The new marine turbine propulsion engine market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Marine Turbine Propulsion Engine Market 2021-2025 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the marine turbine propulsion engine market.
"One of the primary growth drivers for this market is the surge in commercial shipping,” says a senior analyst for the industrials industry at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the marine turbine propulsion engine market size to grow by USD 569.21 million during the period 2021-2025.
Marine Turbine Propulsion Engine Market Segment Highlights for 2020
- The marine turbine propulsion engine market is expected to post a year-over-year growth rate of 4.57%.
- Based on the end-user, the commercial and naval ships saw maximum growth in 2020. The market is driven by factors such as the surge in commercial shipping and an increase in naval vessels.
- The growth of the market segment will be significant during the forecast period.
- 69% of the growth will originate from the APAC region.
- APAC will offer several growth opportunities to market vendors during the forecast period.
- China, South Korea (Republic of Korea), and Japan are the key markets for marine turbine propulsion engines in APAC.
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- The marine turbine propulsion engine market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The marine turbine propulsion engine market is segmented by end-user (Commercial & naval ships and Leisure ships) and geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Caterpillar Inc., Cummins Inc., General Electric Co., Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., MTU Aero Engines AG, Rolls-Royce Plc, Volkswagen AG, Wartsila Corp., and Yanmar Holdings Co. Ltd.
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