Marine propulsion engine market size to grow by USD 1536.38 million from 2022 to 2027: Increase in maritime trade and fleet size to boost the growth - Technavio

NEW YORK, May 31, 2023 /PRNewswire/ -- The global marine propulsion engine market size is estimated to increase by USD 1,536.38 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 3.99%. The increase in maritime trade and fleet size is driving market growth. Maritime trade volumes are increasing globally owing to rapid industrialization and economic liberalization. The demand for shipping trade is highest among developing countries in Asia. This is because of the high population growth in emerging markets, which has increased the demand for commodities and raw materials. The expansion of maritime trade can lead to high CO₂ emissions. As a result, there has been a growing demand for reducing marine emissions and enforcing emission regulations. These factors have increased the adoption of low-carbon ships, which, in turn, will drive the growth of the global marine propulsion engine market during the forecast period. Discover some insights on market size, historic period (2017 to 2021), and forecast (2023-2027) before buying the full report - Request a sample report

Marine propulsion engine market – Customer landscape

Our report analyzes the life cycle of the global marine propulsion engine market from the innovator's stage to the laggard's stage. The report illustrates the lifecycle of the global marine propulsion engine market, focusing on the adoption rates of the major countries such as the US, Canada, China, India, Japan, and Germany. To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycles
• Drivers of price sensitivity 
• To unlock the detailed information on the customer landscape - Request a sample now!

Marine propulsion engine market – Vendor analysis
Vendor landscape

The global marine propulsion engine market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer marine propulsion engines in the market are AB Volvo, ABB Ltd., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., General Electric Co., Hyundai Heavy Industries Co. Ltd., IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Leonardo DRS Inc., Mitsubishi Heavy Industries Ltd., Porsche Automobil Holding SE, Rolls Royce Holdings Plc, Shandong Heavy Industry Group Co. Ltd., Steyr Motors Betriebs GmbH, Wartsila Corp., and Yanmar Holdings Co. Ltd. and others.

The global marine propulsion engine market is dominated by large global players. The market is highly capital-intensive. Therefore, global players pose a stiff challenge to local players. As a result, small players find it difficult to compete with international vendors in terms of quality, features, functionalities, and services. The competition in the market is further propelled by the introduction of products with new features and innovative technologies. Owing to stringent regulations on diesel engines, marine propulsion engine manufacturers are focusing on the design and development of engines that operate on alternative fuels such as natural gas.

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/active/niche/trivial - Buy the report!

Vendor offerings -

• AB Volvo - The company offers different types of marine propulsion engines such as inboard shaft and Penta IPS.
• ABB Ltd - The company offers different types of diesel and gas marine propulsion engines.
• BAE Systems Plc - The company offers marine propulsion engines such as HybriGen Power.
• Beta Marine Ltd. - The company offers marine propulsion engines such as Seagoing, Saildrive, and Inland Waterways.
• For details on vendors and their offerings – Request a sample report

Marine propulsion engine market - Segmentation assessment

Segment overview
Technavio has segmented the market based on application (passenger, commercial, and defense), type (diesel and gas), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The passenger segment will account for a major share of the market growth. It includes passenger ships, ferries, cruise ships, and other types of vessels. The engines used in passenger ships are highly reliable and efficient and comply with stringent environmental regulations. Diesel engines are commonly used on passenger ships. Marine propulsion engines are available in wide power ranges. The demand for marine propulsion engines is expected to grow owing to the increasing demand for environmentally friendly and efficient propulsion solutions. These factors will drive the growth of this segment during the forecast period.

Geography overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global marine propulsion engine market.

• APAC is estimated to account for 69% of the global market growth during the forecast period. With the expansion of global trade, the demand for new vessels is increasing. Countries such as China, Japan, and South Korea are the key contributors to market growth. They are on focusing on strengthening their shipbuilding industries and have developed strategies to adopt modern shipbuilding models. These countries will continue to invest significantly in technology to increase their market share during the forecast period, which, in turn, will drive the growth of the regional market.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a sample report

Marine propulsion engine market – Market dynamics

Key trends - Technology focus shifting toward the development of dual-fuel engines is a key trend in the market. A dual-fuel engine uses both diesel and gas as fuel sources. Switching to natural gas is an effective solution for the reduction of emissions when compared to diesel and other engine technologies. Dual-fuel engines allow merchant shipping lines to reduce fuel costs while reducing emissions. Such technological advancements are expected to support the growth of the market during the forecast period.

Major challenges - Volatility in crude oil and natural gas prices can impede the growth of the market. Oil prices have fluctuated frequently over the past decade. Therefore, it is difficult to predict these prices. These variations also impact the prices of other products such as petroleum and lubricants. Therefore, fluctuations in the prices of crude oil and natural gas affect the profits of oil and gas companies, which further impacts production. These factors will negatively affect the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this marine propulsion engine market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the marine propulsion engine market between 2023 and 2027
• Precise estimation of the size of the marine propulsion engine market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the marine propulsion engine market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of marine propulsion engine market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global marine propulsion engine market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global marine propulsion engine market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Passenger - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Passenger - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Passenger - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Passenger - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Passenger - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.5 Defense - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Defense - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Defense - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Defense - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Defense - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Application 
• Exhibit 46: Market opportunity by Application ($ million)
• Exhibit 47: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 48: Chart on Type - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 50: Chart on Comparison by Type
• Exhibit 51: Data Table on Comparison by Type

• 7.3 Diesel - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Diesel - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Diesel - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Diesel - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Diesel - Year-over-year growth 2022-2027 (%)

