Published Date : Apr 04, 2017
ALBANY, New York, April 4, 2017: MarketResearchReports.biz has announced the addition of a new market research report to its report repository. The publication is titled, Global Marine Auxiliary Engine Market 2017-2021.” The report provides information on historical and futuristic growth trajectory of the global market for marine auxiliary engine. The research report present an outline of the facets that are responsible for the changes occurring in the market and further evaluates them in an orderly manner. The impact of certain progressive factors has also been treated with equal importance in the market research report. It also provides data on the shares, marketing and publicity strategies, and products of the leading companies.
The key driver of the market is the growing demand for energy thus fuelling the growth of FPSO vessels further supported with the introduction of turbochargers in marine auxiliary engines. The global market of marine auxiliary engine is expected to rise at a steady rate and exhibit a CAGR over 3% along the forecast period. The demand for dual fuel auxiliary engine will be supplemented by the progress in the segment of liquefied natural gas. This in turn is expected to bolster the growth opportunities in the global marine auxiliary engine market till the end of 2021. Another of the prime factors influencing the growth of the global marine auxiliary engine market is the progress in the global LNG market owing to the rising population that triggers consumption of energy. Moreover, with the rising number of countries involved in the import and export of LNG, the volume of LNG trade is anticipated to gush in the upcoming years. This rise in LNG trade is expected to increase the level of dependence of various countries on commercial ships and shipbuilding industries, further increasing the consumption for marine auxiliary engines.
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The waste heat recovery (WHR) system employs energy exhausted from marine engines for lifting their fuel efficiency and also for reducing the pollution level through marine vessels. As a result, there is likely to be an exponential rise in the incorporation of waste heat recovery system in these vessels, which is going to be a major trend gaining traction in the market over the coming years.
In terms of end user, the commercial segment led the market accounting for the major share in 2016 and is expected to retain its dominance over the coming years. The factors responsible in the growth of this segment are cost-effectiveness associated with it and the rising demand for commercial ships. Region-wise, Asia Pacific emerged as the leading region in 2016 and will maintain a leading position until 2021. The countries influencing the market growth in this region are Japan, China, and South Korea. Some of the leading companies operating in the market are Yanmar, Wärtsilä, Doosan Infracore, Cummins, and Caterpillar.
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