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Based on Technavio's market sizing methodology, the marine auxiliary engine market size is predicted to exhibit a declining growth and estimate at a value of USD 431.35 million by 2026 at a CAGR of 4.51%.
This marine auxiliary engine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The marine auxiliary engine market report also offers information on several market vendors, including AB Volvo, Brunswick Corp., Caterpillar Inc., Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., Deere and Co., DEUTZ AG, Doosan Infracore Co. Ltd., Kubota Corp., Mitsubishi Heavy Industries Ltd., Porsche Automobil Holding SE, Rolls-Royce Holdings Plc, Wartsila Corp., and Yanmar Holdings Co. Ltd. among others.
This report further entails marine auxiliary engine market segmentations, including:
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The growth of commercial shipping is notably driving the marine auxiliary engine market growth, although factors such as the impact of Brexit may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine auxiliary engine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Marine Auxiliary Engine Market Driver
The growth of commercial shipping is one of the key drivers supporting the marine auxiliary engine market growth. Sea transportation is one of the necessary means for the delivery of goods from distant suppliers. The transportation of goods through the sea primarily takes place in the form of containers, with products categorized as either less-than-container load (LCL) or full-container load (FCL). Meanwhile, tankers are ideal for transporting heavy and bulky commercial goods and products that involve long lead times.
Furthermore, ships are preferred the most for transporting commercial goods due to:
Such advantages of shipping consumer goods through ships will drive the marine auxiliary engine market growth during the forecast period.
Key Marine Auxiliary Engine Market Trend
The gradual adoption of LNG over conventional marine fuel is one of the key marine auxiliary engine market trends fueling the market growth. For instance, the shipping industry would see the emergence of the chemical/product tanker segment, with LNG making up 31% of its fuel mix. The container ship segment would account for only 5% of LNG in the fuel mix. This is because the fuel mix represents the entire fleet, so tonnage age and renewal are equally important as technical compatibility and the cost-effectiveness of different fuels. Hence, the segments that have a larger proportion of small-sized ships will witness a higher use of LNG. The share of LNG in the marine market, which was almost non-existent in 2010, is predicted to be 5%-10% in the next 20 years. Thus, the increasing use of LNG in the marine fuel mix offers a potential market for marine engine manufacturers. The exploitation of such potential will lead to the growth of the marine auxiliary engine market.
Key Marine Auxiliary Engine Market Challenge
The impact of Brexit is one of the factors hindering the marine auxiliary engine market growth. For instance, over three million jobs in the UK are linked, directly or indirectly, to exports to the EU. The EU law, in the form of treaties, regulations, and directives, deals with trade, environmental regulation, and other projects. If the electorate votes for Brexit, the UK will be the first member state to do so since the creation of the first European Community in 1952. Various measures were taken to mitigate or counter the effects of the crisis. The shipping companies laid-up vessels and laid-off workers worldwide. However, as the new orders were on the decline, shipyards worldwide operated at only 30% of their capacity. This, in turn, led to the cut down of the worker's salaries. Thus, the BREXIT crisis hit the entire shipping industry, which, in turn, negatively impacted the growth of the marine auxiliary engine market.
This marine auxiliary engine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global marine auxiliary engine market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the marine auxiliary engine market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the marine auxiliary engine market encompasses successful business strategies deployed by the key vendors. The marine auxiliary engine market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The marine auxiliary engine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the marine auxiliary engine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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6% of the market's growth will originate from Middle East and Africa during the forecast period. Market growth in this region will be slower than the growth of the market in other regions.
The expansion of seaports will facilitate the marine auxiliary engine market growth in Middle East and Africa over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, amid the outbreak of COVID-19, the demand for oil and gas declined across the world. However, the demand for oil & gas resurged in 2021 due to the removal of restrictions and economic trade pressure from various dependent industries. Such factors are expected to increase sea-borne trade activities in Africa, subsequently increasing the need for marine auxiliary. Such increasing need will drive the marine auxiliary engine market growth during the forecast period.
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The marine auxiliary engine market share growth by the diesel segment will be significant during the forecast period. Diesel is widely used to power marine auxiliary engines as it costs lesser than other fuels. Such low cost associated with diesel will drive the marine auxiliary engine market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the marine auxiliary engine market size and actionable market insights on post COVID-19 impact on each segment.
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Marine Auxiliary Engine Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 4.51% |
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Market growth 2022-2026 |
$ 431.35 million |
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Market structure |
Fragmented |
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YoY growth (%) |
-4.69 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
Middle East and Africa at 6% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB Volvo, Brunswick Corp., Caterpillar Inc., Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., Deere and Co., DEUTZ AG, Doosan Infracore Co. Ltd., Kubota Corp., Mitsubishi Heavy Industries Ltd., Porsche Automobil Holding SE, Rolls-Royce Holdings Plc, Wartsila Corp., and Yanmar Holdings Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by Engine Capacity
7 Market Segmentation by Vessel Orientation
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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