Marine Auxiliary Engines Market Top Impacting Factors To Growth Of The Industry By 2030

 

Marine Auxiliary Engines Market Overview:

According to the MRFR analysis, the global Marine Auxiliary Engines Market size is projected to reach USD 2,807.4 million by 2030 at a CAGR of 3.9%.

Marine Auxiliary Engines Market

Marine auxiliary engines are engines utilized to provide power to ships or boats. These engines consist of crankshaft, liner, pistons, bedplate, and head. These components are constructed with corrosion-inhibiting materials, and their seals and bearings are specifically designed for operating in sea environments. Marine auxiliary engines have advantages, such as operational flexibility and high efficiency while supplying power to the vessels. Such engines are also efficient in terms of speed, weight, and reliability in harsh climatic conditions.

The growing international maritime freight transportation is the prominent factor driving the market's growth. Marine freight has become one of the key transportation segments for international trade, as it is cheaper than other means of transport such as air and land. Further, increasing the shipbuilding industry coupled with high R&D investments and an increase in the number of shipbuilding contracts in developing economies is likely to boost the global market. However, stringent environmental regulations are likely to hinder the global Marine auxiliary engines market.

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The pandemic's global health and economic crisis has disrupted the maritime transport and trade landscape and has had a significant impact on growth prospects. According to UNCTAD, the volume of international maritime trade will decrease by 4.1% in 2020. A twin supply and demand shock severely impacted the global economy because of supply chain disruptions, demand contractions, and global economic uncertainty caused by the pandemic.

Marine Engine Market Segmentation:

Marine Auxiliary Engines Market Based on fuel:

• Diesel: 
• Gas: 

Marine Auxiliary Engines Market Based on power:

• Up to 350 HP:
• 350 HP to 650 HP:
• 650 HP to 1000 HP:

Marine Auxiliary Engines Market Based on application:

• Commercial boats:
• Security boats:
• Recreational boats:
• Fishing boats:

Marine Auxiliary Engines Market Based on region:

• North America:
• Europe:
• Asia-Pacific:
• South America:
• Middle East & Africa:

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Marine Auxiliary Engines Market Competitive Landscape

The global marine auxiliary engines market is characterized by the presence of global, regional, and local players, which are segregated into Wabtec Corporation (US), Caterpillar (US), Cummins Inc (US), Rolls-Royce Plc (UK), MAN (Japan), Wartsila (Finland), Mitsubishi Heavy Industries (Japan), John Deere (US), STX Engine (South Korea), Hyundai Heavy Industries (South Korea), Kirloskar Oil Engines Ltd (India), AGCO Power Inc (Finland). The global Marine auxiliary engines market remains fragmented with the majority of tier-1 players, with leaders.