Global 4.3% CAGR Marine Propulsion Engine Market Share Forecast 2024

Increase in R&D by the OEMs will boost capacity handling requirements and ship power which in turn will positively impact the product offerings. Rapid innovations will result in energy efficient and powerful products for the shipping industry. Decrease in consumption of fossil fuel and development of electric motors may support environmental emission reduction and energy efficient products to boost the marine propulsion engine market.

Diesel propulsion engine sector will grow at CAGR estimation of around 4% and was around USD 6 billion in 2015 owing to technological developments such as break mean effective pressure, firing pressures, turbo-charging efficiency and fuel injection technology. Increase in electric transmission installations will boost the use of fuel cell.

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Marine Propulsion Engine Market is set to be over USD 13 billion by 2024 with a CAGR of more than 4%. Increasing the efficiency of ships by using renewable resources is forecast to enable modernization and reduce the impact on diesel engines. Next generation tankers capability to carry large loads will augment marine propulsion engine market.

Renewable resources such as biodiesel, wind, and solar, are used for power generation in driving the ships. Solar and wind accounted for more than 3% of global share is anticipated to grow at around 6% CAGR.

Depletion of reserves of shale gas and conventional sources may lea....

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