Global Marine Propulsion Engines Market Analysis 2024 – Estimated Market Size And Key Drivers

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The Marine Propulsion Engines by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Marine Propulsion Engines , 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 growth in the historic period can be attributed to steam engine era, transition to diesel engines, advancements in engine design, emergence of gas turbines, globalization and trade expansion..

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 growth in the forecast period can be attributed to hybrid and electric propulsion, digitalization and ai integration, green shipping initiatives, lng infrastructure development, focus on sustainability.. Major trends in the forecast period include fuel efficiency and emissions, shift towards alternative fuels, digitalization and connectivity, adoption of lng as fuel, focus on decarbonization, size and power optimization..

The rise in international seaborne trade is expected to propel the growth of the marine propulsion engine market going forward. Seaborne trade refers to the kind of trade that uses ships to convey commodities across the sea. Ships are propelled across the water by means of marine propulsion systems, which also provide a higher level of safety for the marine ecosystem, are economical and minimize emissions for the maritime industry, as a result, the rise in international seaborne trade increases the demand for marine propulsion engine market. For instance, in 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, marine trade increased by 1.4% and is expected to increase by 2.1% during 2023 to 2027. Further, containerized trade, increased by 1.2% in 2022 and is expected to increase by 1.9% in 2023. Therefore, the rise in international seaborne trade is driving the marine propulsion engine market.

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The marine propulsion engines market covered in this report is segmented –

1) By Engine Type: 2-Stroke Engine, 4- Stroke Engine

2) By Ship Type: Cargo Or Container Ships, Tanker, Bulk Carrier, Offshore Vessel, Passenger Ship, Other Ship Types

3) By Power Range: 0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, Above 20,000 HP

4) By Fuel Type: Diesel, Heavy Fuel Oil, Natural Gas, Other Fuel Types

5) By Application: Commercial, Defense, Passenger

Product innovations are the key trend gaining popularity in the marine propulsion engine market. Major companies operating in the marine propulsion engine market are focusing on developing innovative products to strengthen their position in the market. For instance, in September 2022, AB Volvo Penta, a US-based manufacturer of engines and complete power systems for boats, vessels and industrial applications, launched variable-speed marine generator sets for marine electric propulsion. The unique feature of the generator set is its smaller battery banks and the ability to charge them while in motion, which makes the transition to hybrid-electric marine propulsion more affordable and practical. Volvo Penta is offering a range with models starting from the D8, 190 kWand ranging up to 545 KWe for the D16.

The marine propulsion engines market report table of contents includes: