Marine Propulsion and Auxiliary Power Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is estimated to hold largest revenue share of 33% by 2035. The growth of this market can be primarily driven by the growing prevalence of a large number of ships and the expansion of sea trade in this region. Furthermore, the increasing adoption of LNG as a marine fuel is also driving the market growth in the region.
European Market Insights
The marine propulsion and auxiliary power market in the Europe region is estimated to grow substantially by the end of 2035. The proliferation of cruise ships and the growth of maritime tourism drive market progress in Europe. Sea transport facilitates 77% of European export commerce and 35% of total trade volume between EU members. Also, the European Union has implemented some of the world’s most strict environmental regulations for the maritime sector. These standards are designed to reduce emissions from shipping which is a major source of air pollution.
