Global Marine Engines Market Report and Forecast 2024-2032

Global Marine Engines Market Size

The global marine engines market reached a value of approximately USD 14.50 billion in 2023. The market is projected to grow at a CAGR of 3.6% between 2024 and 2032, reaching a value of around USD 19.90 billion by 2032.

Marine Engines Market Outlook

• According to BITRE, Australia's annual sea arrivals and departures are projected to increase from 40,000 to 50,000 by 2029-30.

• According to SCIO, China's gross ocean product reached USD 1.31 trillion in 2022, constituting 7.8% of its GDP.

• The National Marine Science Plan 2015-2025 outlined a goal for Australia's marine industry to generate USD 100 billion annually by 2025.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Marine Engines Market Growth

A marine engine is a type of internal combustion engine specifically designed and built for use in marine environments, typically powering boats, ships, and other watercraft. They are engineered to operate reliably and efficiently under the unique conditions of the marine environment.

The growth of the marine engines market is driven by rigorous global and regional regulations that aim to reduce emissions from marine vessels, compelling the adoption of cleaner and more efficient engine technologies. Furthermore, the market is propelled by several factors, including technological advancements, increasing demand for fuel-efficient engines, growth in international seaborne trade, and expanding maritime tourism and leisure activities.

According to Indian Shipping Statistics (ISS), as of December 31, 2022, India's fleet of 1,520 vessels included 1,034 vessels (68%) in coastal trade, totalling 1.58 million GT, and 486 vessels (32%) in overseas trade, totalling 12.11 million GT.

Key Trends and Recent Developments

Advancements in engine efficiency, rise in international trade and maritime transport, and shift towards LNG fuel, are the major trends impacting marine engines market value.

January 31, 2024

Kolkata-based PSU GRSE and UK’s Rolls-Royce have signed an agreement under a 'frame and individual licence' to produce MTU IMO Tier II compliant Series 4000 marine engines for Indian government ships.

January 09, 2024

Yanmar Power Technology (YPT), a subsidiary of Japan’s Yanmar Group, developed a hydrogen-fueled 4-stroke high-speed engine for power generation in coastal vessels as part of the Nippon Foundation’s zero-emission ship demonstration project in Japan.

December 22, 2023

MAN Engines has expanded its workboat engine range by introducing the MAN D3872 series, featuring a V12 engine with a 30 L displacement—a milestone for the company—designed for medium- and heavy-duty applications.

September 21, 2023

Honda Marine unveiled its BF350 V8 outboard engine at the Genoa International Boat Show, featuring a robust 5-litre V8 with a 60-degree configuration and advanced VTEC™ technology, showcasing a milestone in marine engine innovation.

Advancements in Engine Efficiency

The marine industry is prioritising fuel-efficient, environmentally friendly engines, with innovations like hybrid and electric propulsion systems aimed at cutting emissions and lowering operational expenses.

Rise in International Trade and Maritime Transport

The global surge in maritime trade and shipping activities is fuelling demand for marine engines that are efficient and dependable, crucial for supporting cargo and passenger vessels, aiding the marine engines demand growth.

Shift towards LNG Fuel

There is a growing adoption of liquefied natural gas (LNG) as a marine fuel due to its lower emissions compared to traditional marine fuels like heavy fuel oil.

Digitalisation and Connectivity

Digital technologies, IoT, and predictive maintenance in marine engines boost efficiency, minimise downtime, and optimise performance through remote monitoring, diagnostics, and enhanced fleet management solutions.

Marine Engines Market Trends

As per the marine engines industry analysis, the demand for marine engines is increasing due to the rise in the growth of the recreational boating sector which is driven by increasing disposable incomes and leisure activities. Boating sector demands efficient and reliable marine engines for yachts, sailboats, and personal watercraft.

Hybrid propulsion systems combining diesel engines with electric motors are gaining traction in the marine industry. These systems offer fuel savings, reduced emissions, and increased flexibility in power management.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Marine Engines Industry Segmentation

“Global Marine Engines Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup 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

Market Breakup by Engine

• Auxiliary Engine

• Propulsion Engine

Market Breakup by Type

• Two Stroke

• Four Stroke

Market Breakup by Fuel

• Heavy Fuel Oil

• Marine Diesel Oil

• Intermediate Fuel Oil

• Marine Gas Oil

• Others

Market Breakup by Application

• Commercial Vessels

• Offshore Support Vessels

• Passenger Ship

• Navy

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Marine Engines Market Share

Auxiliary engines are increasingly being used as they provide essential power for onboard systems such as lighting, air conditioning, refrigeration, and communication equipment.

