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Marine Engines Market worth $15.2 billion by 2029- Exclusive Report by MarketsandMarkets™

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Marine Engines Market is expected to reach USD 15.2 billion by 2029 from USD 13.1 billion in 2024 at a CAGR of 3.0% during the forecast period according to a new report by MarketsandMarkets. The Marine Engines Market is propelled by a confluence of factors that influence demand for these powerful workhorses of the maritime industry. The ever-expanding global trade heavily relies on maritime transportation for efficient movement of goods across continents. This translates to a constant need for new vessels and consequently, a growing demand for marine engines of various capacities. Increasing international trade activities, particularly in emerging economies, necessitate the expansion of existing fleets and construction of new ships, further driving the demand for marine engines. Growing environmental concerns and stricter regulations on air and water pollution from maritime vessels are pushing the industry towards cleaner technologies. This creates a demand for new, more fuel-efficient engines that comply with emission regulations, such as those governing sulfur oxide (SOx) and nitrogen oxide (NOx) emissions. The focus on sustainability is leading to increased adoption of alternative fuels like Liquefied Natural Gas (LNG) and biofuels. This, in turn, fuels the development and demand for engines capable of operating on these cleaner fuel sources. Continuous advancements in marine engine technology are leading to the development of more efficient and powerful engines. This translates to reduced fuel consumption, lower operating costs for ship owners, and a smaller environmental footprint. As the maritime industry strives for efficiency and sustainability, marine engine manufacturers will continue to innovate and develop new technologies to meet the evolving needs of this crucial sector.
Browse in-depth TOC on “Marine Engines Market“
150 – Tables100 – Figures280 – Pages
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Marine Engines Market Scope:

Report Coverage

Details

Market Revenue in 2024

 $13.1 billion

Estimated Value by 2029

 $15.2 billion

Growth Rate

 Poised to Grow at a CAGR of 3.0%

Largest Market

Asia Pacific

Market Size Available for

 2020-2029

Forecast Period

 2024-2029

Forecast Units

Value (USD)

Report Coverage

 Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Engine, By Type, By Power Range, By Fuel, By Vessel

