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A country is dependent on various resources such as oil & gas, minerals, fossil fuel, and among other resources on other countries, were water transportation plays a crucial role in the growth of the country. Maritime transport is an integral part of international logistics and accounts for nearly 50% of the volume of global trade. Hence, developments in maritime transport and international seaborne trade are shaped by worldwide macroeconomic conditions. Marine exhaust systems refer to marine exhaust manifolds or other exhaust system components that are needed for boat exhaust systems, including flapper valves, exhaust elbows and tubing, thru-hulls, and marine mufflers, and among other components.
The marine exhaust systems market is segmented into product type and application. Based on product type, the market is segmented into the exhaust component, silencer parts, purification parts, and others. The marine exhaust systems market is dominated by the exhaust component segment owing to its wide scope of application for protecting water to enter into the exhaust system. The application segment is further segmented into a diesel powered ship, gasoline-powered ship, and others. The diesel-powered ship segment is expected to drive the market due to the increasing adoption of diesel engines in the marine industry on a large scale.
The increasing demand for marine exhaust systems from marine applications such as yachts, boats, commercials, the military is the major factor driving the demand for the marine exhaust systems market during the forecast period. Stringent government regulation for environmental protection is also driving the demand for marine exhaust system market during the forecast period. Rising demand for marine transportation and increasing investments for building a new ship from the marine industry, spur new opportunities for the growth of the marine exhaust systems market.
Key Market Driver -
Increasing Application of Marine Exhaust Systems in Marine Projects
Key Market Restraint -
Variability in Raw Material Prices
Some of the globally acclaimed companies for marine exhaust systems are SeaStar Solutions, Barr Marine by EDM, Centek Industries, Vetus, Marine Exhaust Systems, Inc., Trident Marine Systems, DeAngelo Marine Exhaust, Halyard (M&I) Limited, and Foreshore Marine Exhaust Pty Ltd.
The marine exhaust systems market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is dominating the marine exhaust systems market owing to increasing marine transportation activities in cargo boat launching, recreational vessels, and heavy transportation, which propels the demand for marine exhaust systems during the forecast period. North America is estimated to be the second-largest market for marine exhaust systems, followed by the Asia-Pacific region owing to growing investments in the shipbuilding industry and increasing in sea-borne trading. Europe also propels the demand for marine exhaust systems market due to heat-absorbing and sound-dampening qualities of water to cool and quiet the exhaust. Hence, increasing investment for building new ships and emerging demand such as water could not flood the engine has a positive repercussion on the marine exhaust systems market during the forecast period.
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