Auxiliary engines are integral to hybrid propulsion systems, where they work in conjunction with electric motors or other power sources to enhance fuel efficiency and reduce environmental impact.

Propulsion engines are adapting to accommodate alternative fuels such as LNG (Liquefied Natural Gas), biofuels, and hydrogen. This shift supports sustainability goals and diversifies fuel options for marine operators.

Marine diesel oil boosts the marine engines market revenue by providing availability in major ports and shipping routes worldwide, ensuring consistent supply and logistical convenience for maritime operators.

Marine diesel engines are adaptable to new technologies such as hybrid propulsion systems and exhaust gas cleaning systems (scrubbers), facilitating compliance with emission regulations while maintaining operational flexibility, thereby aiding the marine engines demand forecast.

Heavy fuel oil has a high energy density, making it suitable for powering large cargo vessels, container ships, and bulk carriers that require sustained power over extended periods.

Passenger ships boost the marine engines market by prioritising safety, reliability, and comfort for passengers.

Investments in port infrastructure and cruise terminals worldwide support the expansion of passenger ship operations. This infrastructure development drives the demand for marine engines that can support larger vessels and higher passenger capacities.

Commercial vessels, including container ships, bulk carriers, tankers, and freighters, are essential for transporting goods across global trade routes. One of the key trends of marine engines market is the growth in international trade which increases the demand for efficient and reliable marine engines to power these vessels.

Competitive Landscape

The companies are a provider of marine diesel engines and work in various sectors including power and energy, construction industries, industrial machinery, urban infrastructure, and others.

Daihatsu Diesel Mfg. Co., Ltd.: Founded in 1907 and headquartered in Kita-ku, Osaka. The company is involved in manufacturing mainly marine diesel engines and offers products for co-generation and other equipment.

Caterpillar Inc.: Established in 1925 and headquartered in Irving, Texas, the company operates through three main segments: Construction Industries, Resource Industries, and Energy and Transportation, serving diverse sectors with specialized equipment.

Mitsubishi Heavy Industries Group: Founded in 1884 and is headquartered in Chiyoda-ku, Tokyo. The company is operating in various sectors including power and energy, industrial machinery, urban infrastructure, aerospace, and defence.

Cummins Inc.: Founded in 1919 and headquartered in Columbus, Indiana, this company is a global leader in power solutions. It operates through five business segments: Components, Engine, Distribution, Power Systems, and Accelera.

Other key players in the market are Hyundai Heavy Industries Engine Machinery, Wärtsilä Corporation, Deere & Company, others.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Marine Engines Market Regional Analysis

Asia Pacific currently dominates the global market and is poised to maintain its leadership in the forecast period. The region's robust shipbuilding industry in countries like India, South Korea, China, and Japan drives its maritime sector growth. Asia Pacific houses some of the world's fastest-growing economies, such as India, Bangladesh, and China, known for exporting mineral fuels, electronics, pharmaceuticals, jute, machinery, and automobiles. With abundant manufacturers benefiting from low labour costs and increasing commodity demand, the region is expected to significantly propel the demand of marine engines market in the upcoming years.

The Asia Pacific region was first introduced to Cummins' Marine Overhaul Service Solutions in July 2023. The effort gives vessel owners in Singapore, Malaysia, the Philippines, Indonesia, Papua New Guinea, Australia, New Zealand, and the Pacific Islands the chance to improve the performance of their fleet and stay ahead of the competition in this booming marine industry. Asia-Pacific customers may now take advantage of Cummins' rapid and reliable service, which guarantees little downtime and maximum engine performance.

Key Highlights of the Report

Marine Engines Market Report Snapshots

Marine Engines Market Size

Marine Engines Market Growth

Marine Engines Market Trends

Marine Engines Market Share

Marine Engines Companies

Marine Engines Market Regional Analysis