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Asia Pacific Marine Propulsion Engine Market Size

Report ID: GMI8626
Published Date: Mar 2024
Report Format: PDF

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Asia Pacific Marine Propulsion Engine Market Size

Asia Pacific Marine Propulsion Engine Market was valued at USD 11.4 billion in 2023 and is estimated to grow at a CAGR of over 3.3% between 2024 and 2032. The surge in demand for fuel-efficient engines, combined with a rising preference for LNG-powered systems, will drive the business growth.

Asia Pacific Marine Propulsion Engine Market

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A marine propulsion engine is purposefully crafted to propel ships and boats by converting fuel into mechanical energy. This energy is harnessed to create thrust, driving the vessel through the water. The engine operates by igniting fuel, generating power that is then transferred to the propulsion system, thereby propelling the ship forward. The integration of automation and control systems into advanced dual-fuel engines will further stimulate the adoption of these engines.

Asia Pacific Marine Propulsion Engine Market Report Attributes
Report Attribute	Details
Base Year:	2023
Asia Pacific Marine Propulsion Engine Market Size in 2023:	USD 11.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	3.3%
2032 Value Projection:	USD 15.4 Billion
Historical Data for:	2019 to 2023
No. of Pages:	100
Tables, Charts & Figures:	150
Segments covered:	Product & Country
Growth Drivers:	Rising demand for operationally dependable and efficient ships Rising prominence of LNG systems Growing preference for non-conventional energy sources
Pitfalls & Challenges:	Strict emission standards

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

Asia Pacific market for marine propulsion engine was reached USD 11.4 billion in 2023 and is estimated to grow at 3.3% CAGR from 2024 to 2032, owing to the surging demand for fuel-efficient engines, combined with the rising preference for LNG-powered systems.

Asia Pacific diesel marine propulsion engine market is projected to be worth more than USD 8.5 billion by 2032, owing to the ongoing expansion of the shipping sector along with the rising need for fuel-efficient engines.

Japan marine propulsion engine industry is set to generate USD 3 billion by the end of 2032 owing to the favorable regulations aimed at boosting the utilization of marine fuel alternatives including fuel cells, natural gas, and wind power.

Few Asia Pacific marine propulsion engine industry players include AB Volvo Penta, Caterpillar, Craftsman Marine, Cummins, Deere & Company, DEUTZ AG, HYUNDAI HEAVY INDUSTRIES, Ingeteam, Isuzu Motors Asia Ltd., MAN Energy Solutions, NANNI Industries, Perkins Engines Company Limited, Rolls-Royce plc, Scania, VETUS, Wärtsilä, Yamaha Motor Co., and YANMAR Marine International.