Dublin, Jan. 09, 2019 (GLOBE NEWSWIRE) -- The "Malaysia Marine Engine Market (2018-2024): Market Forecast by Power, by Propulsion Types, by Applications, by Regions, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Malaysia Marine Engine Market is projected to grow at a CAGR of 4.4% during 2018-24.
Malaysia is situated in a geographically and strategically important maritime location of the world. The country accounted for 3.28% of container port despite owning only 1% of the world's fleet. Maritime is the most important mode of trade and commerce in Malaysia with approximately 95% of the overall trade being conducted through waterways. As the trade between Malaysia and other nations in the Asia-Pacific region increases, the marine and trade industries are expected to generate significant demand for new vessels.
The Malaysian government is encouraging the shipbuilding industry through an SBSR (Shipbuilding and Ship Repair) strategic plan 2020, aimed at increasing capacity of local yards and promoting shipbuilding. The government has also introduced tax exemption schemes to recover the industry.
Marine Engines that use diesel engine propulsion systems continue to occupy the majority of the share of the market. With the decrease in permitted Sulphur emission level worldwide, the popularity of alternative propulsion systems, such as the LNG engine and steam turbine are increasing. The demand for LNG engines is expected to grow rapidly after the enforcement of new MARPOL standards for Sulphur emission from January 2020.
Amongst all the applications, offshore Oil and Gas industry in Malaysia leads the market in terms of revenue and volume share. Malaysia is one of the most important producers and exporters of natural gas in Asia. The global slowdown in the oil industry has affected the growth rate of the marine engine but the requirement of boats for Seabed Oil and Gas Drilling, Anchor handling tug supply and Offshore Supply Vessels continue to drive the demand for Marine Engines in Malaysia.
The report thoroughly covers Malaysia Marine Engine market by power, propulsion types, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Key Highlights of the Report:
By Propulsion Types:
For more information about this report visit https://www.researchandmarkets.com/research/q4hf46/malaysia_marine?w=12
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