Russia and Germany to Boost Europe Marine Engines Market to $ 5 Billion by 2023
Growing investments in optimized vessel efficiency, emerging technologies of marine engines and increasing use of LNG fuelled engines to boost demand for marine engines in Europe through 2023
According to a recently
published TechSci Research report “Europe Marine Engines Market By Type, By Application, By Engine Power Rating, By Country,
Competition Forecast & Opportunities, 2013 - 2023’’, Europe marine engines market is
forecast to surpass $ 5 billion by 2023. Growth in the market can be attributed
to high demand for marine engines in the region’s major economies like Russia
and Germany, which have huge
and growing commercial shipping industries. Moreover, investments in optimized vessel efficiency and emergence of new
technologies in marine engines is further expected to push demand for marine
engines across Europe in the coming years. Additionally, rising demand for
ships and tankers across various countries of the region along with use of
waterways for freight transportation would further steer growth in Europe marine engines market over the
next five years.
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Figures spread through 64 Pages and an in-depth TOC on "Europe Marine Engines
Market"
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On
the basis of applications, Europe
marine engines market is segmented into commercial, defense and others. Commercial
application segment accounts for the largest market share in terms of value in Europe marine engines market, and the segment is likely to maintain its
dominance throughout the forecast period as well, on the back of increasing
number of ports and private players in the shipping and marine industry across
the region. Few major companies operating in Europe marine engines market include
Mitsubishi Corporation, MAN SE, Wartsila Corporation, Caterpillar Inc., Volvo
Penta, Rolls Royce Holding Plc., Cummins Inc., General Electric and others.
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“Growing demand
for vessels and oil tankers across Europe
is driving demand for marine engines in the region and this demand
is further likely to increase in the coming years as well. Moreover, insufficient capacity of the
cargo containers and increase in demand for ferries and tug boats are further
expected to positively influence Europe marine engines market. Furthermore, rising inclination towards LNG fuelled
ships and increasing merger & acquisitions activities in Europe marine
engine market would further steer growth in the market over the course of next
five years.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Europe
Marine Engines Market By Type, By Application, By Engine Power Rating, By Country,
Competition Forecast & Opportunities, 2013 - 2023’’ has evaluated the future growth
potential of Europe marine
engines market and provides statistics and information on market size,
structure and trends. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Europe marine engines market.
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