Overview and Scope
Marine engines refer to a heat engine used to transform heat energy into mechanical energy by burning fuel to propel a ship. It is installed or planned to be installed on a marine vessel. Marine engines are categorized as propulsion marine engine, which propels or guides the movement of a ship through the sea, and auxiliary marine engine refers to a propulsion-less marine engine.
Sizing and Forecast
The marine engines market size has grown strongly in recent years. It will grow from $9.92 billion in 2023 to $10.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to infrastructure development and port expansion, industrialization and trade expansion, military and defense applications, growth in commercial shipping, development of passenger cruise industry.
The marine engines market size is expected to see strong growth in the next few years. It will grow to $13.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to impact of digitalization and IoT, rise in offshore wind and energy projects, focus on autonomous vessels, global trade expansion, expanding cruise and passenger shipping. Major trends in the forecast period include adoption of advanced propulsion systems, growth in compact and high-power engines, emphasis on durability and reliability, digitalization and IoT integration, development of autonomous vessels.
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Segmentation & Regional Insights
The marine engines market covered in this report is segmented –
1) By Engine Type: Diesel Engine, Gas Turbine, Natural Engine, Other Engine Types
2) By Ship Type: Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ship
3) By Fuel Type: Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, Other Fuel Types
4) By Stroke: Four Stroke, Two Stroke
5) By Power Range: Up to 1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, Above 20,000 HP
Asia-Pacific was the largest region in the marine engines market share in 2023. The regions covered in the marine 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
Growth in international marine freight transport is expected to drive the marine engine market. Marine freight transport refers to ships or cargo used to move goods from one location to another. Marine transport is cheaper and more feasible than railroad and air transportation for international transport. According to an article published by World Economic Forum, in 2021, approximately 90% of the world’s products were transported by water transport. Further, in the last 20 years, the average size of a container ship has doubled, with the most prominent ships capable of transporting 24,000 containers. Thus, an increase in international marine freight transport will increase the demand for marine engines.
Key Industry Players
Major companies operating in the marine engines market report 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., AMTU Shipbuilding Pvt Ltd., MTU Friedrichshafen GmbH, Wärtsilä Oyj Abp, MAN Energy Solutions SE, Rheinmetall AG, Zhongwang Industries Co Ltd., Mercury Marine, Perkins Engines Company Limited, ABB Marine & Ports, DEUTZ AG, Johnson Marine, Detroit Diesel Corporation, Lister Petter Ltd., Evinrude, Nanni Diesel S.r.l., Beta Marine OY, Tohatsu Corporation, Osborne Engines Inc., Weichai Power Co Ltd.
The marine engines market report table of contents includes:
1. Executive Summary
2. Marine Engines Market Characteristics
3. Marine Engines Market Trends And Strategies
4. Marine Engines Market – Macro Economic Scenario
5. Global Marine Engines Market Size and Growth
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31. Marine Engines Market Other Major And Innovative Companies
32. Global Marine Engines Market Competitive Benchmarking
33. Global Marine Engines Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Engines Market
35. Marine Engines Market Future Outlook and Potential Analysis
36.Appendix
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