Increasing the volume of maritime trade and shipping activities will be one of the primary drivers fueling the growth of the global auxiliary engine market size during the forecast period. According to the United Nations Conference on Trade and Development (UNCTAD), world seaborne trade volume is estimated to grow by 3.8% between 2018 and 2023. In 2018 itself the volume rose by 4% from 2017 levels, reaching 10.7 billion tons. Moreover, the global fleet capacity also grew by 3.3%, hitting 42 million gross tons in 2017. Since auxiliary engines are extensively used in ships to reduce their fuel consumption, expansion of seaborne trade will augment the auxiliary engine market growth in the forthcoming years.
Fortune Business Insights, in its report, titled “Auxiliary Engine Market Size, Share and Global Trend By Application (Commercial, Recreational, Others), By Fuel Type (Diesel, Gas, Others), and Geography Forecast till 2026”, shares a comprehensive analysis of the vast spectrum of factors, trends, prospects, and competitive and regional dynamics that are likely to influence the growth trajectory of the market in the given time period. The report also incorporates an elaborative overview of the general industry outlook that will aid businesses to plan strategies best suited to the requirements of the market.
- Mitsubishi Heavy Industries
- GE Transportation
- Deere & Company
- Megatech Power
- Hyundai Heavy Industries
- Volvo Penta
- Man SE
- Deutz AG
Key Industry Developments:
- April 2019: Volvo Penta showcased its new and heavy-duty D8 MH and MG marine engines at the recently concluded Norshipping show in Oslo. These are advanced engines that operate at lower decibels, are lighter, and also have lower vibration levels compared to other similar engines.
- October 2018: Chilean Navy selected General Electric’s Marine Solutions to provide a wholesome and integrated marine propulsion system for Navy’s new Polar Class of vehicles designed for Antarctic expeditions.
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Growing Preference for LNG-powered Systems to Boost the Market
Liquefied Natural Gas (LNG) is fast emerging as a viable option to conventional fuels amid increasing need to bring down greenhouse gas emissions worldwide. This is because of the wide variety of environmental benefits that LNG offers. For example, the International Gas Union estimates that natural gas emits 50% lesser carbon compared to coal and a miniscule amount of other toxic substances such as sulphur dioxide and mercury. These advantages have augured well for the global LNG industry. According to the International Gas Union, in 2017, world LNG trade increased by 12% from 2016 levels, touching 293.1 million tons (MT). LNG supply has also spiked, mainly driven by projects initiated by the US and Australia. Auxiliary engines are expected to play a crucial role in promoting the use of renewables in the marine industry and this will be one of the leading auxiliary engine market trends in the near future.
Key Segmental Overview:
- By Application
- By Fuel Type
- By Geography
- North America (USA, Canada and Rest of North America)
- Europe (UK, Germany, France, Scandinavia, Italy, Spain and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Argentina, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Asia-Pacific to be in the Driver’s Seat; Europe to Boast an Impressive Growth Rate
Among regions, Asia-Pacific is slated to dominate the auxiliary engine market share owing to the presence of major shipping and marine engine producing countries, mainly China, Japan, South Korea, and India. Additionally, government-sponsored schemes promoting sustainable shipping practices in these countries will further propel the market in the region. Gradual shift towards low emission shipping and increased pace of building commercial vessels will be the lead growth drivers in North America. In Europe, the market will be mainly driven by the rising investment of EU members in the marine industry.
Key Market Driver-
- Growth of commercial shipping and maritime tourism
- Increasing International Marine Freight Transport
- Integration of smart engines
Key Market Restraint–
- High initial cost of production
Innovative Product Offerings to Stimulate Competition
Key players are looking to gain a competitive edge in this market by doubling down their investment in research to develop new and innovative products. This strategy will not only diversify their product portfolio, but it will also enable companies to entrench their position in this market, according to the auxiliary engine market analysis by Fortune Business Insights.
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Major Table of Content For Auxiliary Engine Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Auxiliary Engine Market Analysis, Insights and Forecast, 2026
- North America Auxiliary Engine Market Analysis, Insights and Forecast, 2026
- Europe Auxiliary Engine Market Analysis, Insights and Forecast, 2026
- Asia Pacific Auxiliary Engine Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Auxiliary Engine Market Analysis, Insights and Forecast, 2026
- Latin America Auxiliary Engine Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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