Marine Propulsion and Auxiliary Power Market to Grow at a CAGR of 5.1% During Forecast Period 2022-2050, TMR Study
Increase in demand for fuel-efficient systems is expected to drive marine propulsion and auxiliary power market value
Wilmington, Delaware, United States, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global marine propulsion and auxiliary power market was valued at US$ 10.6 Bn in 2021 and is projected to reach US$ 44.6 Bn by 2050. The market is likely to expand at a CAGR of 5.1% between 2022 and 2050. This is ascribed to rise in usage of fuel-efficient technologies in the marine industry and enforcement of strict government regulations to minimize carbon emissions. The maritime and shipping industries are important for long-term expansion of international commerce and trade. Demand for sustainable, clean, and emission-free sources of fuel is increasing as industrialization continues steadily.
Increase in focus on environmentally-friendly fuels in the maritime industry is anticipated to accelerate market development between 2022 and 2050. Auxiliary and propulsion power units are popular, as these require minimal administration and incur low operating expenses. Players in the global marine propulsion and auxiliary power market are developing electric propulsion systems to increase market share.
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The maritime industry is committed to cut down on CO2 emissions and fuel use. Major industry players are investing substantially in research & development of environment-friendly vessels. Companies are using alternative and renewable power sources and modifying their design to comply with strict energy standards.
The International Maritime Organization (IMO) implemented regulations that restricted sulfur content of marine fuels utilized by ships in international waterways at 0.5% by weight from January 2020. The prior global cap of 3.5%, established in 2012, has been lowered to this level. Therefore, adoption of strict energy rules is projected to propel market value during the forecast period.
Key Findings of Market Report
The diesel segment accounted for the largest market share of 52.1% in 2021, based on recent market forecast on the marine propulsion and auxiliary power industry. It is projected to dominate the global market in the next few years to come.
The ferries segment is anticipated to lead the global industry in the next few years. The segment is expected to be driven by increase in number of ferries switching to marine diesel and heavy fuel oil.
Global Marine Propulsion and Auxiliary Power Market: Growth Drivers
Rapid increase in global warming has increased pressure on several countries to cut down their carbon emissions. Bunker fuel is used by ships, which results in significant greenhouse gas emissions and pollution. Each year, significant quantities of air pollutants, such as sulfur oxide, nitrogen oxide, carbon monoxide, and particulate matter, are emitted into the atmosphere. Consequently, governments of several countries have enacted laws and policies to cut down pollution and carbon dioxide emissions.
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Global Marine Propulsion and Auxiliary Power Market: Regional Landscape
Asia Pacific is anticipated to account for significant share of the global marine propulsion and auxiliary power market between 2022 and 2050. It held 46.8% share of the global market in 2021. The market in Asia Pacific is driven by significant number of vessels and increase in maritime commerce.
North America and Europe are two key regions in the global marine propulsion and auxiliary power market. These regions held 6.2% and 37.2% share, respectively, in 2021. Presence of several cruise ships and growth of maritime tourism are expected to drive market demand in Europe.
Global Marine Propulsion and Auxiliary Power Market: Key Players
Perkins Engines Company Limited
Niigata Power Systems Co., Ltd
MAN Energy Solutions
Fairbanks Morse Defense
General Electric Company
FIBA Technologies, Inc.
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Global Marine Propulsion and Auxiliary Power Market: Segmentation
Liquefied Natural Gas (LNG)
Liquefied Petroleum Gas (LPG)
Middle East & Africa
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