Fuel Efficiency to Drive 33% Growth in Marine Propulsion Engines Market to Nearly $11B by 2020

The dimensions of the global marine propulsion motors market is expected to grow through $8. 23 billion within 2013 to $10. ninety five billion in 2020 because companies increasingly look for methods to reduce their bunker usage, according to new research through Grand View Research, Inc.

According to the study, the market is actually expected to grow at a substance annual growth rate associated with of 4. 2 % between 2014 and 2020, with diesel propulsion nevertheless expected to make up the vast majority from the market.

"Although wind as well as solar energy have gained dominance as auxiliary propulsion resources in the marine propulsion machines market, they are inadequate in order to suffice the power requirements with regard to primary propulsion purposes, inch said the report.

The organization said that MARPOL environmental rules are also expected to temper the marketplace somewhat, especially in the case regarding diesel systems, though a brand new emphasis on propulsion systems which cause minimal emissions has additionally gained "special importance. inches

Among the systems that run upon alternate fuels, liquefied gas (LNG) has purportedly surfaced at the forefront, drawing much more attention to dual fuel diesel powered engines.

North America is apparently expected to be among the best adopters of LNG like a propulsion medium.

The research additionally shows that Asia Pacific constructed the largest share of sea propulsion engines market income in 2013, with nations such as China and Southern Korea having invested greatly in the area.

An increasing amount of businesses have begun experimenting with option energy sources for propulsion techniques.

Late last year, Finnish ocean engineering company Norsepower Oy started sea trials to have an auxiliary wind propulsion program, while General Electric furthermore said early this year it had received an so that it will install its electric ardeur systems aboard two LNG carriers.

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