Pune, India, Feb. 03, 2021 (GLOBE NEWSWIRE) — The global marine engine market is projected to exhibit astonishing growth owing to the substantial expansion of international trade, observes Fortune Business Insights™ in its report, titled, “Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries & Passenger ships, and Others), By Capacity (0 – 10000 HP, 10000 – 20000 HP, 20000 – 30000 HP, 30000 – 40000 HP, 40000 – 50000 HP, 50000 – 60000 HP, 60000 – 70000 HP, 70000 – 80000 HP, 80000 – 90000 HP, 90000 – 100000 HP, 100000 – 110000 HP, and Greater than 110000 HP ), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke (Two Stroke, Four Stroke, and Others) and Regional Forecast, 2020-2027.” The global market size was USD 12.49 billion in 2019 and is anticipated to reach USD 14.51 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period.
Global Shutdown amid COVID-19 to Disrupt Global Supply Chain
The global merchandise trade relies heavily on the maritime transport sector as it handles over 80% of the former. Therefore, shutdown of the shipment industry amid the COVID-19 pandemic is anticipated to cause huge disruption in the global supply chain. Businesses across the world are paralyzed as most of the businesses have shipment as their primary component of operations. We are offering precise market reports based on our expertise and experience in the field of market research, which will help you get rid of the current challenges.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Highlights of the Report:
The report includes a detailed company profile of key players and an in-depth analysis of various market segments. It also includes a close study of the various drivers and restraints that drive the market along with a comprehensive understanding of the positive and negative impacts of regional developments on the market.
Drivers & Restraints-
Rapidly Flourishing Global Trade to Drive the Market
Rapidly increasing international trade and the resultant global supply chain are projected to drive the global marine engine market growth. For instance, as per the report published by the International Monetary Fund, the overall growth of world trade has been an average of 6% over the past 20 years. The growth at this rate is twice as fast as the world output over these years. In addition, technological advancements in marine engines are estimated to enhance growth. However, the lack of fuel options due to strict regulations regarding emissions from several countries is anticipated …
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