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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Marine Engines Market Report Snapshots
Marine Engines Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The marine engines market was valued at USD 14.50 billion in 2023.
The market is projected to grow at a CAGR of 3.6% between 2024 and 2032.
The revenue generated from the market is expected to reach USD 19.90 billion in 2032.
The major market drivers include increasing number of leisure travellers, the expansion of the maritime transport sector, and the emergence of technologically advanced and highly efficient engines.
The key trends guiding the market include the introduction of stringent government regulations aimed at reducing emissions from marine vessels, the growing consumer awareness regarding the requirement for greener fuels, and the depleting traditional fuel supplies.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is categorised according to the power range, which includes Up to 1,000 HP, 1,001 – 5,000 HP, 5,001 – 10,000 HP, 10,001 – 20,000 HP, and above 20,000 HP.
The market is categorised according to the engine, which includes auxiliary engine and propulsion engine.
Based on the type, the market is divided into two stroke and four stroke.
Based on the fuel, the market is divided into heavy fuel oil, marine diesel oil, intermediate fuel oil, marine gas oil, and others.
The significant applications of marine engines include commercial vessels, offshore support vessels, passenger ship, and navy, among others.
The market key players are the Hyundai Heavy Industries Engine Machinery, Caterpillar Inc., Mitsubishi Heavy Industries Group, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Wärtsilä Corporation, and Deere & Company, among others.
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