• 7.4 Gas - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Gas - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Gas - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 60: Market opportunity by Type ($ million)
• Exhibit 61: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 South Korea - Market size and forecast 2022-2027 
• Exhibit 91: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 US - Market size and forecast 2022-2027 
• Exhibit 103: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 AB Volvo
• Exhibit 115: AB Volvo - Overview
• Exhibit 116: AB Volvo - Business segments
• Exhibit 117: AB Volvo - Key news
• Exhibit 118: AB Volvo - Key offerings
• Exhibit 119: AB Volvo - Segment focus

• 12.4 ABB Ltd.
• Exhibit 120: ABB Ltd. - Overview
• Exhibit 121: ABB Ltd. - Business segments
• Exhibit 122: ABB Ltd. - Key offerings
• Exhibit 123: ABB Ltd. - Segment focus

• 12.5 BAE Systems Plc
• Exhibit 124: BAE Systems Plc - Overview
• Exhibit 125: BAE Systems Plc - Business segments
• Exhibit 126: BAE Systems Plc - Key offerings
• Exhibit 127: BAE Systems Plc - Segment focus

• 12.6 Beta Marine Ltd.
• Exhibit 128: Beta Marine Ltd. - Overview
• Exhibit 129: Beta Marine Ltd. - Product / Service
• Exhibit 130: Beta Marine Ltd. - Key offerings

• 12.7 Caterpillar Inc.
• Exhibit 131: Caterpillar Inc. - Overview
• Exhibit 132: Caterpillar Inc. - Business segments
• Exhibit 133: Caterpillar Inc. - Key offerings
• Exhibit 134: Caterpillar Inc. - Segment focus

• 12.8 Cummins Inc.
• Exhibit 135: Cummins Inc. - Overview
• Exhibit 136: Cummins Inc. - Business segments
• Exhibit 137: Cummins Inc. - Key offerings
• Exhibit 138: Cummins Inc. - Segment focus

• 12.9 Daihatsu Diesel Mfg. Co. Ltd. 
• Exhibit 139: Daihatsu Diesel Mfg. Co. Ltd. - Overview
• Exhibit 140: Daihatsu Diesel Mfg. Co. Ltd. - Business segments
• Exhibit 141: Daihatsu Diesel Mfg. Co. Ltd. - Key offerings
• Exhibit 142: Daihatsu Diesel Mfg. Co. Ltd. - Segment focus

• 12.10 General Electric Co.
• Exhibit 143: General Electric Co. - Overview
• Exhibit 144: General Electric Co. - Business segments
• Exhibit 145: General Electric Co. - Key news
• Exhibit 146: General Electric Co. - Key offerings
• Exhibit 147: General Electric Co. - Segment focus

• 12.11 IHI Corp.
• Exhibit 148: IHI Corp. - Overview
• Exhibit 149: IHI Corp. - Business segments
• Exhibit 150: IHI Corp. - Key news
• Exhibit 151: IHI Corp. - Key offerings
• Exhibit 152: IHI Corp. - Segment focus

• 12.12 Kawasaki Heavy Industries Ltd. 
• Exhibit 153: Kawasaki Heavy Industries Ltd. - Overview
• Exhibit 154: Kawasaki Heavy Industries Ltd. - Business segments
• Exhibit 155: Kawasaki Heavy Industries Ltd. - Key news
• Exhibit 156: Kawasaki Heavy Industries Ltd. - Key offerings
• Exhibit 157: Kawasaki Heavy Industries Ltd. - Segment focus

• 12.13 Kongsberg Gruppen ASA 
• Exhibit 158: Kongsberg Gruppen ASA - Overview
• Exhibit 159: Kongsberg Gruppen ASA - Business segments
• Exhibit 160: Kongsberg Gruppen ASA - Key news
• Exhibit 161: Kongsberg Gruppen ASA - Key offerings
• Exhibit 162: Kongsberg Gruppen ASA - Segment focus

• 12.14 Mitsubishi Heavy Industries Ltd. 
• Exhibit 163: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 164: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 165: Mitsubishi Heavy Industries Ltd. - Key news
• Exhibit 166: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 167: Mitsubishi Heavy Industries Ltd. - Segment focus

• 12.15 Rolls Royce Holdings Plc 
• Exhibit 168: Rolls Royce Holdings Plc - Overview
• Exhibit 169: Rolls Royce Holdings Plc - Business segments
• Exhibit 170: Rolls Royce Holdings Plc - Key news
• Exhibit 171: Rolls Royce Holdings Plc - Key offerings
• Exhibit 172: Rolls Royce Holdings Plc - Segment focus

• 12.16 Wartsila Corp.
• Exhibit 173: Wartsila Corp. - Overview
• Exhibit 174: Wartsila Corp. - Business segments
• Exhibit 175: Wartsila Corp. - Key offerings
• Exhibit 176: Wartsila Corp. - Segment focus

• 12.17 Yanmar Holdings Co. Ltd. 
• Exhibit 177: Yanmar Holdings Co. Ltd. - Overview
• Exhibit 178: Yanmar Holdings Co. Ltd. - Product / Service
• Exhibit 179: Yanmar Holdings Co. Ltd. - Key news
• Exhibit 180: Yanmar Holdings Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 181: Inclusions checklist
• Exhibit 182: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 183: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 184: Research methodology
• Exhibit 185: Validation techniques employed for market sizing
• Exhibit 186: Information sources

• 13.5 List of abbreviations 
• Exhibit 187: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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