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Marine Propulsion Systems Market Trends

Report ID: GMI4753
Published Date: Jul 2023
Report Format: PDF

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Marine Propulsion Systems Market Trends

Rising global seaborne trade primarily across the developing economies coupled with positive outlook toward the shipbuilding industry will institute a favorable business scenario. The marine industry has witnessed a significant turnaround owing to advancements in technology and design. There has been a gradual shift from traditional to alternate fuels due to growing environmental concerns among individuals and rising emission rates, accelerating the industry potential.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of marine propulsion systems was worth over USD 26.4 billion in 2023 and is estimated to surpass USD 34.8 billion by 2032, driven by the rising demand for high-performance engines for heavy-load transportation along with the growing focus on developing propulsion systems.

The low-speed marine propulsion systems market is set to witness over 3.3% CAGR from 2023 to 2032, owing to the increasing long-voyage trade across the globe along with the utilization of low-cost fuel.

The Europe market dominated around USD 4.4 billion revenue in 2022 and is estimated to record considerable growth through 2032, attributed to the growing demand for ships that offer reliable operations along with the increasing emphasis on diesel-engine capacity for powering new generation and advanced tanks.

The prominent enterprises engaged in the market are IHI Power Systems Co., Anglo Belgian Corporation, HHI Engine & Machiner, Kawasaki Heavy Industries, MAN Energy Solutions, Rolls-Royce, STX ENGINE, Wärtsilä, Caterpillar, Cummins, DEUTZ AG, DAIHATSU DIESEL MFG.CO., Deere & Company, Scania, AB Volvo Penta, Weichai Holding Group Co., YANMAR HOLDINGS CO., Yamaha Motor Co., Mitsubishi Heavy Industries and ABB.