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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124