation, Caterpillar Inc., Cummins Inc., Rolls-Royce, Daihatsu Diesel Mfg. Co., Ltd., DEUTZ AG, IHI Corporation, John Deere, Arteche, Shanghai Diesel Engine Co., Ltd., Scania G
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1. Expansion in seaborne trade
2. Increasing maritime tourism
3. Technological advancement in marine engines
In a recent turn of events across the marine engines market, Wärtsilä, the Finnish tech giant has recently made to the headlines with the news of its recent order regarding environmentally viable dredger for Damen Shipyards Group. Reportedly, Wärtsilä would manufacture these engines deploying SCR (selective catalytic reduction) technology to limit the toxic emissions, making it absolutely in compliance with IMO’s Tier III regulatory standards. Boasting of a portfolio of 103-meter length and 4975 gross tonnage, Wärtsilä’s dredger is likely to be one of the most sustainable ships of its kind in the marine industry.
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Increasing maritime trade activities is yet another vital factor having a strong impact on shaping the marine engines market trends. As per estimates, overall sea borne container trade accounted for almost 60% world seaborne trade in 2017, having held a valuation of nearly USD 12 trillion. In fact, the United Nations Conference on Trade & Development claims that the shipping industry, in 2017, almost procured 70% of the world trade share by revenue and 80% in terms of volume. In effect, it is quite apparent that the robust expansion in trading activities have catapulted marine engines industry size, which recorded a valuation of USD 10 billion in 2017.
Regionally, Asia Pacific has emerged to be one of the most lucrative growth grounds for marine engines market expansion, given the presence of large number of engine manufacturers in the region. Add to it, increased R&D budget toward enhancement of shipping industry in tandem with increased maritime trade across China and Indonesia has further proliferated APAC marine engines market share. In 2017, Asia Pacific procured almost 60% of the global marine engines market size.
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