Marine Propulsion Engines Market Report 2026

The marine propulsion engines market size has grown steadily in recent years. It will grow from $26.98 billion in 2025 to $28.21 billion in 2026 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to global maritime trade growth, dominance of diesel propulsion, demand for high-power engines, shipbuilding expansion, fuel cost optimization.

The marine propulsion engines market size is expected to see steady growth in the next few years. It will grow to $33.75 billion in 2030 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to decarbonization mandates, alternative fuel adoption, digital engine control systems, efficiency-driven vessel upgrades, green shipping initiatives. Major trends in the forecast period include adoption of low-emission propulsion systems, shift toward lng and dual-fuel engines, growth of fleet modernization programs, demand for high-efficiency engines, expansion of smart engine monitoring.

The growth of international seaborne trade is expected to drive the marine propulsion engine market in the coming years. Seaborne trade involves transporting goods via ships across the sea. Marine propulsion systems enable ships to navigate efficiently while enhancing safety, reducing operational costs, and minimizing emissions within the maritime industry. Consequently, the rise in international seaborne trade increases demand for marine propulsion engines. 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 seaborne trade growth rose from 4.2% in ton-miles in 2023 to 5.1% in 2024, reflecting a 21.4% increase in growth rate. Total seaborne trade also increased from 5,047 nautical miles in 2023 to 5,186 nautical miles in 2024, an approximate 2.8% rise. Therefore, the expansion of international seaborne trade is fueling the marine propulsion engine 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 April 2024, Yamaha Motor, a Japan-based automobile manufacturer, acquired Torqeedo for an undisclosed amount. This acquisition aims to strengthen Yamaha’s research and development initiatives in electric propulsion technology by leveraging Torqeedo's extensive expertise and patent portfolio in electric motors and systems. Torqeedo is a Germany-based company specializing in electric marine propulsion.

Major companies operating in the marine propulsion engines market 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, Kawasaki Heavy Industries Ltd., Fairbanks Morse Defense, Anglo Belgian Corporation, Nigata Power Systems Co. Ltd., Deutz AG, WinGD, Yamaha Motor Co. Ltd., China Shipbuilding Corporation, Mitsubishi Turbocharger and Engine Europe B.V.

Asia-Pacific was the largest region in the marine propulsion engines market in 2025. The regions covered in the marine propulsion 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 propulsion engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The marine propulsion engines market consists of sales of wind propulsion systems, nuclear propulsion systems and gas turbine propulsion systems. 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.

This product will be delivered within 1-3 business days.