According to latest research by Fact.MR, Marine Auxiliary Engine market is set to witness steady growth during 2021-2031. Demand for Marine Auxiliary Engine will witness sound recovery in short-term, with optimistic growth outlook in the long-run. Growing demand from marine industry will have opportunities in near future and sales for Marine Auxiliary Engine. What is Driving Demand for Marine Auxiliary Engine? The rise in commercial shipping is one of the major factors driving the market growth. According to the United Nations Conference on Trade and Development, global commercial shipping is rising at a rate of more than 2% to 2.5% per year. Over the forecast period, the growth is expected to be fuelled by an increase in trade carried out through the marine transportation industry. In addition, the introduction of smart control and fuel-efficient systems in commercial ships is expected to boost global trade volume. Marine vessels sales and production around the globe have been impacted by COVID-19-pandemic. This has negatively impacted marine auxiliary engine sales in 2020. However, it is estimated that the demand will steadily grow from 2021 onwards. To get in-depth insights Request for Brochure here – https://www.factmr.com/connectus/sample?flag=B&rep_id=6258 Key Segments By Application Commercial Recreational By Fuel Type Diesel Gas By Engine Capacity Up to 500 kW 500-1,500 kW Above 1,500 kW By Vessel Type Auto carrier Passenger cruise General cargo Bulk carrier Containership Tanker By Region North America US Canada Latin America Brazil Mexico Europe Germany Italy France U.K. Spain BENELUX Russia South Asia and Pacific India ASEAN Australia & New Zealand East Asia China Japan South Korea Middle East & Africa GCC Turkey South Africa North Africa Commercial shipping likely to Increase Marine Auxiliary Engine Sales One of the major factors driving the sales growth is the expansion of commercial shipping. Globalization has had a strong impact on the expansion of global commercial shipping. Since the world’s economies are intertwined, the global economy’s health has an impact on global trade volume. With the growth of the economy, international trade is projected to increase, where seaborne trade is extremely important. As a result of the global demand and availability of resources and manufactured goods, economic development and growth create tremendous opportunities for the marine industry. Request For Customization Here- https://www.factmr.com/connectus/sample?flag=RC&rep_id=6258 Asia Pacific Marine Auxiliary Engine Market Outlook Asia Pacific is one of the largest market for marine auxiliary engine globally. Technical advancements are also expected to have a significant impact on the Asia Pacific auxiliary engine market in the coming years. Due to high imports through ships and increasing LNG (Liquefied Natural Gas) consumption, China and Japan are the main demand generators for marine engines in the Asia Pacific region. Europe Demand Outlook for Marine Auxiliary Engine Many countries in EU have been severely impacted by the COVID-19 crisis, which has led a decline in economic activities. However, the government spending millions of euros in the shipping industry to help steer green shipping to drive demand for marine auxiliary engine. The European Union intends to invest in the construction of commercial and off-shore vessels, resulting in positive development for the maritime industry. As a result of enduring emission-reduction technologies, they are transitioning to engines that emit less pollution. The rising use of LNG in marine fuel in Europe presents a business opportunity for marine engine manufacturers. The demand for marine auxiliary engines will expand as this opportunity is realized. Who are the Key Manufacturers and Suppliers of Marine Auxiliary Engine? Some of the leading manufacturers and supplier include Caterpillar Cummins John Deere & Company Wärtsilä YANMAR Hyundai Heavy Industries Man Energy Solution Mitsubishi Heavy Industries Volvo Penta Deutz AG MTU GE Transportation Daihatsu SCANIA Megatech Power Kubota Perkins Others. Many leading manufacturers and supplier have longstanding service contracts with vessel manufacturers to supply auxiliary engine- case in point, Man Energy Solutions has a long term service contract with Nakilat for maintaining their LNG vessels engines and auxiliary engines. Explore Fact.MR’s Coverage on the Automotive Domain: Clutch Pedal Kit Market – According to the latest research from Fact.MR, the clutch pedal kit market is expected to expand at a CAGR of 4% to 6% between 2021 and 2031. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. Automotive Gateway Chips Market – The Automotive gateway chips market is estimated to grow at a CAGR of 12% from 2021-2031, and is projected to reach US$ 5.0 Bn by 2021. Marine Auxiliary Engine Market – According to latest research by Fact.MR, Marine Auxiliary Engine market is set to witness steady growth during 2021-2031. Demand for Marine Auxiliary Engine will witness sound recovery in short-term, with optimistic growth outlook in the long-run. About Fact.MR Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. 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