Marine Propulsion and Auxiliary Power Market Trends

Growth Drivers

• High Focus on Eco-friendly Fuels - Over the projected period, it is expected that the marine industry's increased focus on environmentally friendly fuels will boost marine propulsion and auxiliary power market development. Propulsion and auxiliary power units are widely used because they have low running costs and little administrative work. To get a larger market share, companies in the worldwide marine propulsion and auxiliary power sector are creating electric propulsion systems.
• High Integration Rate of Marine Transport - Over the course of the forecast period, market statistics should rise due to the high rate of adoption of maritime transport for international trade. More than 90% of all global shipping capacity is handled by marine transport throughout Latin America and the Caribbean. Consequently, the region has a major influence on the expansion of the marine propulsion and auxiliary power markets worldwide. With regard to energy efficiency, the government has not given it much assistance.
• Advancement in Propulsion Technology - Continuous R&D efforts are resulting in the creation of more effective propulsion systems that can lower pollutants and fuel consumption, which is a major factor in the marine propulsion and auxiliary power market expansion.

Challenges

• Increasing Cost of Fuel - Fuel is one of the largest operating costs for shipping companies, and the cost for shipping companies and the cost of fuel has been rising in recent years. This has put pressure on shipping companies to find ways to reduce fuel consumption, and this has led to the development of a number of new technologies such as waste heat recovery systems and hull optimization.
• The Demand for More Efficient and Environmentally Friendly Propulsion Systems is Expected to Pose Limitation on the Market Expansion in Future.
• The Growing Complexity of Propulsion Systems are Expected to Hamper the Market Growth in the Upcoming Period.