Marine Propulsion Engines Global Market Report 2024

The marine propulsion engines market size has grown steadily in recent years. It will grow from $25.33 billion in 2023 to $26.5 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The expansion observed in the historical period can be attributed to the era of steam engines, the transition to diesel engines, advancements in engine design, the emergence of gas turbines, and the impact of globalization and the expansion of trade.

The marine propulsion engines market size is expected to see steady growth in the next few years. It will grow to $31.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period can be attributed to trends such as hybrid and electric propulsion, integration of digitalization and AI, initiatives for green shipping, development of LNG infrastructure, and an overall focus on sustainability. Notable trends expected in the forecast period include increased emphasis on fuel efficiency and emissions reduction, a shift towards alternative fuels, greater adoption of LNG as a fuel, a focus on decarbonization, and optimization of size and power in marine propulsion systems.

The anticipated growth of the marine propulsion engine market is being propelled by the increase in international seaborne trade. Seaborne trade involves the transportation of goods across the sea using ships, which are powered by marine propulsion systems. These systems not only enhance the safety of the marine ecosystem but also prove to be cost-effective and environmentally friendly. In 2022, the United Nations Conference on Trade and Development (UNCTAD) reported a 1.4% increase in marine trade, with projections suggesting a further 2.1% increase from 2023 to 2027. Containerized trade also witnessed a 1.2% rise in 2022, expected to reach a 1.9% increase in 2023. This surge in international seaborne trade is a significant driver for the marine propulsion engine market.

The growth of the marine propulsion engines market is expected to be fueled by the increase in geopolitical tensions. Geopolitical tensions, characterized by conflicts among nations or regions, drive the demand for advanced propulsion systems to support expanded naval presence and address concerns about the security of strategic shipping routes. Moreover, military shipbuilding programs are influenced by these tensions, and disruptions in global supply chains may necessitate localized manufacturing and alternative sourcing strategies. In 2021, The Armed Conflict Location & Event Data Project (ACLED) reported a 12% increase in reported events of political violence targeting civilians compared to 2020, highlighting the impact of geopolitical tensions. The rise in such tensions is a significant factor driving the growth of the marine propulsion engine market.

A key trend gaining popularity in the marine propulsion engine market is product innovation. Major companies in the market are actively focusing on developing innovative products to enhance their market position. For instance, in September 2022, AB Volvo Penta, a prominent US-based manufacturer of engines and power systems for boats, vessels, and industrial applications, introduced variable-speed marine generator sets designed for marine electric propulsion. These sets feature smaller battery banks and the ability to charge them while in motion, making the transition to hybrid-electric marine propulsion more practical and affordable. Volvo Penta's product innovation is aimed at strengthening its position in the market.

Innovations in auxiliary engines are also a focal point for major companies in the marine propulsion engine market. Auxiliary engines serve as secondary power sources, providing additional energy for functions other than primary propulsion. In September 2023, Perkins Engines Company Limited, a leading UK-based marine engine manufacturer, launched the Perkins E44 and E70B auxiliary engines. These engines, designed for diverse marine applications, offer flexible and configurable power solutions for various vessels. The engines prioritize durability, boasting a 500-hour service interval and low maintenance features. Perkins Engines' focus on compact design, easy installation, and high uptime aims to provide end-users in various sectors with reliable and efficient auxiliary power solutions.

In June 2021, AB Volvo Penta acquired ZEM AS, a Norway-based company specializing in marine propulsion systems. The acquisition is expected to accelerate development projects and contribute to ZEM's expansion through Volvo Penta's existing network. The collaboration aims to enhance Volvo Penta's capabilities in marine electromobility, marking a significant development in the marine propulsion engine market.

Major companies operating in the marine propulsion engines market report are Caterpillar lnc., Daihatsu Diesel Mfg Co. Ltd, Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce Holdings Plc, Wärtsilä Corporation, Yanmar Holdings Co. Ltd., Scania AB, MAN Energy Solutions, Cummins Inc., AB Volvo Penta, General Electric Company, Masson Marine, Kawasaki Heavy Industries Ltd., Fairbanks Morse Defense, Anglo Belgian Corporation, Nigata Power Systems Co. Ltd., Deutz AG, WinGD, Siemens Energy AG, Wabtec (GE Transportation), Brunswick Corporation, Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Honda Motor Co. Ltd., Torqeedo GmbH, China Shipbuilding Corporation, Diamond S Shipping Inc., ABC Diesel, Mitsubishi Turbocharger and Engine Europe B.V.

Asia-Pacific was the largest region in the marine propulsion engines market in 2023. The regions covered in the marine propulsion engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine propulsion engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of marine propulsion engines include 2-stroke engines and 4-stroke engines. A two-stroke engine is an internal combustion engine that completes a power cycle with two piston strokes in just one crankshaft rotation. Different types of ships utilizing these engines include cargo or container ships, tankers, bulk carriers, offshore vessels, passenger ships, and various other ship types. Power ranges vary from 0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, to above 20,000 HP. Fuel types for these engines encompass diesel, heavy fuel oil, natural gas, and other fuel variants. Marine propulsion engines find applications in diverse sectors such as commercial, defense, and passenger transportation.

The marine propulsion engines market research report is one of a series of new reports that provides marine propulsion engines market statistics, including marine propulsion engines industry global market size, regional shares, competitors with a marine propulsion engines market share, detailed marine propulsion engines market segments, market trends and opportunities and any further data you may need to thrive in the marine propulsion engines industry. This marine propulsion 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 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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