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Europe Marine Propulsion Systems Market Trends

Report ID: GMI8774
Published Date: Apr 2024
Report Format: PDF

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Europe Marine Propulsion Systems Market Trends

The increasing emphasis on advancing propulsion systems for greater fuel efficiency aims to lower operational expenses and mitigate environmental footprint will foster the industry potential. Increasing seaborne trade along with a promising outlook for the shipbuilding sector will create favorable business conditions. A transition from conventional to alternative fuels is underway owing to mounting environmental concerns and escalating emission levels, further boosting the industry's prospects.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size for marine propulsion systems in Europe reached USD 4.6 billion in 2023 and is set to witness 2.7% CAGR up to 2032, due to the increase in maritime trade and fleet size along with rising demand of high-performance engines.

Europe 4-stroke marine propulsion systems industry size will exceed USD 2 billion by 2032, owing to the emerging trend of extensive international trade routes coupled with the use of affordable fuel.

Germany market size is poised to surpass USD 900 million by 2032, attributed to the heightened focus on enhancing diesel-engine capacity to drive next-generation and advanced tank performance.

Leading marine propulsion system firms in Europe are AB Volvo Penta, ABB, Anglo Belgian Corporation, Caterpillar, Cummins, DAIHATSU DIESEL MFG.CO., and DEUTZ AG.