Published on : Jul 28, 2016
ALBANY, New York, July 28, 2016: Market Research Hub has added a new report, titled “Global Marine Propulsion Engine Market to 2020 - Market Size, Growth, and Forecasts in Over 50 Countries,” to its repository. The report is available for sale on the company website.
The report examines the trajectory of the historical growth of the global marine propulsion engine market and analyzes its current figures along with an outline of its future growth prospects. The report provides an analysis of 50 countries regarding the market trends and competition and forecasts for future market growth. The report also critically evaluates the segmentation of the market on the basis of factors such as the various products in the marine propulsion segment.
Marine propulsion engines are used to move a ship or boat by generating thrust. The report states that the growing demand for transportation in inland waterways in regions such as Asia, Europe, and South America is expected to boost the demand for marine propulsion engines. The report also states that the growth of the shipbuilding industry globally will provide the manufacturers more production opportunities. The growth of maritime tourism is also expected to bolster the growth of the global marine propulsion engine market. The report projects the growth in international seaborne trade to be the major driver for the global marine propulsion engine market.
The report also provides insights into the behavior of the markets for marine propulsion spark-ignition engines, marine propulsion diesel engines, and other various marine propulsion spark-ignition engines. The report states the future growth prospects for manufacturers of marine propulsion engines. The key opportunities for the growth of the global marine propulsion market, according to the report, are the growth in inland waterway usage and technological developments in the production of marine engines.
The stringent but non-uniform environmental policies all over the world are expected to hinder the growth of the global marine propulsion engine industry. The huge research and development costs are also anticipated to slow down the innovation projects in the marine propulsion engine segment. The major challenges that the manufacturers are likely to face in future are shipping overcapacity problems and an increase in the usage of remanufactured engines.
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With strict environmental regulations being imposed upon the quality of marine propulsion engines, manufacturers are looking to manufacture engines with better safety standards for the marine ecology and higher cost efficiency. The major players in the market are also coming up with new products to expand their business and are giving preference to mergers and acquisitions to maintain their position in the global in the market. Some of the major manufacturers of marine propulsion engines are Caterpillar Inc., Rolls Royse, Mitsubishi Heavy Industries, Mercury Marine, and Hyundai Heavy Industries.
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