Marine Propulsion and Auxiliary Power Market Share

APAC Market Forecasts

The APAC region is set to dominate the marine propulsion and auxiliary power market by registering a revenue growth of 33% by the end of the forecast period. 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 Statistics

The marine propulsion and auxiliary power market in the Europe region is estimated to grow substantially by the end of 2036. 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.