The global marine auxiliary engine market is currently valued at more than USD 3 billion and is expected to reach around USD 4 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global marine auxiliary engine market, under its tools and components portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Caterpillar, Cummins, Doosan Infracore, Wärtsilä, and Yanmar.
According to Anju Ajaykumar, a lead analyst for tools and components research at Technavio, “Seaborne trade is growing exponentially due to globalization and growing demand and supply of commodities and manufactured goods. APAC will be the leading region driving the seaborne trade, considering China, South Korea, and Indian economies are anticipated to grow in the upcoming years.”
The growth of seaborne trade is propelling the demand for containers that carry goods like oil, grains, and other commodities in bulk, subsequently leading to an increase in the demand for marine auxiliary engine market.
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Emergence of turbochargers in marine auxiliary engines
Turbochargers support condition-based maintenance that helps in reducing operation costs. It is designed to create a user-friendly environment, as it enables easy and fast service, and also offers convenient replacement of parts.
Replacement of old ships
The scrapping of older ships will increase the demand for new vessels by 40%-50%. The increase in the demand for new vessels will increase the demand for the dependent products, such as marine auxiliary engines.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Marine Auxiliary Engine Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Marine Lubricants Market 2016-2020
- Global Marine Composites Market 2016-2020
- Global Transmission Systems for Marine Applications 2016-2020
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