Geographies Covered

Asia Pacific, North America, Europe, Middle East and Africa, and South America

Key Market Opportunities

Rising demand for duel fuel and hybrid engines

Key Market Drivers

Growth in international marine freight transport

Four stroke segment, by Type, to hold the second-largest market in Marine Engines Market.
Four-stroke engines hold the second-largest market share in the Marine Engines Market due to a compelling combination of advantages that cater to a wide range of vessel needs. Compared to traditional two-stroke engines, four-stroke engines offer superior fuel efficiency. This translates to significant cost savings for ship operators, especially for vessels undertaking long journeys or those with frequent stops and maneuvers.  In today’s economic climate, fuel efficiency is a top priority, making four-stroke engines an attractive option. Four-stroke engines generate fewer pollutants like nitrogen oxides (NOx) and sulfur oxides (SOx) compared to their two-stroke counterparts. This characteristic aligns perfectly with the growing focus on environmental sustainability and stricter emission regulations in the maritime industry.  Four-stroke engines help ship owners comply with regulations in Emission Control Areas (ECAs) and contribute to cleaner air and water. Manufacturers are constantly innovating four-stroke engine technology. Advancements like common rail injection systems, electronic engine management, and dual-fuel capabilities (LNG or biofuels) are improving efficiency, reducing emissions, and offering more flexibility in fuel options. This positions four-stroke engines as a future-proof solution for the evolving needs of the maritime industry.
Marine gas oil segment, by Fuel, to be the fourth-largest market segment.
Marine Gas Oil (MGO) holds the fourth-largest market share in the marine engine fuel segment for several compelling reasons. MGO offers a good balance between power density and affordability, making it suitable for a wide range of vessel types. Smaller cargo ships and short-sea traders operating on regional routes or within coastal areas benefit from the efficient and readily available MGO compared to heavier fuel oils (HFO) that require more complex handling. MGO provides reliable and clean burning fuel for various fishing vessels and offshore service ships, catering to their operational needs without requiring the immense power output of HFO. MGO’s cleaner burning properties contribute to reduced emissions around populated coastal areas and ports, making it a favourable choice for ferries and smaller passenger vessels where environmental concerns are crucial. MGO’s widespread availability, applicability across various vessel types, role in regulation compliance for specific regions, and cost-effectiveness for certain routes contribute to its position as the fourth-largest market share holder in the marine engine fuel segment.  While it might be a transitional fuel source, MGO plays a significant role in the current maritime landscape.
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Middle East & Africa to emerge as the third-largest Marine Engines Industry.
The Middle East & Africa (MEA) region nabs the third-largest market share in the Marine Engines Market, driven by a confluence of factors specific to its geographical and economic landscape. The MEA region sits at a critical crossroads for global maritime trade.  The Suez Canal, a vital passage connecting the Red Sea and Mediterranean Sea, facilitates a significant portion of global seaborne trade. This strategic location necessitates a robust maritime infrastructure, including a large fleet of vessels requiring powerful engines. Economic growth within the MEA region has spurred a rise in intra-regional trade. This translates to a growing demand for smaller and medium-sized vessels equipped with efficient engines for navigating shorter routes within the region. The MEA region is a major producer of oil and gas. This flourishing sector necessitates a growing fleet of offshore service vessels, platform supply ships, and crew transfer vessels.  These specialized ships rely on reliable and maneuverable engines to support exploration and production activities. Several governments within the MEA region are prioritizing investments in port infrastructure and maritime development. This includes creating new ports, expanding existing facilities, and attracting foreign investment in the maritime sector.  This focus on infrastructure development fuels the demand for new vessels and consequently, marine engines. The Middle East & Africa’s position as the third-largest market share holder in the Marine Engines Market stems from its strategic location, flourishing regional trade, government investments, and a mix of modern and aging fleets requiring new or replacement engines. The future of the market will likely witness an interplay between these factors and the adoption of cleaner technologies as the maritime industry strives for sustainability.
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Eddid ONE and Eddid ONE USA Expand Global Coverage

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Eddid Financial (“the Group”) announces that its intelligent trading application Eddid ONE and the premier US stock trading application Eddid ONE USA* have expanded their global coverage to 22 countries and regions. The apps are now officially launched on Google Play and App Store in respective markets, providing clients with advanced and convenient proprietary intelligent services.
The apps are now available in 22 key global markets across six continents, including Hong Kong, the United States, the United Kingdom, Australia, Taiwan and Japan. Going forward, expansion plans are in place to reach additional emerging markets as the Group continues building out its global network.
Eddid ONE and Eddid ONE USA* have long been favored by the market for their clean interface and versatile functions. Specifically, Eddid ONE includes AI assistants in addition to real-time market data, proprietary trading strategies, research reports etc., but also come with AI assistants. Utilizing big data and AI technologies, the assistants provide personalized intelligent services, including predicting market trends and target stock prices to cater to diverse investor needs.
Clients can now keep abreast of the latest global market developments anytime, anywhere by using Eddid ONE and Eddid ONE USA*. This allows them to enjoy the Group’s one-stop proprietary intelligent trading services no matter where they are. Going forward, Eddid Financial will continue leveraging its leadership in fintech innovation to further enhance Eddid ONE and Eddid ONE USA*, with the commitment to deliver an even more comprehensive, efficient and secure financial services experience.
* *Always consider the risks when investing.
The post Eddid ONE and Eddid ONE USA Expand Global Coverage appeared first on HIPTHER Alerts.

