Global Marine Propulsion Engine Market 2019-2023| Prospective Incorporation of Intelligent Propulsion Systems to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Nov 20, 2018--The global marine propulsion engine market is expected to post a CAGR of nearly 2% during the period 2019-2023, according to the latest market research report by .
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Technavio has released a new market research report on the global marine propulsion engine market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increase in demand for naval vessels. At present, several countries are re-thinking their defense posture based on uncertainties in APAC, the Middle East, and Russia. Thus, defense globalization is an emerging trend that is encouraging several nations to concentrate on sea-based defense and maritime security, surrounding global trade and local economic resources.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the prospective incorporation of intelligent propulsion systems as one of the key emerging trends in the global marine propulsion engine market:
Global marine propulsion engine market: Prospective incorporation of intelligent propulsion systems
With the advent of automation technology and digital analytics, marine propulsion engine manufacturers are focusing on the development of intelligent propulsion systems. Future engines will be an integral part of the integrated and intelligent propulsion system that efficiently meets IMO Tier III/EPA Tier 4 requirements for a marine engine. OEMs expect that there will be a significant increase in the integration of automation and digital analytics in the future to produce engines that will be compliant with various standards, providing proper compliance documentation.
“Engines as well as propellers, which are integral parts of an intelligent propulsion system, are expected to undergo design enhancements based on computational fluid dynamics, power management, engine optimization units, and marine asset intelligence,” says a senior analyst at Technavio for research on automotive components.
Global marine propulsion engine market: Segmentation analysis
This market research report segments the global marine propulsion engine market by type (diesel and gas) and geographical regions (APAC, EMEA, and the Americas).
The diesel segment held the largest market share in 2018, accounting for nearly 96% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 80%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: TRANSPORT MARITIME MANUFACTURING ENGINEERING OTHER MANUFACTURING
SOURCE: Technavio Research
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PUB: 11/20/2018 09:59 AM/DISC: 11/20/2018 09:59 AM