The Marine Auxiliary Engine Market is being driven by Growth of commercial shipping
The Marine Auxiliary Engine Market is expected to grow at a CAGR of 5.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 613.3 million. In the maritime sector, container shipping, bulk carriers, general cargo, and tankers account for approximately 70% of fuel consumption. These sectors primarily utilize fuels such as hydrofluoroolefin (HFO), marine diesel oil (MDO), marine gas oil (MGO), bio-alternatives like biodiesel and straight vegetable oils, LNG, biogas, methanol, and hydrogen. The selection of engine technology, including two-stroke and four-stroke diesel engines, diesel-electric motors, gas engines, and fuel cell technology, is heavily influenced by the specific fuel being used.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Diesel, Gas) Engine Capacity (500-1500 kW, Above 1500 kW, Up to 500 kW) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Marine Auxiliary Engine Market Research Report
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The Marine Auxiliary Engine Market encompasses engines utilized in Maritime Commerce, including the Shipbuilding Industry, Commercial Shipping, and Sea Transportation. It serves various sectors such as Container Shipping, Less-than-Container Load, Full-Container Load, Tankers (LNG, Fuel Mix), and powers Ship auxiliary engines for functions like Power generation, Electricity, Onboard functions (Lighting, Air conditioning, Refrigeration, Electrical systems), Auxiliary equipment (Pumps, Winches), Hybrid systems, Electric auxiliary engines, Digital transformation (Remote monitoring systems, Lifecycle management), Bunkering infrastructure, and recreational boats. Diesel engines and Gas engines are common types in this market.
The Marine Auxiliary Engine Market is a segment of the larger Industrial Machinery and Supplies and Components Market, encompassing businesses specializing in the production of machinery and components for marine applications. This market includes manufacturers of marine compressors, pumps, roller bearings, and other metal fabrications used in maritime commerce, shipbuilding, commercial shipping, sea transportation, container shipping (both Less-than-Container Load and Full-Container Load), and tankers, particularly those related to Liquefied Natural Gas (LNG). The Industrial Machinery and Supplies and Components Market's expansion is driven by the increasing industrial output in process and discrete industries, leading to capacity additions in energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages sectors in developing countries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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