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. https://www.technavio.com/report/marine-engines-market-industry-analysis
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 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. 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. 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)
- North America
- South America
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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).
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