According to a report “Marine Propulsion Engines Market Analysis By Product (Diesel Propulsion, Wind Propulsion, Gas Turbine Propulsion, Fuel Cell) And Segment Forecasts To 2020”, published by Grand View Research, Inc. The Global Marine Propulsion Engines Market is expected to reach USD 10.95 billion by 2020, according to a new study by Grand View Research, Inc. Significant modernization in marine propulsion as a direct consequence of increased demand for operationally dependable and financially efficient ships is expected to drive the marine propulsion engines market. The shipping industry has started to focus more on reducing fossil fuel consumption by developing electric motors which also help increase energy efficiency.
The market is expected to be hindered by regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which apply principally to the protection of the marine environment and prevention of contamination by oil, chemical spills, sewage, marine species, and air pollution by engine exhaust gases. With the advancement in technology and increasing awareness pertaining to environmental conservation, development of propulsion systems that run on alternate fuels and with minimal emissions has garnered special importance.
Although wind and solar energy have gained prominence as auxiliary propulsion sources in the marine propulsion engines market, they are inadequate to suffice the power requirements for primary propulsion purposes.
Further key findings from the study suggest:
Global marine propulsion engines market by product (USD Million), 2012 – 2020
Browse More Reports in Automotive & Transportation:
Automotive Electronics Market – Technological shift towards advanced safety systems is expected to fuel the demand for Automotive Electronics Market further over the next few years.
Electric Transporters Market – Rising fuel price has been spurring the growth of the Electric Transporters Market.
For the purpose of this study, Grand View Research has segmented the global marine propulsion engines market on the basis of product and region:
Marine Propulsion Engines Product Outlook (Revenue, USD Million, 2012 – 2020)
Marine Propulsion Engines Regional Outlook (Revenue, USD Million, 2012 – 2020)
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: www.grandviewresearch.com/industry-analysis/marine-propulsion-engines-market