Marine Propulsion Engines Market Report 2024: Size, Share, Growth, Trends, Forecast 2033

"The new report published by The Business Research Company, titled ""Marine Propulsion Engines Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the marine propulsion engines market size has grown steadily in recent years. It will grow from $25.33 billion in 2023 to $26.5 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The marine propulsion engines market size is expected to see steady growth in the next few years. It will grow to $31.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.

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Surge In International Seaborne Trade Fuels Growth In The Marine Propulsion Engine Market
The rise in international seaborne trade is expected to propel the growth of the marine propulsion engine market going forward. Seaborne trade refers to the kind of trade that uses ships to convey commodities across the sea. Ships are propelled across the water by means of marine propulsion systems, which also provide a higher level of safety for the marine ecosystem, are economical and minimize emissions for the maritime industry, as a result, the rise in international seaborne trade increases the demand for marine propulsion engine market. For instance, in 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, marine trade increased by 1.4% and is expected to increase by 2.1% during 2023 to 2027. Further, containerized trade, increased by 1.2% in 2022 and is expected to increase by 1.9% in 2023. Therefore, the rise in international seaborne trade is driving the marine propulsion engine market.

Product Innovations Transforming The Marine Propulsion Engine Market
Product innovations are the key trend gaining popularity in the marine propulsion engine market. Major companies operating in the marine propulsion engine market are focusing on developing innovative products to strengthen their position in the market. For instance, in September 2022, AB Volvo Penta, a US-based manufacturer of engines and complete power systems for boats, vessels and industrial applications, launched variable-speed marine generator sets for marine electric propulsion. The unique feature of the generator set is its smaller battery banks and the ability to charge them while in motion, which makes the transition to hybrid-electric marine propulsion more affordable and practical. Volvo Penta is offering a range with models starting from the D8, 190 kWand ranging up to 545 KWe for the D16.

The marine propulsion engines market covered in this report is segmented -
1) By Engine Type: 2-Stroke Engine, 4- Stroke Engine
2) By Ship Type: Cargo Or Container Ships, Tanker, Bulk Carrier, Offshore Vessel, Passenger Ship, Other Ship Types
3) By Power Range: 0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, Above 20,000 HP
4) By Fuel Type: Diesel, Heavy Fuel Oil, Natural Gas, Other Fuel Types
5) By Application: Commercial, Defense, Passenger

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Major companies operating in the marine propulsion engines market report are Caterpillar lnc., Daihatsu Diesel Mfg Co. Ltd, Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce Holdings Plc, Wärtsilä Corporation, Yanmar Holdings Co. Ltd., Scania AB, MAN Energy Solutions, Cummins Inc., AB Volvo Penta, General Electric Company, Masson Marine, Kawasaki Heavy Industries Ltd., Fairbanks Morse Defense, Anglo Belgian Corporation, Nigata Power Systems Co. Ltd., Deutz AG, WinGD, Siemens Energy AG, Wabtec (GE Transportation), Brunswick Corporation, Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Honda Motor Co. Ltd., Torqeedo GmbH, China Shipbuilding Corporation, Diamond S Shipping Inc., ABC Diesel, Mitsubishi Turbocharger and Engine Europe B.V. .

Contents of the report:
1. Executive Summary
2. Marine Propulsion Engines Market Report Structure
3. Marine Propulsion Engines Market Trends And Strategies
4. Marine Propulsion Engines Market - Macro Economic Scenario
5. Marine Propulsion Engines Market Size And Growth
…..
27. Marine Propulsion Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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