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Gcore Recognised as Highly Commended in the Industry Innovator Category at the EMEA NVIDIA Partner Network Awards

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Gcore, the global edge AI, cloud, network, and security solutions provider, today announced its recognition as ‘Highly Commended’ in the Industry Innovation category at the NVIDIA Partner Network Awards EMEA 2024 for its groundbreaking Speech-to-Text Translator.
The NVIDIA Partner Network Awards celebrate the exceptional contributions of partners exhibiting outstanding efforts, unwavering commitment, and innovative spirit in accelerated computing and AI. The Industry Innovation Award recognises partners who have spearheaded transformation within a specific industry or field.
Gcore used artificial intelligence to launch the first advanced machine learning model for speech-to-text translation from English to Luxembourgish. The model can be used to translate entire recordings for various mediums, including theatre, film, or music, from English into Luxembourgish text – for example, in the form of film subtitles.
Gcore is currently working on enabling real-time translations for use during conferences and events. The company’s future plans also include adding other commonly used languages in Luxembourg, such as French and German, to the translation tool, making speech-to-text translation a key mode of cross-language communication.Speech-to-Text Translator is part of Gcore’s state-of-the-art edge AI solutions, which also include GPU Cloud for AI training and Inference at the Edge for AI inference, all powered by NVIDIA GPUs.
Commenting on the award, Andre Reitenbach, CEO of Gcore, said: “We are delighted to receive this recognition from the NVIDIA Partner Network. Aware of the growing demand from the Luxembourgish public, expats, and local businesses for translation from English to Luxembourgish, Gcore is committed to making communication seamless and efficient. Our groundbreaking AI app for speech recognition sets a new standard, demonstrating our leadership in edge AI services. We are honoured to be acknowledged by the NVIDIA Partner Network for our innovative contribution to the AI landscape.”
“AI fosters communication and connection through its ability to translate across languages,” said Dirk Barfuss, Director of EMEA Channel at NVIDIA. “Gcore is recognized as 2024 EMEA NPN Highly Commended in the Industry Innovator category for its achievements in creating the first advanced speech-to-text translation from English to Luxembourgish, powered by NVIDIA GPUs.”
Gcore’s model was built on Whisper Small – the downsized version of the open-source Whisper model, containing 244 million weights. To meet this substantial demand for computing resources, Gcore used a high-end solution powered by the NVIDIA A100 Tensor Core GPU.
The post Gcore Recognised as Highly Commended in the Industry Innovator Category at the EMEA NVIDIA Partner Network Awards appeared first on HIPTHER Alerts.

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CCI Initiates Study on AI’s Influence on Competition, Efficiency, and Innovation

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The Competition Commission of India (CCI) is gearing up to conduct a comprehensive study on the impact of Artificial Intelligence (AI) on competition, efficiency, and innovation.
This initiative comes in response to the growing significance of AI across various sectors. With the aim of fostering innovation and fair competition, the CCI has announced plans to delve into the evolving landscape of AI and its application in Indian markets.
In a recent announcement, the CCI issued a request for proposal to engage an agency to conduct this market study. The study aims to provide insights into the emerging competition dynamics within AI ecosystems, along with assessing the implications of AI applications for competition, efficiency, and innovation across key user industries.
Key focus areas of the study include understanding the AI ecosystem, analyzing its applications in different industries, evaluating its impact on competition within sectors, and examining the regulatory frameworks governing AI development in India and other major jurisdictions.
Additionally, the study will explore strategies for fostering a competitive environment that encourages both incumbent AI developers and new innovators. It will also address measures for creating awareness among stakeholders regarding AI usage and its implications on competition, alongside ensuring compliance with necessary standards.
To facilitate this study, the selected agency will be tasked with collating existing research and data, as well as engaging with relevant stakeholders. The deadline for submission of bids is June 3, with the opening of financial bids scheduled for June 26.
This initiative underscores India’s commitment to understanding and harnessing the potential of AI while ensuring fair competition and promoting innovation. It aligns with the CCI’s broader efforts to address emerging challenges in the digital economy and safeguard competition in the market.
By conducting this study, the CCI aims to equip itself with valuable insights that will inform future regulatory decisions and strategies related to AI development and its impact on competition dynamics in India.
Source: business-standard.com
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