Marine Engines Market : Overview, Growth, Research Report (2021–2031)
The marine engines market is an integral part of the global maritime industry , providing the propulsion and auxiliary power systems necessary for vessels of all types, from cargo ships and tankers to naval ships and recreational boats. As maritime trade continues to expand and environmental regulations become more stringent, the market is undergoing rapid transformation. According to recent research, the global marine engines market was valued at USD 13.12 billion in 2021 and is expected to reach USD 18.65 billion by 2031 , growing at a CAGR of 3.6% from 2021 to 2031 . Key Market Drivers 1. Booming Global Trade International seaborne trade accounts for more than 80% of global trade by volume. The increasing need for shipping cargo across long distances is fueling demand for efficient and durable marine engines. 2. Fleet Expansion and Modernization Shipowners are upgrading older fleets to comply with in...