Marine Engines Market
According to the GMI Research report, the Marine Engines Market is projected to expand at a growth rate of 4.7% over the forecast period (2020-2027). This is because of the features such as durability, easy maintenance, superior performance, lower discharge, and noise-free operation.
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Marine Engines Market Dynamics
The increasing adoption of engines with the latest technology, such as natural gas engines and hybrid engines, to enhance the flexibility, effectiveness, and environmental affinity is a chief force strengthening the growth of the global marine engines market. For example, Rolls-Royce Company aimed to introduce a new hybrid ship propulsion system by 2020. Rolls-Royce has divulged an entirely incorporated MTU hybrid propulsion system for yachts, ships, patrol boats, workboats, and ferries by 2020. The systems will have a power range extending from around 1,000kW-4,000kW per power train. The aggravating demand for marine propulsion engines guided by the increasing global marine exchange and freight has bolstered the marine engines market share. In accordance with the UNCTAD Organization, the overall volumes of maritime transport have increased at a yearly average growth rate of 3.4 % and have touched 11 Billion tons in 2018. Thus, the global marine engines market analysis asserts that the demand for marine propulsion engines has elevated because of an increase in the global trades owing to nearly 80% of the volume of international trade being carried out by the sea. However, the excessive capital investment required for the marine engine needed in power production may hamper the global marine engines market size
Engine Type Segment Drivers
By engine type, the diesel engine segment is projected to experience accelerated growth over the forecast period. As per the marine engines market forecast, this is because of the evolving need to implement sophisticated technology in turbo-charging efficiency, firing pressures, fuel injection technology, and brake mean efficient pressure to decrease fuel & oil consumption in four-stroke marine engines.
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