Amid the COVID-19 crisis, the global market for Marine Propulsion Engines estimated at US$10.2 Billion in the year 2020, is projected to reach a revised size of US$12 Billion by 2026, growing at a CAGR of 2.6% over the analysis period, says an article published on pr news wire website.
Projected CAGR
Diesel, one of the segments analyzed in the report, is projected to record a 2.4% CAGR and reach US$7.5 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gas Turbine segment is readjusted to a revised 2.7% CAGR for the next 7-year period.
Market forecast
The U.S. Market is Estimated at $2.8 Billion in 2021, While China is Forecast to Reach $2.3 Billion by 2026
The Marine Propulsion Engines market in the U.S. is estimated at US$2.8 Billion in the year 2021.
China, the world’s second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2026 trailing a CAGR of 4.8% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 1.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.
Summary
- Market for Marine Propulsion Engines estimated at US$10.2 Billion in the year 2020.
- Diesel, one of the segments analyzed in the report, is projected to record a 2.4% CAGR.
- China, the world’s second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2026.
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Source: prnewswire.com
