Marine Engines Market Report 2025

The marine engines market size has grown strongly in recent years. It will grow from $10.4 billion in 2024 to $10.96 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to infrastructure development and port expansion, industrialization and trade expansion, military and defense applications, growth in commercial shipping, development of passenger cruise industry.

The marine engines market size is expected to see strong growth in the next few years. It will grow to $13.85 billion in 2029 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to impact of digitalization and IoT, rise in offshore wind and energy projects, focus on autonomous vessels, global trade expansion, expanding cruise and passenger shipping. Major trends in the forecast period include adoption of advanced propulsion systems, growth in compact and high-power engines, emphasis on durability and reliability, digitalization and IoT integration, development of autonomous vessels.

The anticipated growth in international marine freight transport is expected to significantly boost the marine engine market. Marine freight transport involves the use of ships or cargo vessels to move goods from one location to another, providing a more cost-effective and practical option compared to rail and air transportation for international shipping. For example, in July 2023, GOV.UK, a UK-based government services and information provider, reported that UK ports handled a total of 458.9 million tonnes of cargo in 2022, marking a 3% increase from 2021. Consequently, the rise in international marine freight transport is likely to drive up the demand for marine engines.

The increased shipbuilding activities are expected to drive the growth of the marine engines market in the coming years. Shipbuilding activities encompass the construction and assembly of ships and other maritime vessels, involving processes such as design, fabrication, and outfitting. Marine engines play a crucial role in shipbuilding by providing propulsion, powering auxiliary systems, and ensuring the operational efficiency of various vessels, including freighters, navy ships, and offshore platforms. For example, according to Hellenic Shipping News Worldwide in November 2023, Korea produced 69.8 million DWT (deadweight tonnage) of ships in 2022, showing an increase from 68.3 million DWT in 2021. Therefore, the rise in shipbuilding activities is a key driver behind the growth of the marine engines market.

Leading companies in the marine engines market are focusing on the development of marine engines equipped with high-pressure fuel injection systems to enhance fuel efficiency, reduce emissions, and boost overall performance. High-pressure fuel injection systems are advanced technologies used in internal combustion engines, including marine engines, to inject fuel into the combustion chamber at very high pressures. For example, in September 2024, Scania AB, a Sweden-based company, introduced the DI13 marine engine, which features a high-pressure fuel injection system designed to improve fuel efficiency and lower emissions, thereby meeting stringent environmental regulations. These engines deliver an output range from 220 to 1,150 horsepower (162 to 846 kW), making them suitable for a variety of marine applications, such as fishing vessels, patrol boats, and cargo ships. Additionally, these units enable precise monitoring and adjustments, ensuring optimal performance across different operational conditions.

Key companies in the marine engine market are prioritizing innovative products, such as modular 4-stroke marine engines, to better serve their existing customer base. Modular 4-stroke marine engines are propulsion systems designed with a modular structure and operate on a 4-stroke combustion cycle. For instance, in September 2022, Wartsila Corporation, a Finland-based manufacturer of marine engines and equipment, introduced the Wartsila 25 medium-speed 4-stroke engine, a unique addition to its engine portfolio. This engine is specifically designed to advance and support the marine industry's transition to decarbonized operations. The modular design of the Wartsila 25 engine offers shipowners and operators maximum flexibility, while its efficiency and fuel economy contribute to reduced emissions. The engine is capable of running on diesel, LNG, gas, or liquid carbon-free biofuels and can be adapted to operate on future carbon-neutral fuels as they become available. The availability of various valve timing options is a key enabler for future fuel and emission optimization. The Wartsila 25 engine is also the first Wartsila engine designed to run on ammonia as a fuel, showcasing a commitment to environmentally sustainable propulsion solutions.

In January 2022, Langley Holdings, a UK-based engineering and industrial manufacturing group, acquired Bergen Engines AS from Rolls-Royce for $103 million (€91 million). This acquisition is expected to contribute to Langley Holdings' net-zero goals and long-term environmental objectives by leveraging the growing microgrid industry. Bergen Engines, headquartered in Norway, specializes in the manufacture of gas and diesel engines for land-based, commercial marine, and naval applications.

Major companies operating in the marine engines market include Honda Motor Co Ltd., Caterpillar Marine Power Systems, Volvo Penta AB, Suzuki Motor Corporation, Hyundai Heavy Industries Co Ltd., Mitsubishi Heavy Industries Ltd., Cummins Inc., Isuzu Motors Ltd., Kubota Corporation, Scania AB, Rolls-Royce plc, Yanmar Holdings Co Ltd., MTU Friedrichshafen GmbH, Wärtsilä Oyj Abp, MAN Energy Solutions SE, Mercury Marine, Perkins Engines Company Limited, ABB Marine & Ports, DEUTZ AG, Detroit Diesel Corporation, Lister Petter Ltd., Nanni Diesel S.r.l., Beta Marine OY, Tohatsu Corporation, Weichai Power Co Ltd.

Asia-Pacific was the largest region in the marine engines market share in 2024. The regions covered in the marine engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Marine engines are heat engines that convert heat energy into mechanical energy by burning fuel to propel ships. They are installed or intended for installation on marine vessels. Marine engines are classified as either propulsion marine engines, which propel or steer ships through the sea, or auxiliary marine engines, which do not provide propulsion.

In marine engines, the main types include diesel engines, gas turbines, natural engines, and others. Gas turbines convert natural gas or liquid fuels into mechanical energy and are used in ships such as oil tankers, bulk carriers, cargo ships, and container ships. Fuel types for marine engines include heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, LNG, and others. Marine engines are categorized as four-stroke and two-stroke, with power ranging from up to 1,000 HP to above 20,000 HP.

The marine engines market research report is one of a series of new reports that provides marine engines market statistics, including marine engines industry global market size, regional shares, competitors with a marine engines market share, detailed marine engines market segments, market trends and opportunities, and any further data you may need to thrive in the marine engines industry. This marine engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine engines market consists of sales of outboard marine engines, inboard marine engines, sterndrive marine engines, and jet drive marine engines. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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