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.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180603005133/en/
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.
This report is available at a USD 1,000 discount for a limited time
only: View
market snapshot before purchasing
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.
Looking for more information on this market? Request
a free sample report
Technavio’s sample reports are free of charge and contain multiple
sections of the report such as the market size and forecast, drivers,
challenges, trends, and more.
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.
If you are interested in more information, please contact our media team
at media@technavio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180603005133/en/
Copyright Business Wire 2018