Marine Propulsion and Auxiliary Power Market Share

APAC Market Forecasts

The APAC region is set to dominate the marine propulsion and auxiliary power market by registering a revenue growth of 33% by the end of the forecast period. The growth of this market can be primarily driven by the growing prevalence of a large number of ships and the expansion of sea trade in this region. Furthermore, the increasing adoption of LNG as a marine fuel is also driving the market growth in the region.

European Market Statistics

The marine propulsion and auxiliary power market in the Europe region is estimated to grow substantially by the end of 2036. The proliferation of cruise ships and the growth of maritime tourism drive market progress in Europe. Sea transport facilitates 77% of European export commerce and 35% of total trade volume between EU members. Also, the European Union has implemented some of the world’s most strict environmental regulations for the maritime sector. These standards are designed to reduce emissions from shipping which is a major source of air pollution.

Frequently Asked Questions (FAQ)

The growing demand for eco-friendly fuels, and high demands in marine sector are some of the major factors anticipated to drive the growth of marine propulsion and auxiliary power market.

The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2024-2036.

The major players in the market are of BAE Systems, Siemens Energy, ABB Ltd, Wartsila, MAN Energy Solutions, AB Volvo,, and others.

The diesel segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in Asia Pacific is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Marine Propulsion and Auxiliary Power Market Share