Marine Auxiliary Engine Market is Projected to Gain Significant Value by 2031

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3 years ago

Marine Auxiliary Engine Demand is Estimated to Grow at CAGR of 3% to 4% During 2021-2031

According to latest research by Fact.MR, Marine Auxiliary Engine market is set to witness steady growth during 2021-2031. Demand for Marine Auxiliary Engine will witness sound recovery in short-term, with optimistic growth outlook in the long-run. Growing demand from marine industry will have opportunities in near future and sales for Marine Auxiliary Engine.

What is Driving Demand for Marine Auxiliary Engine?

The rise in commercial shipping is one of the major factors driving the market growth. According to the United Nations Conference on Trade and Development, global commercial shipping is rising at a rate of more than 2% to 2.5% per year.

Over the forecast period, the growth is expected to be fuelled by an increase in trade carried out through the marine transportation industry. In addition, the introduction of smart control and fuel-efficient systems in commercial ships is expected to boost global trade volume.

Marine vessels sales and production around the globe have been impacted by COVID-19-pandemic. This has negatively impacted marine auxiliary engine sales in 2020. However, it is estimated that the demand will steadily grow from 2021 onwards.

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