Marine Propulsion Engines Market to Reach $ 43.1 Billion by 2030
Marine propulsion refers to a mechanism or system that is used to generate thrust that propels large ships as well as small boats to sail across the waterways. Modern ships are generally consisting of mechanical systems that are equipped with electric motors or pump-jets as well as they use reciprocating engines as main source of power.
According to Precedence Research, the global marine propulsion engines market was estimated at US$ 32.80 billion in 2020 and is projected to reach US$ 43.1 billion by 2030, registering a CAGR of 3.6 % from 2021 to 2030. The report contains 150+ pages with detailed analysis.
The report provides the overall revenue of the global marine propulsion engines market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global marine propulsion engines market for the period from 2017 to 2030.
Marine transport is the backbone of international trade. As per the data revealed by the International Chamber of Shipping based in United Kingdom, nearly 90% of the total volume of merchandise trade occurs via sea route owing to its low cost compared to other mode of transports such as rail and road.
Other factors that include prominently rising global population, rapid industrialization particularly in the Asia Pacific region, and liberalization of economie....