Global Marine Propulsion Engine Market Report and Forecast 2024-2032

Global Marine Propulsion Engine Market Outlook

The global marine propulsion engine market size reached approximately USD 19.10 billion in 2023. The market is further projected to grow at a CAGR of 3.7% between 2024 and 2032, reaching a value of USD 26.50 billion by 2032.

Key Trends in the Market

Marine propulsion refers to the mechanism used for generating thrust for moving vessels and ships across water. Marine propulsion engines operate on Newton’s third law of motion and applies the force on surrounding air or water for creating reaction force on the vehicle to push it in the required direction.

• The increasing international trade owing to rising industrialisation and globalisation is boosting the marine propulsion engine market growth due to the increasing demand for products including minerals, oil, and natural gas, among others.

• Rising initiatives to reduce carbon dioxide emissions owing to increasing environmental concerns is aiding the market expansion. Compared to road and air transport, boats emit significantly less carbon dioxide per kilometre per tonne transported. River transportation can accelerate climate transition and aid in significantly reducing carbon dioxide emissions.

• Increasing investments by various countries towards the improvement of inland waterway transportation is providing lucrative growth opportunities to the market. China is working towards enhancing the reliability and capacity of inland waterway transport in the Hubei Province along the Han River to increase connectivity between western and central regions, bolstering the demand for marine propulsion engines.

Global Marine Propulsion Engine Market Analysis

On the basis of fuel type, the market is divided into diesel, natural gas, and gas turbine, among others. Based on applications, the market is classified into passenger ship, cargo or container ship, defence, and offshore vessels, among others.

On the basis of region, the marine propulsion engine market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Rolls-Royce plc

• AB Volvo

• HD Hyundai Co Ltd.

• Mitsubishi Heavy Industries Ltd.

• Societe Internationale des Moteurs Baudouin

• Wartsila Corporation 

• Caterpillar Inc. 

• Cummins Inc

• General Electric Company

• Daihatsu Diesel Mfg.Co.,Ltd. 

• Others

Market Share by Fuel Type

Diesel is anticipated to account for a marine propulsion engine market share over the forecast period. This growth can be attributed to the relatively inexpensive nature and the efficiency offered by the fuel type. The increasing stringency of emission control regulations have resulted in a rise in adoption of fuels with low sulphur content including marine diesel oils. The reliable nature of diesel engines and less requirement for maintenance is bolstering their adoption and aiding the segment growth.

Market Share by Region

The Asia Pacific is witnessing significant growth owing to the expansion of the shipping sector and increase in maritime trade. Rising investments by various navies in the region to strengthen their defence capabilities is boosting the marine propulsion engine market demand. Increasing research and development activities for the production of efficient marine engine technologies and rising shipbuilding activities in the region are providing lucrative growth opportunities to the market.

Competitive Landscape

Caterpillar Inc., headquartered in Texas, United States, is one of the leading mining, engineering, and construction equipment manufacturing companies. The company is also involved in the production of marine propulsion engines, industrial gas turbines, and natural gas engines, among others.

Cummins Inc specialises in distributing, manufacturing, and designing marine propulsion engines and diesel and alternate fuel generators. Headquartered in Indianna, United States, the company also specialises in turbo technologies and emission solutions, among others.

General Electric Company, headquartered in Massachusetts, United States, specialises in marine propulsion engines and water treatment equipment, among others. The different divisions of the company include additive manufacturing, power, renewable energy, and aerospace.

Other marine propulsion engine market key players include Rolls-Royce plc, AB Volvo, HD Hyundai Co Ltd., Mitsubishi Heavy Industries Ltd., Societe Internationale des Moteurs Baudouin, Wartsila Corporation, and Daihatsu Diesel Mfg.Co.,Ltd., among others.

Key Highlights of the Report

Marine Propulsion Engine Market Report Snapshots

Marine Propulsion Engine Market Size

Marine Propulsion Engine Market Analysis

Marine Propulsion Engine Market Share

Marine Propulsion Engine Companies