Global Marine Propulsion Engines Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Marine propulsion engines refer to a system that propels ships across the water while maintaining a higher level of safety for the marine environment. These enable fuel and operational flexibility, high efficiency, low emissions and operational cost advantages.

Sizing and Forecast

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..

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Segmentation & Regional Insights

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

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

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the marine propulsion engine market are developing new auxiliary engines to gain a competitive edge in the market. An auxiliary engine is a secondary power source in a vehicle or vessel that provides additional energy for specific functions other than the primary propulsion. For instance, in September 2023, Perkins Engines Company Limited, a UK-based marine engines company, launched the Perkins E44 and E70B auxiliary engines, designed for diverse marine applications such as inland waterways, tugs, governmental vessels, fishing boats, and ferry services. The E44, an electronic 4.4-liter, 4-cylinder engine, and the E70B boast a wide range of power ratings, providing flexible and configurable power solutions to cater to the auxiliary power needs of boat operators. Engineered for durability and high uptime, the electronic engines offer a 500-hour service interval and low maintenance features, including a self-priming fuel system and automatic valve lash adjustment. With a focus on compact design and easy installation, the engines target end-users in various sectors, offering multiple cooling options and ease of integration.

The marine propulsion engines market report table of contents includes:

1. Executive Summary

2. Marine Propulsion Engines Market Characteristics

3. Marine Propulsion Engines Market Trends And Strategies

4. Marine Propulsion Engines Market – Macro Economic Scenario

 

5. Global Marine Propulsion Engines Market Size and Growth

….

31. Global Marine Propulsion Engines Market Competitive Benchmarking

32. Global Marine Propulsion Engines Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Marine Propulsion Engines Market

34. Marine Propulsion Engines Market Future Outlook and Potential Analysis

35. Appendix

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