June 3, 2018 - 6:30 PM EDT
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Global Marine Auxiliary Engine Market| Gradual Adoption of LNG Over Conventional Marine Fuel is an Emerging Trend in the Market| Technavio


The latest market research report by Technavio on the global marine auxiliary engine market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.

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Technavio has published a new market research report on the global marine auxiliary engine market fr ...

Technavio has published a new market research report on the global marine auxiliary engine market from 2018-2022. (Graphic: Business Wire)

According to Technavio analysts, the global marine auxiliary engine market is expected to reach USD 1.98 billion by 2022. The growth of commercial shipping is a major factor driving the market’s growth. Globalization has directly affected the growth of the global commercial shipping. As economies across the world are interlinked, the health of the global economy affects the global trade volume. International trade is expected to increase with the expansion of the economy, wherein seaborne trade plays a crucial role. Thus, economic development and growth provide enormous opportunities for the marine industry, mostly due to the global demand and supply of commodities and manufactured goods.

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In this report, Technavio highlights the gradual adoption of LNG over conventional marine fuel as one of the key emerging trends in the global marine auxiliary engine market:

Global marine auxiliary engine market: Gradual adoption of LNG over conventional marine fuel

In the shipping industry, nearly 70% of fuel demand is attributed to the container shipping, bulk carrier, general cargo, and tanker. This includes crude and chemical products, sector. The shipping industry uses a wide range of fuels like hydrofluotoolefin (HFO), marine diesel oil (MDO), marine gas oil (MGO), and bio-alternatives such as biodiesel and straight vegetable oils. Other fuels used include LNG and biogas, along with methanol and hydrogen, both of which are derived from methane or wood biomass.

“The marine engine technology includes two or four stroke diesel engines, diesel-electric motors, gas engines, and fuel cell technology. The technology used is extremely dependent on the fuel used. It is projected that the marine fuel mix will see a decline in the proportion of conventional fuels used. The rising usage of LNG in the marine fuel mix provides a potential market for marine engine manufacturers. The exploitation of such potential will lead to the growth of the market,” says a senior analyst at Technavio for research on tools and components.

Global marine auxiliary engine market segmentation

This market research report segments the global marine auxiliary engine market into the following key regions, including the Americas, APAC, and EMEA.

APAC was the leading region for the global marine auxiliary engine market in 2017, accounting for a market share of nearly 79%. By 2022, APAC is expected to witness the highest growth in terms of market share.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200

Source: Business Wire (June 3, 2018 - 6:30 PM EDT)

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