Marine Propulsion and Auxiliary Power Market Size

Marine Propulsion and Auxiliary Power Market size is expected to cross USD 126 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of marine propulsion and auxiliary power was over USD 11 billion. The shipping industry is committed to cutting back on CO2 emissions and fuel use. In order to comply with strict energy restrictions, they are implementing engineering adjustments and implementing renewable and alternative energy sources. The International Maritime Organization (IMO) will implement new rules in January 2020 that will restrict the sulfur content of marine fuels used by ships in international seas to 0.5% by weight. This represents a decrease from the prior worldwide cap of 3.5% established in 2012. Therefore, it is expected that the imposition of strict energy requirements will boost the market value of auxiliary power and marine propulsion in the coming years.

The increase in the marine industry's use of fuel-efficient technologies and the long-term growth of global trade and commerce depends on the marine and shipping sectors is set to boost the marine propulsion and auxiliary power market growth