Marine Engines Market | Forecast and Post Pandemic Growth Opportunities | Technavio

Technavio has announced its latest market research report titled Global Marine Engines Market 2020-2024

LONDON--(BUSINESS WIRE)--Sep 24, 2020--

The global marine engines market is expected to grow by USD 974.45 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 1%.

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Technavio has announced its latest market research report titled Global Marine Engines Market 2020-2024 (Graphic: Business Wire)

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Read the 120-page report with TOC on "Marine Engines Market Analysis Report by Type (Outboard engines and Inboard engines), Geography (APAC, Europe, North America, MEA, and South America), and the Segment Forecasts, 2020-2024". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions.

The marine engines market is driven by the increase in maritime trade and fleet size. In addition, the growth in demand for naval vessels is anticipated to boost the growth of the marine engines market.

Rapid industrialization and the liberalization of economies has significantly increased the trade volume between countries globally. In addition, the growing population in developing countries in Asia has increased the demand for goods and raw materials. This has increased the need for large ships and containers to cater to the growing demand. However, the growth in seaborne trade is leading to an increase in carbon emissions. Also, the growing stringency of emission regulations is increasing the adoption of gas turbine engines in marine vessels to reduce carbon emissions. All these factors are positively influencing the growth of the global marine engines market.

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Major Five Marine Engines Companies:

AB Volvo

AB Volvo operates its business through segments such as Industrial Operations and Financial Services. The company offers marine engines such as Volvo Penta IPS, Aquamatic Sterndrive, and Diesel Inboard.

BAE Systems Plc

BAE Systems Plc operates its business through segments such as Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime. The company offers various types of marine engines including marine propulsion and auxiliary systems.

Beta Marine Ltd.

Beta Marine Ltd. operates its business through the Products segment. The company offers various types of marine engines and generating sets.

Caterpillar Inc.

Caterpillar Inc. operates its business through segments such as Construction Industries, Resource Industries, Energy & Transportation, and Financial Products Segment. The company offers commercial marine engines and high-performance marine and maneuvering solutions.

Cummins Inc.

Cummins Inc. operates its business through segments such as Engine, Distribution, Components, Power Systems, and New Power. The company offers a complete line of variable speed solutions designed specifically for the challenges of commercial, government, and recreational marine applications.

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Marine Engines Market Type Outlook (Revenue, USD Million, 2020-2024)

  • Outboard engines
  • Inboard engines

Marine Engines Market Geography Outlook (Revenue, USD Million, 2020-2024)

  • APAC
  • Europe
  • North America
  • MEA
  • South America

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Related Reports onIndustrialsInclude:

Global Hybrid Electric Marine Propulsion Engine Market– Global hybrid electric marine propulsion engine market by application (commercial and leisure) and geography (APAC, Europe, MEA, North America, and South America).

Global Marine Outboard Engines Market– Global marine outboard engines market by engine power (low-power, mid-power, and high-power) and geography (North America, Europe, APAC, South America, and MEA).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 09/24/2020 04:00 PM/DISC: 09/24/2020 04:01 PM

Copyright Business Wire 2020.