Marine Engines Market Report 2026

The marine engines market size has grown strongly in recent years. It will grow from $10.82 billion in 2025 to $11.43 billion in 2026 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to global shipping growth, demand for large vessels, diesel engine dominance, maritime trade expansion, shipbuilding investments.

The marine engines market size is expected to see strong growth in the next few years. It will grow to $14.17 billion in 2030 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to decarbonization regulations, adoption of alternative fuels, smart engine monitoring, demand for high-power engines, marine efficiency standards. Major trends in the forecast period include shift toward dual-fuel engines, demand for fuel-efficient propulsion, growth of lng-powered vessels, expansion of fleet modernization, adoption of emission control technologies.

The growth of international marine freight transport is expected to drive the marine engine market in the coming years. Marine freight transport involves using ships or cargo vessels to move goods between locations, offering a more cost-effective and feasible option compared to rail or air transport for international shipments. For example, in October 2024, the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based permanent intergovernmental body of the UN, reported that global maritime trade grew by 2.4% to 12.3 billion tons in 2023, rebounding from a contraction in 2022. The sector is projected to grow by 2% in 2024 and at an average annual rate of 2.4% through 2029. Therefore, the rise in international marine freight transport is expected to increase demand for marine engines.

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.

In February 2024, Hanwha Group, a South Korea-based conglomerate, acquired HSD Engine Co., Ltd. for an undisclosed amount. This acquisition enables Hanwha Group to offer comprehensive shipbuilding solutions by integrating HSD Engine’s low-speed marine propulsion engines, including eco-friendly and dual-fuel technologies, thereby strengthening its capabilities in large-scale ship propulsion systems and sustainable maritime solutions. HSD Engine Co., Ltd., based in South Korea, specializes in designing and manufacturing large, low-speed marine engines for container ships.

Major companies operating in the marine engines market are 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, 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 2025. The regions covered in the marine engines market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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